Many bloggers are asking this question, and coming up with interesting ideas for why someone should (or should not) prepare their own tax returns. Shelley Elmblad, About.com's Guide to Financial ... Read More

US citizens living and working abroad can exclude some or all of their foreign wages using the foreign earned income exclusion and the foreign housing exclusion. The housing exclusion is ... Read More

Nearly 30% of taxpayers who already filed a tax return this year have forgotten to claim the telephone tax refund. This is a one-time-only credit refunding the federal excise tax ... Read More

Accurately calculating your gain or loss on the sale of stocks, bonds, and mutual funds will help you keep your tax bill as low as possible. The basic equation is ... Read More

Taxpayers planning to purchase a hybrid vehicle can still claim the full tax credit for Honda models. The Internal Revenue Service announced that Honda sold 41,124 qualifying hybrid vehicles as ... Read More

If you're getting a large tax refund, consider adjusting your federal income tax withholding on your paycheck. You'll get more now, and a smaller refund on next year's tax return. Getting ... Read More

Kay Bell offers an impressive array of tax advice, news and tips in her twelfth edition of the Carnival of Tax. In honor of Presidents Day, Ms. Bell quotes famous ... Read More

Homeowners who install qualifying energy-efficient property in their main home may be eligible for one of two new tax credits. The Nonbusiness Energy Property Credit provides a non-refundable tax credit of ... Read More

Today's tax question comes from Katherine in Wisconsin. She asks: "May I claim the day care expenses for my 1 year old daughter on the years I am not allowed to ... Read More

Today's tax question comes from Chris who asked: "Due to job loss and a debilitating injury my wife and I filed for Bankruptcy on our unsecured debts. None of our creditors ... Read More

American citizens living and working abroad get a break on their estimated taxes for 2006. Expatriates who underpaid their estimated taxes as a result of the changes to the foreign ... Read More

Today's tax question comes from Brett in California. He asks: "While I was working, I purchased a condo in New Mexico but have left to attend the university full-time (for about ... Read More

Today's tax question comes from Rose in Ohio. She asks: "I made non-deductible IRA contributions for 2003-2005 and 1993 and 1994 and failed to file Form 8606. (Total 5) I never ... Read More

Thinking of buying a Toyota Prius? Better act fast, because the tax credit for Toyota and Lexus models will be reduced starting April 1, 2007. The hybrid tax credit for Toyota ... Read More

Today's tax question comes from T. Ruff in Michigan. She asks: "I am thinking about changing jobs, the position pays 30% more but it is over 2 hours away; too far ... Read More

I'm passing along helpful tips about payroll taxes from an IRS newsletter for small businesses. The IRS reminds entrepreneurs that business owners are fully responsible for payroll tax liabilities, even ... Read More

Today's tax question comes from Arunim who asks: "We have lived in a home for a little more than a year that was purchased for 536,000 + 13,000 closing costs. ... Read More

Have sold real estate used as rental property? If so, you'll want to read the excellent advice from Gina Gwozdz, CPA, who helped one of her blog readers figure out ... Read More

Today's tax question comes from R. Simpson in Kentucky. He asks: "I have had several different jobs and i am not sure whether to file on the same form or file ... Read More

Today's tax question comes from Jim in Alabama. He asks: "I pay my ex $9,600.00 a year in alimony. How much is she required to pay to the IRS each ... Read More

Kay Bell has posted the eleventh edition of her Carnival of Tax. The theme for this edition is through a Super Tax Party, and Kay has rounded up tax treats ... Read More

Here's a quick heads up on important changes impacting your 2006 tax returns. The biggest thing you should know is that the deadline to file your tax returns has been ... Read More

Today's tax question comes from Lucy in Georgia. She asks: "I have not worked at all this year but I have a one-year old child. Do I file taxes? What do ... Read More

You can save for college in tax-free savings accounts called Section 529 Plans. Similar to Roth IRAs, you don't get a federal tax deduction for contributing to a 529 Plan, ... Read More

Today's tax question comes from R. Reynolds in Pennsylvania. She asks: "I have over $20,000 annually in Tuition and Fees for my daughter who is currently a sophomore in college. ... Read More

Ford and Mercury hybrid vehicles are still eligible for the full amount of the hybrid tax credit, the Internal Revenue Service announced. The hybrid credit is phased-out, or reduced, once ... Read More

A new feature on the 2006 tax forms, you can ask the IRS to deposit your tax refund into 1, 2, or 3 bank accounts. This new feature is called ... Read More