Tax Planning: U.S.: Most Popular Articles

2008 Tax Rebate Plan
The first piece of tax legislation in 2008, the Economic Stimulus Act provides that the taxpayers will receive a one-time rebate in mid-2008. The rebates, or "stimulus payments" as they are being called by the IRS, will be mailed or sent via direct deposit to individuals who file a 2007 tax return and meet certain eligibility requirements.

Where's My Refund?
You've filed your taxes. And you've waited, and waited. Find out the status of your IRS tax refund, and common reasons why refunds are delayed.

2008 Tax Rates
Marginal income tax rates for the 2008 tax year.

Form W-4
Filling out a W-4 is one of the first things you do when you start a new job. You may want to fill out a new W-4 if your financial situation has changed. Use Form W4 to increase or to decrease your income tax withholding.

AGI
Definition of Adjusted Gross Income: your total income from all sources minus any adjustments

Form 1040X
You should file an amended tax return if you need to correct your filing status, total income, tax deductions, or tax credits. You should not file an amended return if you are only correcting math errors. Tips for preparing an amendment.

Form W9
Form W9 is a request for your taxpayer identification number. Information about what the form means and how to fill it out.

Capital Gains Tax
Capital gains tax rates are determined by the type of investment asset and the holding period. Provides tax rates for short-term capital gains, long-term capital gains, collectibles, and other capital assets. Long-term capital gains tax rate of 5% and 15%.

Selling Your Main 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.

Early Distribution Penalty
If you withdraw money from a traditional individual retirement account (IRA), 401(k), 403(b), or other qualified retirement plan before you turn age 59 1/2, you may be subject to an early distribution penalty of 10%. There are exceptions. Here's what you need to know about the early distribution tax.

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.

Back Taxes
If you haven't filed your taxes in a few years, you may be wondering what options you have. You may be surprised to learn that filing your tax returns can be the quickest way out of tax trouble. But you need to protect yourself. Here's how.

Charity Donations
Donations of cash and property to qualified non-profits are tax deductible. To be deductible, taxpayers must keep records of their contributions, especially of any gifts over $250. For non-cash contributions, taxpayers must keep records indicating the value and condition of the property given to charity.

Payroll Taxes
Payroll taxes are the responsiblity of every employer. Find essential information on how to report payroll taxes.

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.

Incorporating
The various forms of organization are established by state law. There are a wide variety of business organizations recognized by the states. While there are a variety of designations at the state level, for federal tax purposes there are only 6 forms of business organizations. Discusses sole proprietors, corporations, partnerships, S-corporations, trusts, and non-profit organizations.

Estimated Taxes
Learn how to calculate your estimated tax payments. Estimated payments are due at least every quarter. Tips for calculating the right amount of tax, plus ideas on budgeting for your tax payments.

Hybrid Tax Credit
Qualifying vehicles purchased on or after January 1, 2006, will be eligible for a tax credit ranging from $400 to $3,400 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.

Form W-2
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.

IRS Statute of Limitations
The tax code imposes time limits on various actions that taxpayers and the IRS can take. There are time limits for getting a tax refund, for the IRS auditing your tax return, and for the IRS collecting your tax.

Tax Calendar
Calendar of important tax deadlines during the 2007 filing se8ason.

Child Tax Credit
If you have children, you qualify for the Child Tax Credit. Find out how to fill out the child tax credit worksheet and if you need to file IRS Form 8901.

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.

Social Security
Social Security benefits are taxed depending on your total income from all sources. Here's how to calculate how much of your Social Security benefits is taxable.

IRS Payment Plan
Setting up an IRS payment plan is an easy way to pay taxes. Find out how to request an IRS installment agreement quickly and easily.

Tax Deductions
Maximize your itemized deductions with a handy list of tax deductions, along with information and advice on handling limitations to deductions.

S Corp Eligibility Criteria
Definition of an S Corporation: a corporation that has between 1 and 100 shareholders and that passes-through net income or losses to shareholders. Covers eligibility criteria for electing S Corp status.

The Tax Increase Prevention and Reconciliation Act of 2005 - Full Text of HR 4297
Full text of The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA).

