QuickTips Index
Car and Truck Expenses
Car and truck expenses can be tax-deductible if you drive your car for business, medical, moving, or charitable purposes. Learn more about what expenses are deductible, and what records to keep, and how to report this on your tax return.
Quick Tax Facts
Overview of key tax figures for 2008. Includes standard deduction, personal exemption, phaseout ranges for itemized deductions, and retirement plan contribution limits.
IRS Tax Penalties
If you owe taxes, the IRS will calculate penalties and interest on the amount owed. If you have a refund, the IRS may pay you interest on the delayed refund.
Schedule E
The key to mastering the Schedule E is to organize your income and expenses using a spreadsheet or personal finance software program. In my experience, clients who keep detailed summaries of their rental property expenses are the ones who benefit most at tax time from the generous tax rules regarding rental income.
Time Limit for Reporting Social Security Earnings
Need to file some missing tax returns? If you're self-employed, you'll want to pay attention to the time limit for reporting earnings for Social Security purposes.
Individual Retirement Accounts
An individual retirement account is a savings plan offering tax benefits. Some types of IRAs provide a tax deduction, reducing your current income. Other IRAs provide no deduction, but offer tax-free distributions. Learn about the different types of IRAs available.
IRA Deduction
If you contributed to a traditional individual retirement account (IRA), you can take an above-the-line tax deduction for your contribution on Form 1040. Your deduction reduces your taxable income dollar-for-dollar.
Deductible Business Expenses
Self-employed entrepreneurs incur many common business expenses that are fully deductible against their business income. Find out which business expenses are deductible, and which are partly deductible, for federal tax purposes.
Student Loan Interest
You can claim up to $2,500 of student loan interest you paid as an above-the-line tax deduction on Form 1040.
Retirement Savings Contribution Credit
If you contribute to a retirement plan, you may qualify for the Retirement Savings Tax Credit. How to fill out IRS Form 8880.
Canceled Debt & Mortgage Forgiveness
Anytime a lender cancels, or forgives, your debt, that is considered income to the debtor. Canceled debt on a main home may be tax-free, providing welcome tax relief to people who have lost their homes through foreclosure.
Adoption Tax Credit
You qualify for the adoption tax credit if you adopted a child and paid out-of-pocket expenses relating to the adoption.
Filing Your Taxes for the First Time
Preparing your first tax return is empowering and rewarding. Plus, filing your taxes isn't hard. It just takes patience to make sure you've followed all the instructions. Plus some practical tips for preparing your first return confidently and accurately.
Preparing Your 1040
Preparing your taxes can be taxing – not to mention exhausting! Fortunately, there's some tricks to making tax time a little less frustrating. Get ready to prepare your taxes with these tips.
2007 Tax Rate Schedules
Marginal income tax rates for the 2007 tax year.
Sample Privacy Policy
Every tax firm has its own privacy policy. You should ask your tax professional for a copy of his or her policy. This is a copy of the privacy policy I give to all my tax clients. It provides important infomration about how the client can protect the confidential nature of his or her tax information.
Which Tax Form to File?
You should use the simplest tax form for your needs. This will save you time in preparing your return, and the IRS will be able to process your tax return more quickly. Find out if you need to file Form 1040, or if you qualify to use the shorter Form 1040EZ or Form 1040A.
2008 Tax Rate Schedules
Marginal income tax rates for the 2008 tax year.
Tax Calendar
Calendar of important tax deadlines during the 2007 filing se8ason.
Year End Tax Tips
Here's a list of twelve simple tax moves you can do before the end of the year to keep your income taxes as low as possible.
Sale of Your Home
How to calculate capital gains taxes on the sale of a main home. Plus tips for lowering your capital gains using the Section 121 capital gains exclusion when selling your principal residence.
What's New for 2006 Taxes
Summary of the most important changes in the tax law impacting your 2006 tax returns.
Business Income
How to report business income from self-employment on Form 1040.
Tax Calendar
Calendar of important tax deadlines during the 2007 filing season.
Fake Emails from the IRS are Scams
The IRS never sends out emails to taxpayers. Period. Learn how to protect yourself from scam e-mails. Often called phishing, criminals attempt to use e-mail to trick you into sharing your name, Social Security Number, credit card number, and other private financial information.