General Tax Information

Federal Tax Instructions for Form 1040A
Federal Tax Instructions for Form 1040A

IRS tax form 1040A instructions help taxpayers figure the income tax they owe. Taxpayers can use the 1040A with income less than $100,000, no dependents and itemized deductions. For 2018, taxpayers will not be able to use the 1040A because the IRS has consolidated this form with ...

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Do You Have to Pay Income Tax to a Nonresidential State?
Do You Have to Pay Income Tax to a Nonresidential State?

Americans who live in one state and earn money in another must generally pay non-resident income tax to the state where they earn their money, but there are several variations on this theme. For ...Read More

Who Is Exempt From Social Security Tax?
Who Is Exempt From Social Security Tax?

Americans began to pay Social Security taxes in January of 1937, and the first retirement benefits were distributed at the same time. Today, employees and self-employed individuals in the United ...Read More

How to Find Out When You Will Receive Your State Tax Refund
How to Find Out When You Will Receive Your State Tax Refund

The process of filing income tax returns is done each year for the federal tax system as well as for most states and some municipalities. Taxpayers who are slated to receive a tax refund often are ...Read More

How to Look Up a Federal Tax Lien
How to Look Up a Federal Tax Lien

A federal tax lien can disrupt your ability to sell your home or get credit. However, there are things you can do to avoid a lien. If you aren't sure whether a lien has been placed on your property ...Read More

Is Interest on a Promissory Note Reported to the IRS?
Is Interest on a Promissory Note Reported to the IRS?

The IRS requires you to report interest income on your return. Taxable interest income includes interest earned on apromissory note. If you loan money and charge interest to the borrower, any ...Read More

How to Fill Out a W-9 Form for an Irrevocable Trust
How to Fill Out a W-9 Form for an Irrevocable Trust

If you are appointed the trustee of a revocable trust, you are responsible for administering the trust when the grantor dies. First you must review the trust provisions to determine the identity of ...Read More

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

Forgetting 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 ...Read More

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

You 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 ...Read More

Income Tax on Life Insurance Benefits and Annuities
Income Tax on Life Insurance Benefits and Annuities

An annuity or life insurance policy can ensure your family is taken care of in the unfortunate event of your passing. Both have tax advantages, but these advantages can vary greatly depending upon ...Read More

How Does a Quitclaim Deed Affect Your Personal Taxes?
How Does a Quitclaim Deed Affect Your Personal Taxes?

When you transfer property using a quitclaim deed, you legally walk away from any rights that you have in the property, whether or not you actually have any. With this in mind, you could quitclaim a ...Read More

Is California Pension Income Taxable Outside California?
Is California Pension Income Taxable Outside California?

Failing to file a tax return or pay taxes when they're due can trigger stiff penalties. Unfortunately, variations in tax laws between the states can make it difficult to figure out where you have to ...Read More

Definition of HSH Income
Definition of HSH Income

The Internal Revenue Service defines HSH income as income earned by some household employees. According to IRS rules, the HSH designation applies if the employee didn't earn enough to require you to ...Read More

The 529 Massachusetts Tax Break
The 529 Massachusetts Tax Break

Massachusetts state tax law and the IRS offer several benefits for 529 savings plans. The money that you put in a 529 plan and its earnings are not taxed by the feds or the state of Massachusetts. ...Read More

Gross Income vs. Federal Taxable Gross
Gross Income vs. Federal Taxable Gross

Individual income taxes are the primary source of revenue that funds the operation of the federal government. Fortunately, not all of your income is subject to taxation. The Internal Revenue Service, ...Read More