Foreign Tax Credit
Americans working abroad may claim a foreign tax credit on their US federal income tax return. Investors in foreign securities and international mutual funds can also claim a foreign tax credit for taxes withheld from their foreign investments. Find out how to claim the foreign tax credit on IRS Tax Form 1116.

Rental Income
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.

2007 Tax Rates
Marginal income tax rates for the 2007 tax year.

Dividends
Definition of Dividends: Dividends are a share of a company's profits that is divided among shareholders. Discusses how ordinary dividends and qualified dividends are taxed.

Tax Debt
There are five ways to get out of tax debt. Learn what your options are for reducing and paying off your tax debts, and how to protect yourself when hiring a tax professional.

Filing Status
Choose only one filing status, depending on your situation. Generally, your filing status depends on your marital status as of the last day of the year.

Tax Planning
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes. You can reduce your income, increase your deductions, and take advantage of tax credits.

EA Exam Preparation
The Internal Revenue Service offers the Special Enrollment Examination to people who want to became an enrolled agent. Learn about the Enrolled Agent program, how to sign up for the test, how to study for the test, and find top-notch IRS and tax resources.

Tax Credits
Claiming tax credits is an important step in reducing your taxes. Find out about the tax credits you may qualify for.

Quick Tax Facts
Overview of key tax figures for 2007. Includes standard deduction, personal exemption, phaseout ranges for itemized deductions, and retirement plan contribution limits.

Married Filing Jointly
Married taxpayers can choose between filing a joint tax return or a separate tax return. The Married Filing Jointly filing status provides more tax benefits than filing separate returns, but taxpayers will need to weigh the pros and cons and decide for themselves which is the best filing status.

Mortgage Interest Deduction
Mortgage interest is a tax-deductible expense. Mortgage interest is reported on Form 1040, Schedule A along with other itemized deductions. Taxpayers paying mortgage interest should fill out Schedule A to see if their itemized deductions exceed their standard deduction. If so, taxpayers will save more money on their taxes by itemizing. Taxpayers who itemize their deductions will need to file the Form 1040 long form.

Tax Free States
The states of Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming does not impose an income tax on individuals, while New Hampshire and Tennessee tax only investment income. Find a list of all tax-free states and links to state tax government web sites.

Form 990
Non-profit organizations are required to file Form 990 with the IRS to report donations, expenses, and income earned from for-profit business enterprises. Here's a collection of resources to help prepare Form 990, Return of Organization Exempt From Income Tax.

S Corp Accounting
How to account for shareholder equity, capital, and loans in an S corporation. Discusses how to account for income and expenses, measuring shareholder equity and the value of converted property, and calculating adjusted stock basis.

Forming an S Corp
How to form a subchapter S corporation using IRS Form 2553. Discusses deadlines for filing Form 2553 on time, with plenty of examples. Provides critical information on how to file Form 2553 late.

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.

Form 1040 Essentials
Tips and resources for preparing the Form 1040 tax return.

Partial Pay Installments
Taxpayers can set up a monthly payment plan with the IRS to pay less than the full amount of their tax debts. This is called a partial-payment installment agreement, and can be easier to get IRS approval than an offer in compromise.

TD F 90-22.1
You must fill out Treasury Department Form 90-22.1 every year if you own, or have an interest in, any foreign bank accounts. I'll tell you what you need to know in order to fill out TD F 90-22.1 accurately and confidently.

Foreign Earned Income
Americans working abroad can exclude up to $82,400 per year from their US taxable income. Find out about the foreign earned income exclusion (IRS Form 2555), along with helpful tips for preparing an expatriate tax return.

Free Tax Calculators
Find the best tax calculators and tax tools to help you prepare your tax return, understand your paycheck, or plan for next year. Top picks for free online tax calculators, tools, and worksheets.

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

Domestic Production Activities
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.

Child Care Tax Credit
The Child & Dependent Care Tax Credit reduces your taxes by providing a tax credit for money you spend on day care and child care services. Find out how to qualify for the Child Care Tax Credit and how to fill out Form 2441.

Form 1040A
Prepare your 2007 tax returns on Form 1040A using easy-to-follow steps. Plus tips for preparing your tax return accurately and completely, from the About.com Guide to Tax Planning.

