Five General Motors sport utility vehicles now qualify for the hybrid tax credit. The 2008 model year SUVs are the Chevrolet Tahoe (both the two-wheel drive and four-wheel drive models) ... Read More

The House of Representatives and the Senate have finally agreed on some final tax laws for the year. This legislation now goes to President Bush for signature. Among the provisions ... Read More

A diligent reader emailed me this morning about a great article on the Kiplinger Web site: 15 Year-End Moves to Reduce Your 2007 Tax Bill. The editors highlight some very ... Read More

Shelley Elmblad has taken a look at the new version of TurboTax, and she thinks it's great. I've been using TurboTax Online the past couple of days myself, and the ... Read More

Veterans who receive compensated work therapy payments from the Department of Veterans Affairs no longer have to pay taxes on those payments. Previously, the IRS considered these payments as taxable ... Read More

"Anyone using most of Intuit’s personal finance, tax or small business software needs to apply a security patch right away," said Shelley Elmblad in an email alert this morning. She ... Read More

Starting with the 2007 tax year, you'll need receipts, canceled checks, and other records to substantiate any donations to charity. For small cash donations under $250, your canceled check, credit ... Read More

Here's a short list of twelve tax reduction moves you can do before the end of the year to make sure your 2007 tax bill is as low as possible.

For tax year 2008, the personal exemption amount will be $3,500. For 2007, the amount was $3,400. Taxpayers can claim an exemption for themselves and for each dependent.