The Internal Revenue Service certified three additional vehicles for the Hybrid Tax Credit. The models are the 2007 Toyota Prius, 2007 Toyota Highlander, and the 2007 Lexus RX 400h. Hybrid ... Read More

The Pension Protection Act of 2006 provides significant tax relief to members of the military reserves. According to the IRS, "Military reservists called to active duty can receive payments from ... Read More

Chapter 7 bankruptcy provides for full discharge of allowable debts. Chapter 13 provides a payment plan to repay some debts, with the remainder of debts discharged. Under the new bankruptcy ... Read More

Seems like the real estate market is still going strong, as lots of people have been asking me how to handle rental income and expenses on their tax returns. Landlords ... Read More

Today's tax question comes from K.Y. in California. She asks: "For my 2005 tax refund, I've accidentally provided the IRS with a wrong bank account number for direct deposit. ... Read More

Toyota and Lexus hybrid vehicles will be eligible for a reduced tax credit starting on October 1, 2006. The IRS announced: "Vehicles purchased before Oct. 1, 2006 qualify for the ... Read More

You will need to calculate capital gains on each share of the fund you are selling. If you have invested in a fund over a period of time, then you ... Read More

Moving expenses are tax-deductible if you move because you changed jobs. To qualify for this deduction, your new job must be located at least 50 miles farther from your old ... Read More

This week's tax question comes from Terri in Florida. She asks: "A blind person that collects a monthly Social Security disability check and gets a job making approximatly $1200 a ... Read More

Senator Max Baucus has introduced a tax bill in the Senate that would revive and extend tax breaks for college education. The Education Competitiveness Act of 2006 would revive the ... Read More

Today's tax question comes from Doreen, who asks: "I have a simple but very important question. Do I need to file the yearly 1120 Corporation Income tax return if no ... Read More

Adjustments are certain expenses which directly reduce your total income. You do not need to itemize your deductions in order to claim these expenses. Adjustments, like other deductions, reduce your ... Read More

You'll need to calculate the gain or loss on your investments so you can report this to the IRS on Schedule D of Form 1040. I provide an easy to ... Read More

You can use Web-based tax preparation software through the IRS Free File Alliance. You can use the software to prepare and file your 2005 tax return through October 16th, 2006. ... Read More

Taxpayers can take advantage of a new state tax amnesty program. The tiny state of Rhode Island is offering big savings for people and business who file all their back ... Read More

Quarterly estimated tax payments are due on September 15th, 2006. You need to make estimated tax payments if your income tax withholding will not fully cover next year's tax liability. ... Read More

This week's tax question comes from John D. He asks: "Have Standard Deductions been determined for 2006 yet? Are they linked to inflation? We are married filing jointly, and ... Read More

Kay Bell has posted the fourth edition of her Carnival of Tax, which a special Labor Day theme. Bell rounds up articles about the home office deduction, the consequences of ... Read More