State and local income taxes withheld from your wages during the year are deductible in the year they were withheld. State and local income tax estimates or prior year payments…

Personal property taxes are deductible if the tax is imposed on a yearly basis and is based on the assessed value of the property. Taxes not based on the value…

A health savings account (HSA) is a tax-exempt trust or custodial account. You establish an HSA with a qualified HSA trustee to pay or reimburse the medical expenses you incur.…

If you itemize deductions, you may deduct the amounts you paid for medical and dental expenses that exceeded 7.5% of your adjusted gross income (AGI). The deduction is allowed for…

f you make your living at least partly by tips, be aware of these tips about tip income: Tips are taxable. Tips are subject to federal income, Social Security and…

Debt forgiveness usually is considered taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven…

The federal income tax is a pay-as-you-go tax. You must pay taxes as you earn or receive income throughout the year. There are two methods for paying taxes: WithholdingIf you…

When dealing with taxes – as with everything else in life – people make mistakes. So, the IRS has made it possible to correct your mistakes if they’re made on…

Are you expecting a refund from the IRS this year? Here are the top 10 things you should know about your refund: Refund options – You have two options for…

If you haven’t received a Form W-2 from your employer by January 31, you should take these steps: Ask your employer if and when the W-2 was mailed. If it…