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 ...
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
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
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
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
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
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
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
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
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
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
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
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
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
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