There are two types of 529 plans—college savings plans and prepaid tuition plans. Both offer tax-advantages for families saving for college (their name comes from the section of federal tax…

U.S. Series EE savings bonds issued after 1989 or Series I saving bonds are another tax-advantaged way to save for college. Advantages Backed by the full faith and credit of…

Colonial and early U.S. taxes went through various changes until the first income tax was established by the Revenue Act of 1861. The purpose of this income tax was to…

Finding your tax bracket is actually pretty easy. First you need to know your taxable income. Taxable income is your adjusted gross income (AGI) minus your standard or itemized deductions.…

You might be on your last dollar, but it’s not always a reason to sing the blues. In fact, in the strange world of taxation, your last dollar could actually…

The Internal Revenue Service (IRS) is estimated to be the largest federal bureaucracy. It employs about 115,000 people [source: Daily]. Although it might seem daunting to understand such a large…

Ever since the beginning of the Internal Revenue Service (IRS), taxpayers have suspected it of abusing its power, showing favoritism and invading privacy. In some cases, these accusations have been…

  The nation had few taxes in its early history. From 1791 to 1802, the United States government was supported by internal taxes on distilled spirits, carriages, refined sugar, tobacco…

WASHINGTON — The Internal Revenue Service announced availability of the fall 2011 issue of the Statistics of Income Bulletin, which features data for 140.5 million individual income tax returns filed…

Which records? Well, the IRS recommends that you keep all tax-related records for 3 years in case of an audit. But some old tax documents, such as last year’s W-2’s,…