TurboTax
Review of the TurboTax tax preparation software program. Turbo Tax is a popular tax program that's easy to use, but the 2007 edition of TurboTax lacks features that are essential to minimizing your taxes.

Head of Household Filing Statu
You are unmarried, can claim a dependent, and have cared for a dependent for over half the year. Taxpayers claiming the Head of Household filing status benefit from a higher standard deduction and lower tax rates than single taxpayers. The definition of head of household is quite specific, so read over the criteria carefully.

2006 Form 1040-EZ
Prepare your 2006 tax returns on Form 1040EZ using easy-to-follow steps. Plus tips for preparing your tax return accurately and completely, from your About.com Guide to Tax Planning.

Bankruptcy and Taxes
Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Not all tax debts are capable of being discharged in bankruptcy. The bankruptcy petitioner must have tax debts that meet five criteria for discharge.

Prepare Form 1120S
Tips on how to prepare IRS Form 1120S, U.S. Tax Return for an S Corporation.

Tuition Deduction
If you took college classes, you can deduct cost of tuition and school fees on Form 1040.

Single Filing Status
Your filing status is single if you are unmarried, or considered unmarried, on the last day of the year.

Offer in Compromise Essentials
By filing an Offer in Compromise, you are offering to pay less than the full amount of your tax debts to the Internal Revenue Service. The IRS, at its discretion, may accept less than full payment of your tax debts if there is doubt as to whether the IRS could ever collect the full amount of tax debt or if there is doubt as to whether you are actually liable for the tax debt.

S Corp Audit Tips
The number one audit risk for S-Corporations is salary and wages paid to officers of the corporation. S-Corporations are also subject to hobby-loss rules. Together these are the two most significant audit risks facing S-Corporations right now.

Freelance Tax Tips
Tax tips and strategies for freelancers, independent contractors, and self-employed people. There are special circumstances that apply to freelance writers and other creative professions, so I will highlight what you need to know to prepare your taxes and to avoid IRS investigations.

IRS Free File
The IRS "Free File" offers free tax preparation software to prepare and e-file your 1040. Find the best free-file service for you with reviews and links to the IRS Free File program.

Adjustments to Income
How to calculate and claim various tax deductions known as "above-the-line" deductions or adjustments to income. These deductions directly reduce your income, and you don't need to itemize. Line-by-line instructions for Form 1040 lines 23 to 37.

Business Expenses
Generally speaking, a business expense has a legitimate business purpose. That's good news, because most business expenses will be fully tax-deductible, and will lower your taxes. Some expenses, however, are only partially deductible, and some expenses are never deductible.

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.

Education Credits
You can reduce your taxes by claiming a tax credit for education expenses. Learn about the Hope Credit, the Lifetime Learning Credit, and other information for Form 8863.

S Corporation Payroll
Shareholders of S-Corporations do not pay Self-Employment Tax if they are actively engaged as a shareholder-employee of the S-Corporation. Instead, shareholder-employees are paid a salary, with their wages reported on a W-2 and with Social Security and Medicare taxes already withheld.

S Corporations
An overview of S corporations, their tax treatment, business structure, how to form an S corp, and audit tips.

Form 1040-EZ Resources
Prepare your 2007 tax returns on Form 1040EZ using easy-to-follow steps. Plus tips for preparing your tax return accurately and completely, from your About.com Guide to Tax Planning.

Health Insurance Deduction
You can deduct the full cost of health insurance you purchase for yourself, your spouse, and/or your dependents. You must be self-employed, and you must not be eligible to participate in a group health plan.

Married Filing Separately
Married taxpayers can choose between filing a joint tax return or a separate tax return. The Married Filing Separately filing status provides fewer tax benefits than filing joint returns, but taxpayers will need to weigh the pros and cons and decide for themselves which is the best filing status.

Canceled Debt
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.

Capital Gains
Definition of "Capital Gains": A capital gain is the difference between what you paid for an investment and what you received when you sold that investment. If you sold the investment for more than what you paid, then you have a capital gain.

Standard Mileage Rate 2007
In 2007 the IRS has several standard mileage rates for business, medical, and charity-related driving.

