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Five Great Tips for Coming Out Ahead
The latest tax law included a new 10% tax bracket, which means that, depending on your filing status, the first $6,000 to $12,000 of your income will be taxed at 10% instead of 15%.
If you're expecting an income tax refund this...
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Itemize Deductions
Part of sound financial planning is ensuring that you don't pay more taxes than necessary, which means you need to have at least a basic understanding of itemized deductions, even if an accountant prepares your taxes. It's especially important if you...
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Many families with kids are getting some welcome, though temporary, tax relief with an increase in the Child Tax Credit (see footnote). The child tax credit is a reduction in your actual taxes, not just a deduction from your taxable income.
How Much Is the Child Tax...
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The Worst Thing You Can Do Is To Do Nothing
What happens if April 15th rolls around and you just can't come up with the money to pay your Federal income tax? There are separate penalties for filing late and paying late, and the "failure to file" penalty is much worse than...
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To Pay As Little Tax As Possible, You Have to Plan a Year Ahead
Besides the obvious tax reduction strategies, such as itemizing deductions, there are other steps you can take to lower your tax bill next year. The trick is to plan ahead. If you wait until it's time to file...
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To Avoid Overpaying Income Taxes, Bone Up on These Changes
Nobody likes paying more income tax than necessary. To avoid overpaying, know what you can and can't deduct, even if you use a professional tax preparer. This overview of changes to the 2004 income tax laws covers...
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