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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How Much Should I Depreciate My Oil Royalties for Income Tax Purpose?
How Much Should I Depreciate My Oil Royalties for Income Tax Purpose?

Technically, you don't depreciate royalties. The Internal Revenue Service lets you depreciate buildings and capital equipment as it deteriorates, but the agency has you deplete oil and gas ...Read More

Can I Deduct College Tuition If a Spouse Pays But I Have the Child Deduction?
Can I Deduct College Tuition If a Spouse Pays But I Have the Child Deduction?

When you and your spouse share responsibility for supporting a child but file separate tax returns, it's not always clear how the various deductions and credits should be divided at tax time. This ...Read More

Does Property Tax and Mortgage Interest Drop Your AGI Dollar for Dollar?
Does Property Tax and Mortgage Interest Drop Your AGI Dollar for Dollar?

If you're considering switching from renting to owning a home or buying a bigger house, you could be in for a larger tax break because of the tax deductions for property taxes and mortgage interest. ...Read More

What Is a Taxable Entity?
What Is a Taxable Entity?

The IRS considers most individuals, married couples and corporations as taxable entities. Taxable entities must file tax returns each year if they have any taxable income. Except for qualified ...Read More

How to Claim Tax Treaty Benefits on a Form 1040
How to Claim Tax Treaty Benefits on a Form 1040

The United States is the only country to tax its citizens regardless of where they earn their income. In addition, the U.S. taxes non-citizens' earnings from activities while they live here. ...Read More

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

What Determines What Form You Will Fill out for Your Tax Returns?
What Determines What Form You Will Fill out for Your Tax Returns?

Using the right form is the important first step in filing your federal income tax return. The Internal Revenue Service offers three basic choices: 1040EZ, 1040A and 1040. EZ is the simplest, the ...Read More

How to Reduce Alternative Minimum Tax
How to Reduce Alternative Minimum Tax

Enacted in 1969, the alternative minimum tax started out as a tool to prevent a small number of high-income earners from paying absolutely no taxes. The AMT eliminates personal exemptions and ...Read More

How to Avoid Mutual Fund Capital Gains
How to Avoid Mutual Fund Capital Gains

Successful investing often brings the unfortunate byproduct of taxes. When you take a gain, you have to report it to the Internal Revenue Service. Unless you're in the lowest tax bracket, you'll have ...Read More

Tax Deductibility of Designated Gifts
Tax Deductibility of Designated Gifts

To be deductible, a gift or donation has to be given so that the organization has full control over it. If you specify a project or person you want the money to go to, it generally becomes a ...Read More

Are Capital Gains From Real Estate Part of My Income?
Are Capital Gains From Real Estate Part of My Income?

If you buy a house or land and later sell your property for a profit, you've made a capital gain. Before rolling the money into a new investment or spending it, you have to consider the tax ...Read More

How to Determine Capital Loss From Stocks in the Short-Term Vs. Long-Term Carry Forward
How to Determine Capital Loss From Stocks in the Short-Term Vs. Long-Term Carry Forward

If you've had a rough year selling stocks, tax relief is in sight. Not only can you use your losses to offset any gains, you can also take a limited tax deduction. In addition, you can carry forward ...Read More

Can Mortgage Interest Be Carried Forward?
Can Mortgage Interest Be Carried Forward?

The mortgage interest deduction is one of the most valuable tax deductions available to American taxpayers. According to the Joint Committee on Taxation, it's projected to reduce tax liabilities by ...Read More