A tax deductions (also called a tax write off) lets you subtract an amount of money from what is called your taxable income(the amount on which you must pay tax).…

Tax Deduction A tax deduction, such as contributions to a Traditional IRA or 401(k), reduces your adjusted gross income How much that deduction is worth to you depends on your…

What is Cancellation of Debt?If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in…

The IRS does not initiate taxpayer communications through e-mail. The IRS does not request detailed personal information through e-mail. The IRS does not send e-mail requesting your PIN numbers, passwords…

Workers who lose their jobs during January and February may qualify for a 65-percent subsidy on their COBRA health insurance premiums, and these newly-eligible individuals, along with those already receiving…

The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will…

Washington — The Internal Revenue Service today issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes. The guidance allows recipients…

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American Opportunity Credit, to pay for…

Roughly 135 million Americans file tax returns, and of those, two thirds pay for help. While solo acts like CPAs and so-called enrolledagents have plenty of clients, almost 20 percent…