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The purpose of retirement plans such as the 401(k) and Individual Retirement Account (IRA) is to save money for your retirement years. As such, the IRS imposes a penalty of 10% for early withdrawals taken from qualified retirement plans before age 59 1/2. Qualified...

Federal tax breaks come and go, and this year is no exception. Unless Congress takes action, 55 of them are set to expire on December 31, 2013. Let's take a look at the ones that are most likely to affect taxpayers like you. 1. Teachers' Deduction for Certain Expenses...

Whether you file as a corporation or sole proprietor here's what business owners need to know about tax changes in 2013. Standard Mileage Rates  The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving...

From personal deductions to tax credits and educational expenses, many of the tax changes affecting individuals were related to the signing of the American Taxpayer Relief Act (ATRA), which modified, made permanent, or extended a number of tax provisions that expired...

Empowerment Zones are certain urban and rural areas where employers and other taxpayers qualify for special tax incentives. They were created by legislation enacted in 1993. Most zones had an expiration date of Dec. 31, 2009; however, subsequent legislation extended...

If you're selling your main home this year, we have some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income. 1. If you sell your home at a gain, you may be able to exclude part or all of the profit from...

The 2014 filing season is likely to be delayed one to two weeks to allow adequate time to program and test tax processing systems following the 16-day federal government closure. A final decision will be announced in December, Acting IRS Commissioner Danny Werfel...

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. If you're a taxpayer with foreign income, here's what you should know: 1. Report...

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It's almost impossible to set...

There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2013.   Here's the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing...