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Taxpayers should note that the 2014 tax season opens on Jan. 31, 2014. In most years, the filing season opens on Jan. 21; however, due to the 16-day government shutdown that took place in October 2013, the filing season is delayed by 10 days this year. No returns,...

All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. But many people may not realize the Social Security benefits they received in 2013 may be taxable. The information...

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the...

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2014. In general, some pension limitations such as those governing 401(k) plans and IRAs will remain...

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...