Federal Taxes

More in Federal Taxes

Does Getting Married Affect Your Income Tax Return?

While marriage itself is not a taxable event, getting married does involve positive and negative consequences for your tax status. An understanding of how the Internal Revenue Code works, however, can help you maximize the advantages and minimize the disadvantages. Many tax ...

Is Military Retirement Pay Taxable?

When you joined the military as a young person and headed for basic training, retirement income might have been a small consideration. But if you’ve reached the age when retirement pensions and tax obligations play a role in your long-term planning, the Internal Revenue ...

Are You Penalized for Not Having Federal Taxes Withheld for Unemployment Benefits?

Even if you’ve lost your job, the Internal Revenue Service expects you to pay taxes on any money you bring in while you’re unemployed, including unemployment insurance benefits. You opt to have federal income tax withheld from your unemployment checks, just as your former ...

Are There Tax-free United States Treasuries?

The Internal Revenue Service considers any income you receive during the year to be taxable income unless it is specifically exempted from taxation by federal law. This includes any interest you earned on your savings and investments. Some interest, such as interest on most ...

Tax Credits for Flood Victims

According to the National Flood Insurance Program, floods top the list of the most prevalent type of natural disaster. If you've suffered losses as a result of a flood or have experienced difficulty filing your taxes, the IRS can help. Depending on the extent of the flood, you ...

Are Government Savings Bonds Tax Deductible?

Savings bonds issued by the government offer safety for your cash and a decent return in interest. They are a time-tested investment that now competes with a wide range of other savings vehicles, such as certificates of deposit and money-market accounts. Savings bonds offer no ...

Is Deferred Tax Deducted for Calculating Assets & Net Worth?

In the financial world, a deferred tax is one that will be paid in the future. Accountants use generally accepted accounting principles, or GAAP, in financial accounting. Deferred taxes arise because of the temporary differences between financial accounting and income 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 just about every itemized deduction and replaces them with a single AMT deduction ...

Do I Report the Interest From a CD Not Matured on Federal Taxes?

The Internal Revenue Service considers all income that is not specifically exempted by law from taxation to be taxable income. A significant portion of income received by Americans is interest income. While some interest income, such as the interest on most municipal bonds, is ...

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