Personal Income Taxes

As the year ends, many businesses are not popping Champagne. They're trying to figure what to do in order to reduce their tax liability for next year. Are there any sure-fire (legal) methods to do this?

By Amanda Abella

Your company requires you to use your personal vehicle for work-related purposes. Can you really write off the car on your taxes?

By Kate Kershner

You moved from one state to another last year, and now it's tax time. Don't freak out. Paying income taxes in two states is actually a pretty simple process, if you know all of the IRS rules.

By Kate Kershner

Discretionary income is simply the money you have but don't need to spend. But it's not just about you: Discretionary income is also used to monitor the larger economy.

By Chris Opfer

Did you make money outside of the U.S. this year? If so, here's a way you may be able to reduce your tax burden.

By Chris Opfer

Everyone knows taxes are due on April 15. Unless, of course, you have to pay them early. Here's a guide to estimated tax payments.

By Chris Opfer

If you're contracted to work for a company, the money you receive is called "nonemployee compensation." You might just call it cash. Why does the name matter?

By Chris Opfer

Have a kid, save some money on taxes. Sounds simple, doesn't it? Though the amount of the child tax credit is not enough to offset child-rearing costs, every bit helps.

By Chris Opfer

For those who aren't math majors, we'll make the explanation of the lifetime learning credit quick and easy. It covers 20 percent of up to $10,000 in tuition and other costs – that converts to $2,000.

By Chris Opfer

If you work for someone and you've paid taxes, you've seen a W-2. That's the form your employer gives you in January to show how much you earned the previous year. Why is it so important?

By Chris Opfer

Running your own business can cost a lot of money, but there some 30 business tax credits out there that can help to lower your IRS burden and put more cash in your pocket. Which ones do you qualify for?

By Alia Hoyt

Home ownership is expensive, but the IRS does provide you with a break on your property taxes -- if you're eligible, of course.

By Debra Ronca

Gone are the days of doing your taxes by hand -- thank goodness for the Internet, right? E-filing streamlines the process and gets your refund to you faster.

By Debra Ronca

You can find relief while doing your taxes by claiming exemptions and deductions. And if you own your own home, the mortgage interest tax deduction can be a big help.

By Debra Ronca

Your adjusted gross income is your taxable income after taking deductions and credits. But sometimes that AGI has to be modified into a -- you guessed it -- MAGI.

By Debra Ronca

If you suffer what the IRS calls "theft and casualty losses" and insurance doesn't cover them, you may be able to claim a deduction on your taxes.

By Debra Ronca

If you get tips as part of your wages, a lot of customers on your shift can mean a good amount of extra money in your pocket. It also means that the IRS wants its cut.

By Debra Ronca

Lending money to friends and family can be tricky -- especially if they don't pay you back. The good news is that you may be able to take a tax deduction for the bad debt.

By Debra Ronca

Depreciation can be a huge tax advantage for small business owners if you use the IRS depreciation tables correctly. There are nine depreciation categories and every type of property fits into one.

By Dave Roos

Paying less taxes is all about taking as many deductions and credits as you legally can. But how do you know what's out there and which ones you might qualify for?

By Alia Hoyt

One of the more controversial aspects of the Affordable Care Act is the mandate that everyone have health insurance or pay a penalty. However, certain people are exempt from this requirement. Who are they, and how do they prove their exemption?

By Dave Roos

Here's a handy checklist to help you gather all the documents you need to do your taxes and get the biggest refund you can!

By Alia Hoyt

"Injured spouse status" sounds terrible, but it actually could be a good thing when it comes to paying taxes to the IRS. Learn what this tax status means for your debt and whether you qualify for relief.

By Melissa Phipps

When it comes to filling out tax forms, mistakes happen. It's up to you to make sure you've corrected them. That's why the IRS provides Form 1040X. Learn more about the amended tax return form.

By Jane McGrath

The fresh air, the open fields, the rooster crowing in the distance: Who doesn't yearn for the farmer's life? But idealized as it may be, farming is still a business -- a volatile one at that -- and farmers need all the tax breaks they can get.

By Kate Kershner