taxes library

Taxes are inevitable, but if you are educated, you can soften their impact. Learn about tax and money organization, income taxes and other topics in the Taxes channel.

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Does the IRS really want your World of Warcraft gold?

When online sales of virtual assets for hundreds and thousands of dollars became commonplace, the IRS took notice. Find out how the IRS could tax entirely virtual transactions.

How Capital Gains Tax Works

You already know that when you sell your stocks, you've got to pay taxes on the profits. But did you know you're supposed to pay taxes for selling your old comic books, too?

How Filing Tax Amendments Works

You sign your Form 1040, seal it up in an envelope and send it off to the IRS. But then, you're shuffling through your file cabinet when you come across a W2 you forgot to file. What now?

How Filing Tax Extensions Works

April 15: People rush to complete their tax forms and race to the post office to mail them. If you get your envelope postmarked before midnight, you're in the clear, nothing to worry about. But what happens if you don't?

How Income Tax Audits Work

You get a letter in the mail, a letter emblazoned with the gut-wrenching acronym, IRS. You say to yourself: "But I filed on time! I paid all my taxes!"" How does the IRS decide who to audit?

How Income Taxes Work

If you've ever filled out a 1040, you know the U.S. tax system and the agency that keeps it going are complex and mystifying entities. Get the lowdown on this essential piece of the U.S. government.

How Inheritance Tax Works

Death tax. Estate tax. Inheritance tax. They all mean the same thing: The government imposes a tax on a grieving heir for any money they receive from the deceased. What is the tax that is levied, and how much will this tax cost you?

How Personal Property Taxes Work

You may already know that you need to pay property taxes on your real estate. But what about your car, the new boat you just bought, or even Fido? Depending on what state you live in, you could have to pay personal property taxes.

How Tax Brackets Work

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 put you in a higher tax bracket. So what does that mean for you and your money?

How Tax Deductions Work

You've probably heard the phrase "tax deductions"" a hundred times. But what does it mean? What are tax deductions and how do they work? And why are tax deductions so important?

How Tax Shelters Work

Tax shelter. It sounds like a nice idea. After all, if you want to take shelter from something, storms and taxes are the first two things on the list. There are many legitimate tax shelters. But, as with most things, tax shelters can be used for wrongdoing.