General Tax Information

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Taxes for Married vs. Unmarried

Although the IRS does not consider marriage a taxable event, getting married can affect your taxation status in both positive and negative ways. The negatives include the possibility of marriage moving you into a higher tax bracket and the possibility that you could be penalized ...

What if I Didn't Keep My Tax Receipts?

There are any number of reasons why taxpayers might have no receipts to document the deductions taken when filing a tax return with the Internal Revenue Service. Perhaps you had no clue you would need proof of these expenses, or a fire, flood or tornado destroyed the documents ...

Can I Gift Monies From an IRA?

Investing in an Individual Retirement Arrangement allows you to accumulate funds for retirement. When you are ready to begin withdrawing from your IRA, you may want to help family members or close friends by gifting money from the account. Gifting money will not reduce your ...

Do I Declare a Dividend on a Tax Return if It Is a DRIP?

Dividend reinvestment plans offer the convenience of automatically reinvesting any cash dividends paid by the company in new shares without you having to touch the money. However, just because you don't receive the money in your bank account first doesn't mean you don't have to ...

The Difference Between Pretax and After-Tax Medical Insurance Payments

The main difference between pretax and after-tax medical payments is the treatment of the money used to purchase your coverage. Pretax payments yield greater tax savings, but after-tax payments present more opportunities for deductions when you file your tax return. However, ...

How to File a Construction Loan on Taxes

Under normal circumstances, the proceeds you receive in the form of a loan are not taxable to you as income. However, if the creditor forgives all or part of a loan, the IRS considers that to be income to you, or to your company if your corporation took out the loan. Meanwhile, ...

Do Married Couples Pay More or Less in Payroll or Social Security Taxes?

If you’re on a company’s payroll, you’re classified as an employee. In this case, you pay your payroll taxes through the withholding process, which requires your employer to deduct the taxes from your paychecks. As a married individual, whether you pay more or ...

Taxes on My Savings Interest

Just about any kind of income you can think of is taxable by the Internal Revenue Service. Wages, salaries, tips, gambling winnings, baby-sitting for your neighbor's children and even income from illegal activities are examples of taxable income. It should come as no surprise ...

How to Check Status of a State Tax Refund in Alabama

Alabama provides two automated methods to receive information about your state income tax refund 24 hours a day. The quickest option is the online system, but if you prefer to check your refund status by phone, a refund hotline is available. Each system requires information from ...

Taxable Investments vs. Tax-Deferred Investments

A saying among investment old-timers is, "It's not what you make; it's what you keep." One of the primary factors that affects how much of the return on your investments you get to keep is the amount of taxes you have to pay. The Internal Revenue Service recognizes ...

IRS Hardship Rules for Delinquent Taxes

Because of penalties and interest, your IRS tax debts can escalate quickly if you don't pay them on time. For taxpayers facing economic hardship because of overdue tax debts, the IRS has established several programs that allow you to pay on more favorable terms. If you are still ...

How to Pay a Large Tax Bill

If you owe a large tax obligation as April's tax-filing deadline approaches, you might feel panic setting in. If you anticipate owing money to the IRS, planning ahead and putting money aside each month is the best way to prepare for a tax debt, but this is easier said than done. ...

What Could Cause Under-withholding?

The Internal Revenue Service expects to receive the money that you owe in taxes at regular intervals throughout the year. This requires your employer to withhold money from your paycheck. If you do not pay enough money to cover your tax liability throughout the year, you will ...

How to Adjust Withholding on Bonus Income

The tax withheld from bonus income is often more than the tax withheld from your regular pay. Your payroll department either withholds tax on your bonus income at a flat rate or applies your regular rate to your combined salary and bonus income. Although your regular rate is ...

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 return. You’ll include a payment voucher with your check so the IRS can ...

What Is the Difference Between a 1099R and a 1099 Misc?

In addition to the W-2 form you receive from your employer, you might also receive a 1099 form, or an "information return." Many varieties of the form exist, each to report a specific type of income. For example, a 1099-INT form includes the total amount of interest ...

How to Offset Tax Gains by Selling Bad Stocks

You can’t make every stock trade a winner, but you can reduce the taxes on your winners by selling your losing stocks. The Internal Revenue Service offers guidelines for writing off losses against gains, and you must follow these guidelines in order to receive the full tax ...

Do I Have to Pay Taxes on My Savings Account?

The Internal Revenue Service considers all of your income from all sources to be taxable income unless it is specifically exempted from taxation by law. That includes income from working, such as wages, salaries, commissions and tips; income from investments, such as capital ...

How to Treat Income From a Stock Buyback

Corporations repurchase their shares for a variety of reasons, including to reduce dilution, increase earnings per share for remaining shareholders, and consolidate control back in the hands of directors and a few select stockholders. If shares are substantially undervalued in ...

How Does My Withholding Affect My Taxes?

Withholding refers to the taxes your employer is legally required to take out of your paychecks. This includes federal income tax, Medicare tax, Social Security tax and applicable state taxes; the Internal Revenue Service collects the first three taxes, while the respective ...

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