There are many ways through which the elderly can reduce their income taxes. Approximately 13% of the U.S. population is over the age of 65, and a large percentage of seniors are on fixed incomes. Reducing tax liability is necessary for many individuals, as senior income doesn’t usually increase...

Because taxes can significantly impact the economy by changing the cash flow available to both individuals and businesses, a presidential candidate’s view on taxes has become an increasingly hot topic during the past several election seasons. Each presidential candidate’s view on tax policy...

The 2012 IRS mileage rates vary depending on whether you are claiming mileage for business travel, moving expenses, charitable work or medical-related traveling. Each category of travel has its own mileage rate used to calculate the tax deductible expenses related to driving your vehicle. IRS mileage...

The price of medical care in the U.S. can run into the thousands of dollars each year for routine care once you factor in the cost of insurance premiums, co-payments and medications. In addition to the already hefty expense, some families are also faced with extremely costly medical conditions or diseases,...

The Internal Revenue Service or the IRS will be raising interest rates for the second quarter and the new rates will go into effect come April 1, 2011. According to the IRS website the new rates will be as follows: four (4) percent for overpayments (three (3) percent in the case of a corporation); four...

Millions of taxpayers are getting ready to prepare and file their annual income tax return, many of whom are experiencing stress or anxiety over the entire process.  Tax season doesn’t have to be a stressful event.  The more you know about preparing your income tax return, the less likely...

The Internal Revenue Service recently announced upcoming income tax adjustments. These adjustments are being made as a result of inflation. Your tax bill just might be a bit lower in 2011 as some personal and standard deductions will be higher. Changes will also be taking place in the current tax brackets,...

Few people really intend to skip paying their annual income taxes. Personal circumstances, whether chosen or unexpected, may have compelled someone to not file a tax return.  To put this in context, let’s consider the following: What if you didn’t file on 2009’s or an...

President Obama introduced the Making Work Pay Tax Credit in an attempt to reduce the tax burden on middle class Americans, but this tax credit is scheduled to expire at the end of 2010, attempts were made to extend but it only applies to 2010 income now. Although this tax credit essentially...

While e-filing income taxes was once considered something only a small percentage of the general population would consider, it is now becoming the normal method of filing taxes. For 2009 income tax returns filed at the start of 2010, almost 99 million people filed their federal income tax returns electronically....