Updated Articles and Resources

By William Perez, About.com Guide since 2004

401(k) Contribution Limits Created: Monday, November 01, 2010 Updated: Tuesday, May 22, 2012
For the year 2012, people can contribute up to $17,000 as an elective deferral to their employer's 401(k) plan. Additionally, if you are age 50 or older, you can contribute an additional catch-up c...
Wages and Salaries - Tax Treatment of Wage and Salary Income Created: Tuesday, May 03, 2011 Updated: Tuesday, May 15, 2012
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 a...
Claim a Child as Dependent - How to Claim a Child as Dependent Video Created: Thursday, March 31, 2011 Updated: Thursday, May 10, 2012
Learning how to claim a child as dependent on your taxes can help to get more money back from the government. Here, see how to claim a child as dependent.
Adjusting Tax Withholding - How to Figure out How Many Withholding Allowances to Claim Created: Monday, October 05, 2009 Updated: Tuesday, May 08, 2012
Revising your paycheck withholding involves several steps. In this article I walk you through all the steps I take whenever a client ask me to review their current level of withholding. The key is ..
Tax Statute of Limitations: Time Limits to Claim Tax Refunds or to Pay Tax Debts Created: Tuesday, November 15, 2005 Updated: Tuesday, April 17, 2012
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 collec..
File an Extension Fast - Quick and Easy Ways to File a Tax Extension with the IRS Created: Saturday, April 11, 2009 Updated: Tuesday, April 10, 2012
Need extra time to file your tax return, but don't have a lot of time figuring out what to do? Here's quick and easy ways you can file an extension in under ten minutes.
File an Extension: How to Request an Extension of Time to File using IRS Form 4868 Created: Saturday, March 05, 2005 Updated: Tuesday, April 10, 2012
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
Social Security: Taxable Portion of Social Security Benefits Created: Friday, December 30, 2005 Updated: Monday, April 09, 2012
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.
Reporting Foreign Financial Assets on Form 8938 Created: Tuesday, February 28, 2012 Updated: Tuesday, March 27, 2012
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 A..
Pros and Cons of Requesting an Extension to File Your Taxes Created: Tuesday, March 22, 2011 Updated: Wednesday, March 21, 2012
An extension is your way of asking the Internal Revenue Service for additional time to file your tax return. The IRS will automatically grant you an additional six months to file your return. An ex..
Installment Agreements - Types of Installment Agreements for Federal Tax Debts Created: Monday, August 17, 2009 Updated: Tuesday, March 20, 2012
A monthly payment plan is generally the easiest way to set up an arrangement to pay off any taxes owed to the Internal Revenue Service. There's four different types of installment agreements offere..
How to Request a Federal ID Number Video Created: Monday, March 19, 2012 Updated: Monday, March 19, 2012
Requesting a federal ID number is simple process that can be done online, by phone, or by mail. Watch this video from About.com to learn exactly what you need to do to receive a federal ID number o..
What Is the Penalty for Early Distribution of Retirement Funds? Video Created: Monday, March 19, 2012 Updated: Monday, March 19, 2012
Early distribution of retirement funds may come with penalties, but there are exceptions without penalties for early withdrawal. Watch this video from About.com to learn if you qualify for early di..
Roth IRA Conversions - Does Converting to a Roth IRA Make Sense? Created: Tuesday, January 12, 2010 Updated: Sunday, March 18, 2012
If you have been saving for retirement in a traditional IRA, you are eligible to convert some or all of your traditional IRA funds into a Roth IRA. Beginning in the year 2010, all restrictions on c..
1099-MISC - Reporting Payments for Goods and Services using Form 1099-MISC Created: Tuesday, June 15, 2010 Updated: Wednesday, February 29, 2012
Businesses are required to report payments made for goods and services related to a trade or business. Reporting is required if a business pays $600 or more to an individual or another business tha..
Advance Child Tax Credit Payment - Tax Glossary Created: Thursday, October 28, 2004 Updated: Tuesday, February 28, 2012
Definition of Advance Child Tax Credit Payment: In 2003 the Interal Revenue Service issued advanced payments for people who were eligible to claim the Child Tax Credit.
