Many Individual Retirement Account owners are aware they can be hit hard with penalty fees if they withdraw their IRA money early. You should make every effort to avoid withdrawing from retirement …

The IRS wants taxpayers to be aware of tax scams. The scams, besides being illegal, can lead to massive problems for taxpayers, including significant penalties, interest and possible criminal …

If you paid someone to care for your child, spouse or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your federal income-tax return. Below are …

If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS …

To take the home-office tax deduction, the IRS requires the office to be your principal place of business and it must be used exclusively and on a regular basis. According to the S.B.A., just over …

Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are 10 broad categories:   1. The Right to Be …

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low-to-moderate income workers who are saving for retirement. Contributions to a …

Charitable contributions made to qualified organizations can help reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your …

The Tax Cuts and Jobs Act (TCJA) imposed a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until 2025, taxpayers may only deduct interest of …

Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt on your tax return you must be legally liable for the debt and you must be able to itemize your tax …