S Corp Taxation
S Corporations are generally exempt from federal income taxes. Discusses the difference between S Corp and C Corp taxation.

S Corporation Profile
Profile of subchapter S corporations, covering basic tax information, filing deadlines, and eligibility criteria.

Peachtree 2008
Peachtree Accounting 2008 is a powerful accounting software program for small- and medium-sized businesses. The 2008 edition of Peachtree Accounting is utilizes the same re-designed and easier to use interface as the 2007 version.

Tax Documents You Need
Missing some tax documents? Don't worry. Find out how to get copies of your missing information.

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.

Tax Accountant
Taxpayers of all types can benefit from hiring a tax accountant. But before you spend your hard-earned cash, here's some simple steps you can take to protect yourself, to find the right professional for your situation, and some questions to ask.

Best Tax Software
Find objective reviews of income tax software based on thorough testing. Plus top picks and links to the best free tax software for preparing your taxes.

Taxes on Canceled Mortgages
Normally, debt that is forgiven or canceled by a lender is considered taxable income to the debtor. But there are exceptions in the case of mortgages under the Mortgage Forgiveness Debt Relief Act. Learn more about the exclusions for mortgage debt.

Direct Deposit
The IRS can deposit your tax refund directly into your checking or savings account. This is generally faster, and safer, than having a check mailed to your home address.

File an Extension
Filing an extension is super easy; I'll tell you how to do it. But first, let's talk about what an extension is and what it is not. An "extension" is a way to ask the IRS for more time to file your tax return. The deadline to file your return is April 15th. But the IRS will automatically give you extra time to file your tax return. But this grace period is given only if you ask for it. To do that you need to file Form 4868.

Taxes 101
Tax forms can be pretty scary. And sometimes your favorite tax software doesn't make things easier. Fortunately, there's some very basic ideas which can help you understand what taxes are all about.

K-1 for Form 1120S
Schedule K-1 of Form 1120S is used to report each shareholder's pro-rated share of net income or loss from an S-Corporation, along with various separately stated income and deduction items. Schedule K-1 can also be used to summarize a shareholder's beginning and ending stock basis for the year.

Capital Gains Worksheet
Use financial software or spreadsheets to track all your investment information in one place. This will save you time and frustration at tax time. Here's some tips for keeping on top of your capital gains information.

Moving Expenses
If you moved to start a new job, or to seek work in a new city, you may be able to deduct the cost of your moving expenses from your income. Moving expenses are subject to a time and distance test. Find out if you qualify to deduct your moving expenses.

Energy Tax Credits
Summary of federal tax credits available for homeowners who purchase energy-efficient equipment. More information about the Residential Energy Credits.

AMT
The alternative minimum tax (AMT) is a separate method for calculating your income taxes. You are responsible for paying the higher of the AMT or the regular tax. If your AMT tax is higher, you add the difference between the AMT and the regular tax on your 1040 line 44.

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.

IRS Form 433A
Preparing accurate and thorough IRS Form 433-A is a necessary and crucial step in submitting a successful Offer in Compromise application. Helpful tips provided for each section of Form 433A.

Alabama
Overview of individual income taxes in the state of Alabama. Taxes in Alabama are administered by the Department of Revenue. Alabama's tax rates range from 2 percent to 5 percent. Find links to tax forms, publications, and mailing addresses.

Microsoft Office Accounting
Microsoft Office Accounting Professional 2008 is a decent accounting software program for small businesses. Featuring tight integration with other Microsoft Office applications, Office Accounting is a good choice for small and home-based businesses needing double-entry bookkeeping software.

Email 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.

Offer in Compromise
You might be eligible to settle your tax debt for less than what you owe through the Offer-in-Compromise (OIC) program from the IRS. The IRS revised their instructions and forms for the offer program in October 2004. Find out what's new.

Tax Attorney
Tax attorneys are lawyers who specialize in the complex and technical field of tax law. Tax attorneys are best for handling complex, technical, and legal issues.

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.

Collection Potential
Through an Offer in Compromise, taxpayers agree to pay the IRS only the reasonable collection potential instead of the full amount of taxes owed. Calculating the Reasonable Collection Potential is the most important element in determining the success of your Offer in Compromise. Helpful tips for completing IRS Form 433A Worksheet.

