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Tax Articles
for Your Use
Medical Expenses and Your Taxes
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. They include the costs of equipment,...
Do You Need to File a Federal Income Tax Return?
Many people will file a 2005 Federal income tax return even though the income on the return was below the filing requirement. Even if you do not have to file a return, you should file one to get a refund...
How And Where To Find Valuable Tax Information
Taxpayers have two options when filing a federal or state income tax return. Taxpayers can have their tax returns professionally prepared or they can prepare their own taxes. Whatever tax preparation option...
A Guide to Free Online Tax Filing
Whoever said "there is no such thing as a free lunch" may have been right about food. However, for millions of eligible taxpayers, with an Adjusted Gross Income of $50,000 or less, there is Free File....
Claiming Educational Expenses on Your Return
Generally, employees must complete Form 2106, Employee Business Expenses or Form 2106-EZ, Unreimbursed Employee Business Expenses, when job-related educational expenses are involved. Educational expenses...
Advantages And Disadvantages Of Using Tax Software
Each year millions of Americans have their taxes prepared by a professional tax preparer. Having tax returned professionally prepared reduces the likelihood of errors being reported on a tax return; however,...
How to Get Tax Help
There are several ways in which you can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the Internal Revenue service. By selecting...
Gifts and the IRS
The gift tax applies to he giving of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal...
Definition of a Qualifying Child
Beginning in 2005, one definition of a qualifying child will apply for each of the following tax benefits. In general, all four of the following tests must be met to claim someone as a qualifying child:...
How to Determine Your Filing Status
Your filing status is used in determining whether you must file a return, your standard deduction, and the correct amount of tax you must pay. It may also be used to determine whether you can claim certain...
Extensions of Time To File
You may be able to get an extension of time to file your return. Special rules apply for those who were: outside the United States, or serving in a combat zone. If you cannot file your 2005 return by...
Major Changes in the Earned Income Tax Credit
Major Changes in the Earned Income Tax Credit The Internal Revenue Service wants to remind tax payers and tax professionals that they can receive critical tax relief using the Earned Income Tax Credit(EITC)....
What Records Should I Keep?
You must keep records so that you can prepare a complete and accurate income tax return. The law does not require any special form of records. However, you should keep all receipts, canceled checks or...
Which Income Tax Form Should I Use?
As an American taxpayer you must use one of three forms to file your return: Form 1040EZ, Form 1040A, or Form 1040. Form 1040EZ is the simplest form to use. However, you can only use Form 1040EZ...
Alimony and Your Federal Taxes
Alimony, according to the IRS, is the payment to or for a spouse or former spouse under a divorce or separation agreement. It does not include voluntary payments that are not made under a divorce or...
Federal Taxes on Your Lottery Winnings
Many lottery winners are astonished when they find out that lottery winnings are paid out over yearly installments of 20 or 25 years. They are even more astounded when they realize that the Internal...
What If I Made a Mistake on My Return?
Errors may delay your refund, cause you to pay additional interest or penalties, or result in notices being sent to you. If you discover an error, you can file an amended return or claim for refund. ...
Work Opportunity Tax Credit
The Work Opportunity Credit provides an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs. The credit can be as much...
Does My Return Have To Be on Paper?
You may be able to file a paperless return using IRS e-file (electronic filing). It's so easy, over 68 million taxpayers preferred e-file over filing a paper tax return last year. IRS e-file uses automation...
Exemptions and Your Tax Return
In general, you can deduct $3,200 for each exemption you claim in 2005. You may be able to take an additional exemption amount if you provided housing to a person displaced by Hurricane Katrina. For...
Estate Taxes and the IRS
Estate taxes may apply to your taxable estate upon your death. Your taxable estate is your gross estate less allowable deductions. By IRS definition, your gross estate includes the value of all property...
Your Taxpayer's Bill of Rights
1. All IRS employees are required to explain and protect your rights as a taxpayer throughout your contact with the IRS. Consequently, the IRS will not disclose to anyone the information you give them,...
Tax Articles
Exemptions and Your Tax Return
In general, you can deduct $3,200 for each exemption you claim in 2005. You may be able to take an additional exemption amount if you provided housing to a person displaced by Hurricane Katrina. For...
What If I Made a Mistake on My Return?
Errors may delay your refund, cause you to pay additional interest or penalties, or result in notices being sent to you. If you discover an error, you can file an amended return or claim for refund. ...
Federal Taxes on Your Lottery Winnings
Many lottery winners are astonished when they find out that lottery winnings are paid out over yearly installments of 20 or 25 years. They are even more astounded when they realize that the Internal...
Medical Expenses and Your Taxes
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. They include the costs of equipment,...
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