General Tax Information

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Can You Use Credit Card Statements as Proof for Tax Write-Offs?

e total earnings in your W-2 or business profit-and-loss statement rarely equal your taxable income. The U.S. tax code has provisions that allow you to reduce your tax liability by claiming certain credits and exemptions. You may also qualify to deduct some out-of-pocket ...

If You Gave Money to Someone Can It Be Deducted Off Taxes?

u may choose to give a gift for many reasons. Perhaps a friend or family member has fallen on hard times. Or, your son may be starting out on his own, and you may want to help him get established with his own home. If you have the resources, why not help out these people? Of ...

Do I Have to Pay North Carolina Income Taxes if I Work in South Carolina?

u might need to cross state lines to make a living, but if you do your tax situation is going to be a little confusing. North Carolina and South Carolina each have state income tax systems designed to claim a portion of your income; exactly where you live is going to be the key ...

Are Pensions Taxable in Illinois?

e federal government taxes most sources of retirement income, including pension benefits, but the states take a variety of approaches to taxing retirement income. Some states tax any retirement income that the federal government taxes. Others exempt certain types of retirement ...

Do Married Couples Have to File Joint on State Taxes if They Filed Joint on Federal Taxes?

ates typically use information from a federal income tax return to determine tax owed on a state return. In most cases, states require taxpayers to submit a copy of their federal income tax return along with their state return. Unless you have a nontraditional marriage, you will ...

If My Job Did Not Take Out Federal Income Taxes, Does That Mean I Pay?

e first time you look at your pay stub and realize that your employer isn’t withholding federal and state income taxes from your paycheck, it might seem like a tiny windfall. While it may mean more pocket cash in the short term, the mistake in withholding may come around ...

Social Security Retirement Benefits & Taxation by State

en choosing where to retire, seniors must consider a wide variety of factors, from weather and access to favorite pastimes to proximity to family and friends. To ensure your retirement savings will last well into your golden years, you will need to understand how the tax ...

What If I Forgot to Include My Check With My Taxes?

rgetting to send anything to the Internal Revenue Service -- especially money -- can cause just about anyone to panic. However, the IRS does allow you to send your check separate from your tax return. You’ll include a payment voucher with your check so the IRS can process ...

What Minimum Amount of Interest Does a Savings Account Have to Have to Issue a 1099-INT?

may only amount to pocket change, but any interest you earn in your savings or checking account has to be reported as income on your tax return. In most cases your bank will send you a Form 1099-INT listing the total amount of interest payments you should report. The bank also ...

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