Cost Basis Definition
Definition of "Cost Basis": the original price of an asset, such as stocks, bonds, mutual funds, property, or equipment. Cost basis includes the purchase price and any associated purchase costs.

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.

Back Taxes Q&A
How many years back can you file your income tax return when the government owes you? Generally, you have 3 years to file a tax return and claim a refund.

Refund or Amount You Owe
How to figure your tax refund or balance due on Form 1040 lines 72 through 76. Plus tips on getting your refund safely and quickly, or how to pay off your tax bill quickly over a few months.

Interest Income
Interest income from banks, money market funds, and tax-exempt bonds are reported on your tax return. Find out how to report your interest income on Form 1040.

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.

EIC
How to qualify for and figure your earned income credit. The EITC is a tax credit that lowers your taxes and gives you a bigger refund. Find out the criteria for qualifying children, and the special Head of Household rule if you are separated from your spouse.

Tax Planning: U.S. - QuickTips
An index of QuickTips for the Tax Planning: U.S. guide site.

Self Employment Tax
How to calculate your self-employment tax on Schedule SE using the short method or long method.

Phone Tax Refund
The Telephone Excise Tax Refund is a one-time tax credit that you can claim on your 2006 tax return. It represents a refund of excise taxes paid on long-distance telephone service.

IRS Form 656
IRS Form 656 is a proposed contract for an offer in compromise. In Form 656, the taxpayer is agreeing to offer the IRS a certain amount of money. In exchange for the money, the IRS agrees to cancel the taxpayer's outstanding tax debts. This proposal may be accepted or rejected by the IRS, or returned to the taxpayer as unprocessable.

S Corp Example
Forming a Subchapter S-Corporation and accounting for each shareholder's income and expenses is worth doing accurately. A step-by-step example of reporting income and expenses for a sample S Corporation with three shareholders.

2003 Tax Software
Find software to prepare your 2003 tax return, or to file taxes going back to 1995.

Fair Market Value
Fair market value is the price at which you could have sold a piece of property. Includes IRS definition of fair market value, and its relation to charitable contributions.

Form W-8BEN
Canadian citizens who have income from US sources should fill out Form W-8BEN to claim a reduce amount of income tax withholding. Find out how to qualify for benefits under the US-Canada Tax Treaty and how to fill out Form W-8BEN.

Marriage & Taxes
Dear Tax Guide, I’ve often noticed that the married amounts for various deductions are quite often substantially less than double the single amount. Can you explain why? Tax reforms and the "marriage penalty," plus tips for reducing your taxes.

JK Harris Interview
Taxpayers have several options for resolving their federal tax debts. They can request a monthly payment plan, submit an offer in compromise, or seek bankruptcy protection. I spoke with David A. Bauman, an enrolled agent, who works for JK Harris, about the advantages and disadvantages of filing an IRS Offer in Compromise.

Offer in Compromise Firms
Because of the complexity of filing an Offer in Compromise, many people seek the help of tax professionals. Generally, seeking professional advice for an Offer in Compromise is highly recommended. Here's how to protect yourself and find the right tax professional for you.

Community Property States
Definition of Community Property States: Married persons are considered to own their property, assets, and income jointly.

2006 Tax Rates
Marginal income tax rates for the 2006 tax year.

Gleim EA Review
The Gleim EA Review is a set of books and software to help you study for the IRS Special Enrollment Examination.

Currently Not Collectible
The Internal Revenue Service can declare a taxpayer "currently not collectible" if the taxpayer has no ability to pay his or her tax debts. The IRS reviews Not Collectible status every few years.

Retirement Savings Credit
If you contribute to a retirement plan, you may qualify for the Retirement Savings Tax Credit. How to fill out IRS Form 8880.

TaxCut Free File
H&R Block TaxCut (Free File version) provides free access to the TaxCut Premium software, which is a top-rated tax prep software package. With the Free File version, users have access to all of TaxCut Premium's tools, forms, and tips. The software did not, however, detect a typo when entering my W2 (a common tax prep mistake). Overall, TaxCut is one of the very best free file software programs available. Highly recommended.