Rental Income & Expenses - Tax Tips for IRS 1040 Schedule E - About.com Created: Monday, September 12, 2005 Updated: Tuesday, February 21, 2012
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 t..
Self-Employment Tax - What is the Self-Employment Tax? About.com Created: Friday, May 01, 2009 Updated: Tuesday, February 21, 2012
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 cov..
Payroll Taxes: Basic Information for All Employers Created: Wednesday, January 04, 2006 Updated: Tuesday, February 21, 2012
Payroll taxes are the responsiblity of every employer. Find essential information on how to report payroll taxes.
Ideas for Saving or Spending Your Social Security Tax Reduction Wisely Created: Thursday, January 20, 2011 Updated: Tuesday, February 21, 2012
Share your tips about how you will use your savings from the Social Security tax holiday. For 2011 and 2012, employees will paid 4.2% of their wage earnings for the Social Security tax, instead of ..
Social Security Withholding - Payroll Tax Holiday for 2011 and 2012 Created: Thursday, January 20, 2011 Updated: Tuesday, February 21, 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 t..
Social Security Tax - About Social Security taxes Created: Thursday, January 20, 2011 Updated: Tuesday, February 21, 2012
An overview of Social Security taxes in America.
Common Taxes for Selling a Home Video Created: Monday, February 13, 2012 Updated: Monday, February 13, 2012
Selling a home can lead to a number of complex tax-related questions. In this video, we'll explain some of the most common taxes to expect to encounter when selling a home.
Wash Sale Rule - Tax Law Rule that Defers Capital Losses Created: Tuesday, August 09, 2011 Updated: Sunday, February 12, 2012
A wash sale is selling an investment at a loss and repurchasing the same (or very similar) investment within a short period of time (30 days before to 30 days after selling at a loss). Wash sales r..
Changes to Reporting Capital Gains and Losses on Schedule D and Form 8949 Created: Tuesday, August 16, 2011 Updated: Sunday, February 12, 2012
Starting in 2011, American taxpayers will use new Form 8949 along with Schedule D to report income from the sale of stock, bonds, mutual funds and other investments. Form 8949 will detail various t..
Capital Gains Tax: Essential Tax Tips for Capital Gains & Losses Created: Thursday, September 29, 2005 Updated: Sunday, February 12, 2012
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. I..
TaxBrain (Software Review) - Review of TaxBrain Online Tax Preparation Software Created: Wednesday, January 24, 2007 Updated: Tuesday, February 07, 2012
TaxBrain uses data entry screens formatted as questionnaires and worksheets to gather your tax information, unlike TurboTax or H&R Block At Home which use interview-style screens. The difference is..
CCH CompleteTax (Software Review) - Review of CompleteTax from CCH Created: Thursday, January 18, 2007 Updated: Tuesday, January 31, 2012
Review of the web-based tax software program CCH Complete Tax. Recommended for most tax situations. Barebones user interface doesn't feature unnecessary bells-and-whistles.
TaxACT (Software Review) - Review of 2nd Story Software's TaxACT Software Created: Friday, January 12, 2007 Updated: Tuesday, January 31, 2012
Review of the TaxACT tax preparation software program, including the free standard edition and the federal deluxe edition and the ultimate bundle. TaxACT Standard is especially recommended for its ..
TurboTax Software Review - Review of Intuit's TurboTax Software Created: Friday, January 06, 2006 Updated: Tuesday, January 31, 2012
Review of the TurboTax tax preparation software program. TurboTax is a popular tax program that's fairly easy to use.
H&R Block At Home Software Review - Review of H&R Block's At Home Tax Preparation Software (previously named TaxCut) Created: Monday, February 01, 2010 Updated: Tuesday, January 31, 2012
Review of the At Home tax preparation software from H&R Block. At Home offers quick and easy tax preparation, with just a few drawbacks for complex tax issues. For simple tax returns, I rate At Hom..
Michigan Tax Amnesty - Tax Amnesty Program Approved in Michigan Created: Friday, October 29, 2010 Updated: Thursday, January 26, 2012
Michigan's governor has approved a tax amnesty program for 2011. Eligible taxpayers who apply for Michigan tax amnesty will have all civil and criminal penalties waived. See if you qualify for Mi..

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