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 ...
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
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
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
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
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
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
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
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
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
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
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
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
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