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...

When you’re working for your employer on the road or from a home office, you’re likely to run up a lot of expenses, some of which may not be reimbursed by your employer. It is crucial that you do not throw away the receipts for those expenses. By keeping track of your business expense documents,...

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,...

If you are an employer or some other entity that makes payments, you must withhold taxes from your employees’ paychecks and certain other payments that you issue. However, you must also be aware of any additional taxes that you may have to withhold. For payees who do not furnish a correct Tax...

Earned income is subject to federal taxes. A  To legally reduce the tax liability owed on earned income, taxpayers can claim deductions and tax credits when filing their annual tax return.  There are several tax deductions which lower the amount of income subject to tax, with taxpayers having a...

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...