Articles Index

Foreign Earned Income Exclusion

Americans working abroad can exclude up to $97,600 per year from their US taxable income. Find out about the foreign earned income exclusion (Form 2555), along with helpful tips for preparing an expatriate tax return.

Where's My State Refund?

A list of links to state tax authority websites where you can check the status of your state income tax refund.

Foreign Financial Assets

American taxpayers may need to report any investments and financial assets held outside the United States to the Internal Revenue Service using Form 8938, Statement of Specified Foreign Financial Assets. This reporting requirement is part of the larger Foreign Account Tax Compliance Act (FATCA). Taxpayers with more than $50,000 of foreign assets may need to disclose their holdings to the IRS.

Estimated Taxes and the Estimated Tax Penalty

Paying estimated taxes is one way for individuals to submit payments for their taxes to the federal government. Find out how to calculate how much estimated tax to pay to avoid any IRS penalties.

Filing an Amended Tax Return

An amended tax return is used to make corrections to a previously filed tax return. Taxpayers can correct filing status, income, tax deductions, or tax credits. Tips for revising and correcting federal tax returns using Form 1040X.

State Tax Web sites

Need a form or contact information for your state tax agency? Find links to each state tax agency website here.

Rental Income and Expenses

Mastering the IRS Form 1040 Schedule E is easy once you organize your income and expenses. Benefit from the generous tax rules regarding rental income with handy tax tips from the About.com Guide to Tax Planning.

Prepare Your State Taxes for Free

A list of states that offer free file to certain taxpayers. These states offer free state income tax return preparation software through a variety of tax software companies.

Retirement Savings Plans

You can save for retirement using a number of tax-deferred or tax-free retirement plans.

Domestic Production Activities Deduction

Businesses with "qualified production activities" can take a tax deduction of 3% from net income. This is a tax break pure and simple. The more complicated the business, the more complicated the math for calculating the Domestic Production Activities Deduction. In a nutshell, businesses engaged in manufacturing and other qualified production activities will need to implement cost accounting mechanisms to make sure their tax deduction is accurately calculated.

Wage and Salary Income

Persons working as employees receive compensation in the form of wages, salary, and/or tips. Compensation for an employee's labor is taxed partly to the employee and partly to the employer. There are at least four federal taxes imposed on wage and salary income, plus any state and local taxes.

Personal Exemptions

Taxpayers are entitled to claim one personal exemption for themselves and each dependent.

Understanding Form W-2, Wage and Tax Statement

You will need to report all wages you earned from your job or jobs during the year. Your employers are required to provide you with Form W-2, Wage and Tax Statement. Form W-2 must be mailed out or hand-delivered to you no later than January 31st.

Claiming Dependents

These rules enable you claim a person as a dependent on your tax return. A dependent means that the person relies on you for their support. A person can be either independent (supporting themselves) or the dependent of at most one taxpayer. If more than one taxpayer attempts to claim the same person as a dependent, each taxpayer will be audited to determine who is legally entitled to claim the dependent.

Form 1040-EZ Tax Basics

Preparing a federal tax return using Form 1040EZ is fairly easy. Tips for filling out and checking a tax return for accuracy and completeness from About.com.

Capital Gains Tax

A capital gain is the difference between what you paid for an investment and what you received when you sold that investment. If you made a profit on the investment, then you have a capital gain. If you lost money on the investment, then you have a capital loss. Covers record-keeping, calculating capital gains and cost basis.

Self-Employment Tax

The self-employment tax is an extra tax that self-employed business owners, independent contractors and other freelancer professionals pay in addition to the income tax. The self-employment tax covers the Social Security and Medicare taxes and is similar to the FICA tax paid by employees. Tips to help you plan and calculate your self-employment tax on Schedule SE.

Tax Preparation Prices and Fees

The price for tax preparation services is based largely on how complex your tax return is. Find out how different companies price their services and average prices charged by various tax professionals.

Federal Tax Forms

Find tax forms to prepare your personal income taxes. The most common tax forms are arranged in an easy-to-find format. From your About.com Guide to Tax Planning.

Alternative Minimum Tax

The alternative minimum tax, or AMT, is a second tax system parallel to the regular income tax. The alternative minimum tax adjusts or eliminates certain tax deductions or credits. Your tax may be higher under the alternative minimum tax rules if your income is over the AMT exemption amount.

Reduced Social Security Withholding for 2011 and 2012

Workers will see less taxes deducted from their paychecks for Social Security. For the years 2011 and 2012, Congress has legislated a temporary payroll tax holiday designed to put more money into the hands of American workers.

Social Security Taxes

An overview of Social Security taxes in America.

Basic Tax Strategy Using Deductions and Tax Credits

You can substantially reduce or eliminate your income tax by saving for retirement, owning a home, sending your kids to college. Here's how tax planning paid off for a married couple.

Florida Tax Amnesty

Florida has announced a tax amnesty program that will run from July 1, 2010, to September 30, 2010, and will provide penalty and interest waivers to those who pay their overdue tax debts.

Tax Credit for Hybrid, Electric and Alternative Fuel Vehicles

Qualifying vehicles purchased on or after January 1, 2006, will be eligible for a tax credit ranging from $400 to $4,000 based on fuel economy. The hybrid car tax credit is actually a combination of two separate tax credits. The math is complicated, and fortunately you won't have to calculate it. The car manufacturers and the IRS will certify the tax credit amount of qualifying vehicles.