Real Estate Tax Tips for the Owner of RecordUnmarried First-Time Homebuyers: Who Gets the Credit for a 2010 Purchase?Are You an Accidental Landlord? Here's How to Tackle Your TaxesTax Aspects of Home Ownership: Selling a HomeVideo: Federal Tax Deductions for Home RenovationThe...
While the idea of tax-free Social Security is nice – and about 60 percent of people do avoid federal taxes on their benefit check – the cost of that is having an income that’s under a relatively low threshold. If you can make some sensible changes to how you realize income, then ai...
while the overall audit rate is low, there is a higher inspection rate for low-income workers who claim the federal Earned Income Tax Credit. Another major red flag is when people don't report all their income, which can happen if someone forgets they earned money from a side gig, for e...
If you suspect you’ve been targeted for a scam or that your information has been compromised through a data breach, consider filing anIdentity Theft Affidavit, Federal Form 14039to increase the security of your account with the IRS. This is an extra precautionary measure to prevent a fraudulent...
Retirees can follow these simple guidelines to help manage their tax situation. Here's what you need to know about taxes in retirement.
You can invest money from a lump sum in an IRA or HSA, among other tax strategies. Here are some common ways to lower taxes on a large windfall.
Being conscious of holding periods is a simple way to avoid paying higher tax rates, and note that federal tax rates are subject to change. Taxes are, of course, only one consideration. It's important to consider the risk and return expectations for each investment before trading. Note: ...
To avoid most tax scams, however, all that’s necessary is to ignore any message purporting to be from the IRS unless it’s a letter. “The bottom line is that under no circumstances will the IRS initiate contact out of the blue asking you to click on a link,” said Tulino of the...
Death taxes, also called estate taxes, are taxes imposed by the federal and some state governments on someone's estate upon death.
Federal Income Tax Guide elenaleonova / Getty Images Making mistakes on your tax return can cost you money. You may miss out on alarger refundthan you claimed or wind up owing more taxes plus interest and penalties. You could invite anauditfrom theInternal Revenue Service (IRS). The best ...