Most people can deduct some or all of their IRA contributions, which means there is often some scrambling right before the tax deadline as people make their IRA contributions!  For the tax year 2010, people get an extra weekend to contribute to an Individual Retirement Account (IRA) and still deduct...

When the IRS processes your tax return, they determine who owes money to whom.  If you have paid an amount higher than your tax liability, you may receive a tax refund.  Assuming there are no reasons to withhold your refund, you now have several options in how you will handle this lump sum payment....

When it comes to the collection of taxes owed, the IRS treats all individuals equally. A  This means everyone must abide by the same rules and regulations and are subject to the same penalties.  It is important for students who receive income to understand these rules, regulations and penalties...

Did you make energy efficient home improvements in your home during 2010 or purchase an energy efficient vehicle? If you did, do you know that you may qualify for a credit on your 2010 income tax return. If you purchased and installed certain energy efficient items in your home last year or bought a...

Did you pay someone to watch your child, spouse or other dependent during the 2010 tax year? If you did, you may be eligible for the Child and Dependent Care Tax Credit. Paying for child care or dependent care is costly so this is definitely one credit you won’t want to miss. Of course, in order...

Kelly Osbourne is yet another “Dancing With the Stars” celebrity to have a tax problem. Kelly is best known for being the daughter of Ozzy Osbourne and became famous after appearing on the reality series, “The Osbournes”. After the reality series she went on to singing, acting, fashion, writing...

If you are confused about the Alternative Minimum tax, you are not alone. The Alternative Minimum Tax, also known as AMT, is a tax imposed by the government that has been enacted to help make sure that any tax payer who sees a benefit from certain tax advantages is not able to walk away owing...

The Internal Revenue service, or the IRS, recently announced a special voluntary disclosure initiative that was designed to help bring offshore money that should be in the US tax system back. The initiative is a means at giving taxpayers a second chance to disclose income that they have hidden in offshore...

Numerous income tax filers can receive assistance when it comes to preparation and filing of their tax returns this year. These services are most often free and include free filing as well. Here is a rundown of the different services that are offered in order to help you determine if you qualify. Volunteer...

Last Thursday, IRS commissioner Doug Shulman announced a new set of initiatives to help taxpayers struggling to pay their taxes or pay off back taxes in this lackluster economy.  Sometimes IRS enforcement actions (e.g. tax lien) can bury the taxpayer further which lessens not only their ability...