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Is your child a student with a summer job? Here's what you should know about the income your child earns over the summer. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from...

Did you know that a name change could impact your taxes? Here's what you need to know: 1. Report Name Changes. Did you get married and are now using your new spouse's last name or hyphenate your last name? Did you divorce and go back to using your former last name? In...

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tax tips you should know about regarding casualty loss deductions: 1. Casualty loss. You may be able to deduct losses...

Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: 1. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. 2. Income Subject to Tax. The tax applies...

If you're thinking about hiring new employees this year, you won't want to miss out on these tax breaks. 1. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit that employers can take when they hire employees from the following...

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. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may...

As the driving force in today's economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was just made permanent, thanks to the passage of the PATH Act (Protecting Americans from Tax Hikes Act...

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended...

Whether you're new to mutual funds or a seasoned investor who wants to learn more, these tips will help you avoid the tax bite on mutual fund investments. How are distributions from mutual funds taxed? Tax law generally treats mutual fund shareholders as if they...

If you, your spouse or dependents have significant medical or dental costs in 2016, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize....