Tax Planning

Using the Right Federal Income Tax Return Form
Taxes are one of the certainties in life, and the IRS doesn’t make filing a tax return the easiest thing in the world. For individuals, there are a number of variants for the same form. You have form 1040, 1040A, and even 1040EZ.

How the Housing Bill Can Help You – The Tax Credit for New Home Buyers
The American Recovery and Reinvestment Act of 2009 provides a number of items meant to stimulate the economy, and the tax credit of up to $8,000 for first-time home buyers may be the most beneficial to individuals.

IRA Tips for Tax Time
2007 may be gone, but it isn’t too late to make 2007 IRA contributions. Unlike most tax tips that require action to be taken before December 31st, IRAs have an added benefit of being able to make prior year contributions up until April 15th.

How to Contact the IRS by Phone, Internet, Mail, or Fax
Have questions on your tax return, refund status, or need help? The IRS makes itself quite accessible. You don’t have to fear the IRS. While nobody wants to talk to them about something like an audit, they are there to help you with your taxes.

Understanding the Alternative Minimum Tax
If there's one tax you want to avoid, it's the alternative minimum tax, or AMT. Don't wait until tax time to be hit with this surprise and start thinking about it today.

Get Your Tax Questions Answered by Calling 1-800-829-1040
Are you looking for help with your taxes? Try calling 1-800-829-1040. This is the toll-free number for the IRS tax question line.

Deciding Wheather or Not You Should Itemize Your Deductions
When it comes to reducing your tax burden, itemizing deductions may be the way to go. The standard deduction is certainly easier, but if you determine that itemizing is right for you, it could lead to substantial savings.

Make the Most of Your Income Tax Refund
While it can feel like you’re receiving a windfall, remember that this is just excess money that you paid the government. This doesn’t mean you can’t have a little fun, but this money can also provide a great boost to your other financial goals.

Now’s the Time to Review Your W-4 Tax Exemptions
Regularly reviewing your W-4 exemptions can help ensure you withhold enough for taxes without withholding too much.

Avoid Tax Refund Anticipation Loans
Resist the urge to get your hands on your refund right away. Instant tax refunds are costly.

Where Do Your Social Security Taxes Go
If you work, you are probably aware of the Social Security taxes that come out of your paycheck. Since a relatively large portion of your income goes toward this tax, it is important to understand where it actually goes.

Where's My Refund?
Have you filed your tax return and are now awaiting a refund? The IRS makes it easy to check on the status.

What If You Can't Pay the Taxes You Owe?
The realization that you can’t afford to pay your taxes can make you feel uneasy, but don’t worry, there are some actions you can take to remedy the situation.

U.S. Tax Planning
About.com's dedicated tax planning resource.

The Internal Revenue Service
A resource for tax forms, publications, and news regarding U.S. taxes.

Claiming the Child Tax Credit
Did you know that there is a hefty tax credit available to many households who have a dependent child? This may come as a surprise to many new parents, but it’s important to plan for so that you can make the most of your money. After all, the credit is worth up to $1,000 per child.

Get Next Year’s Income Tax Refund Now
The IRS sends out nearly 100 million income tax refunds each year. That’s a lot of money! If you’re like most taxpayers, you’re probably familiar with the drill. You have taxes withheld from your paycheck all year and then come March you begin to prepare your taxes so that you can get that tax return. Since the average tax return is a little over $2,000, this is real money that can go towar…

Tax Refund Anticipation Loans
A Refund Anticipation Loan (RAL) is a loan that is offered by many tax preparation companies to people against their income tax return. A tax refund anticipation loan can be approved in a manner of minutes and the money accessible within a day or two

Alternative Minimum Tax (AMT)
A federal tax aimed at ensuring that wealthy individuals, estates, trusts, and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding adjusted gross income to tax preference items.

Adjusted Gross Income (AGI)
Adjusted gross income is used in federal tax filings. AGI is your gross income minus applicable deductions.

Capital Loss
Capital loss is the loss incurred when a capital asset (for example an investment or real estate) decreases in value. This loss is not realized until the asset is sold for a price that is lower than the original purchase price.