Old Rules for Dependents
The rules for claiming a dependent changed in 2005. The old rules have five criteria for claiming a dependent. Some dependents that did not qualify under the old rules may qualify under the new rules.

Adjusted Basis
Definition of "Adjusted Basis": the net cost of an asset after adjusting for various tax-related items.

J K Lasser Your Income Tax
Review of the book "J.K. Lasser's Your Income Tax 2007." Comprehensive, easy-to-read, and well organized. I recommend the book to anyone preparing their own taxes, either by hand or by computer. Next best thing to having a CPA sitting next to you.

Health Savings Accounts
Contributions to a health savings account (HSA) are tax deductible. Tax deductions are limited to $2,650 for individual insurance coverage and $5,250 for family insurance coverage for tax year 2005. To be tax-deductible, HSA contributions must meet certain criteria.

Pensions & Annuities
Reporting the taxable portion of pension and annuity income can get a little tricky. Covers when to use the Simplied Method, and when you must use the General Rule. Links to essential tax information on pension and annuity income from the IRS.

Adjustments
Definition of Adjustments to Income: certain expenses which directly reduce your total income.

Retirement Tax Planning
Retirees and those planning to retire in the near future will want to plan ahead to keep their taxes as low as possible. Here are some basic information for understanding how retirement income is taxed and strategies for keeping your taxes at a minimum.

Best Tax Books
Find objective, un-biased reviews of all the top tax preparation books. Find out which tax book is number 1. Plus links to all tax book reviews.

SEP/SIMPLE Deduction
If you have self-employment income, then you can take a tax deduction for contributions you make to a SEP, SIMPLE, or Keogh retirement plan. Your maximum contribution to a SEP-IRA is 20% of your self-employment income or $42,000, whichever is less.

Internal Revenue Code Section 199: Domestic Production Activities Deduction
Text of the tax law concerning the Domestic Production Activities Deduction. Internal Revenue Code section 199.

Sample Mutual Fund Cost Basis Spreadsheet
Sample spreadsheet for keeping track of actual cost basis in a mutual fund using the specific identification method of accounting.

IRS Mileage Rate 2006
In 2006 the IRS has several standard mileage rates for business, medical, and charity-related driving.

Enrolled Agents
Definition of Enrolled Agent: a tax professional who has passed an IRS test covering all aspects of taxation.

Prices for Tax Prep
The price for tax preparation services is based entirely on how complex your tax retun is. Find out how different companies price their services, and what some overall price ranges are.

2004 Form 1040
Prepare your 2004 tax returns on Form 1040 using easy-to-follow steps. Plus tips for preparing your tax return accurately and completely, from your About.com Guide to Tax Planning.

Capital Loss Definition
Definition of Capital Loss: A capital loss is the difference between what you paid for an investment and what you received when you sold that investment. If you sold the investment for less than the price you paid, you have a capital loss.

Amnesty
Find out what tax amnesty is all about, especially the difference between limited-time-only amnesty programs and on-going voluntary disclosure initiatives. Tax relief for your tax returns you haven't filed, or back taxes you are trying to pay off.

Find an Accountant
Find an accountant to help you prepare your taxes by focusing three basic needs for professional help.

How to Pay Zero Taxes 2006
Review of the book, "How To Pay Zero Taxes, 2006: Your Guide to Every Tax Break the IRS Allows," by Jeff A. Schnepper. Recommended for anyone who wants to implement long-term tax strategies to reduce or eliminate their tax liabilities.

2005 Form 1040-EZ
Prepare your 2005 tax returns on Form 1040EZ using easy-to-follow steps. Plus tips for preparing your tax return accurately and completely, from your About.com Guide to Tax Planning.

IRS Mileage Rate 2005
In 2005 the IRS has several standard mileage rates for business, medical, and charity-related driving.

Business Income
Definition of Business Income & Expenses: An individual person, conducting business as an independent contractor or as a sole proprietor, reports the income and expenses of the business activity on a Schedule C.

Tax Tips
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.

TaxACT Deluxe
Review of the TaxACT Deluxe tax preparation software program. TaxACT Deluxe is recommended for its interactive tax planning calculator, a feature missing in other tax programs.