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Personal Income Taxes

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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4 Year-End Money Tips to Lower Your Tax Bill in 2020

It's pretty certain that you'll have to pay taxes in April. But did you realize there are some things you need to do before Dec. 31 in order to lower that tax burden?

How the IRS Works

Americans didn't always pay income taxes. When did that start and what was behind the creation of the IRS?

10 Tips for Getting the Biggest Tax Refund

While many Americans have seen their tax refunds go down under the new tax laws, we have some strategies to increase your tax refund.

What Happened to the Income Tax Personal Exemption?

Taxpayers in the U.S. were accustomed to taking a personal deduction off their taxes for themselves and their dependents. But the tax reform laws have eliminated that. So, will their taxes go up or down?

What You Can Do Now to Get the Most from the New Tax Law

The most sweeping tax overhaul in decades became law in December 2017. What should U.S. taxpayers do in 2018 to benefit from the tax code changes?

How Tax Deductions Work

You've probably heard the phrase "tax deductions" a hundred times. But what does it mean? And how can you be sure you're taking all the tax deductions you're entitled to?

How Repealing the Johnson Amendment Would Change Churches and Charities

A repeal of the Johnson Amendment would go way beyond separation of church and state.

In Mexico, Artists Can Pay Their Federal Taxes With Artwork

Pago en Especie allows artists to meet tax obligations with a piece of art, and the government builds an impressive collection. Win-win!

The IRS Wealth Squad: The Super-rich's Worst Nightmare

If you're all about taking money from rich people who don't want to cough up their dough, the Wealth Squad is where it's at.

How Sin Taxes Work

So-called sin taxes, excise taxes on things the government deems dangerous, can discourage bad behavior, but can they be too effective?

Do you have to pay income tax for stuff sold on eBay?

The IRS says you're legally obligated to pay income tax on eBay profits, especially if you're a regular seller. But eBay doesn't issue 1099 forms or define "regular seller." So it can be difficult to figure out what to do — but we're here to help.

Do you need a tax ID number for an online business?

You have a shop on Etsy, while your partner owns an online travel agency. Should you both have tax ID numbers?

10 Worthwhile Energy-efficient Tax Breaks

Here's to you, conscientious citizen. Not only are your energy-efficient home improvements good for the ol' bank account, they're good for the environment, too. You deserve a reward -- or two or three. How do some tax breaks sound?

Tax Resources for Foreign Nationals

The key to sorting out income taxes if you're a foreign national is determining your status as an alien and then figuring out which tax laws apply to you. We can help.

10 Helpful Tax Lessons for Kids

If there's anything certain in this world, it's that kids ask tons of questions. Sure, you may know what to say when they ask why dogs bark or why the sky is blue, but when your kids want to know about paying taxes, what should you tell them?

5 Advantages to Doing Your Own Taxes

Saving money is not the only reason to consider doing your taxes yourself. Sometimes, you are your own best accountant. Here's why.

How the Small Business Health Care Tax Credit Works

Employees of small businesses often don't have health insurance, or don't have enough of it. That's why a small business health care tax credit program was born. But it's hit a few snags on its journey to expand health coverage.

How the Health Care Tax Credits Worked

The Health Care Tax Credit expired on Jan. 1, 2014, to make way for the Affordable Care Act. How many people did it help during its 2002-2013 lifetime? There were an awful lot of requirements to meet.

How Charitable Tax Deductions Work

You get two things when you donate to a charity: a feel-good moment and a tax deduction. And donations don't have to take the form of a cash or check. Property and goods and services count, too — sometimes.

How IRS Tax Return Transcripts Work

If you're not the organized type, your tax returns may be languishing in a forgotten file folder in a closet. But never fear — if you need one for a mortgage or loan application and can't find it, the IRS can help you out. Pretty easily, too.

10 Tax Tips for Married Couples

Marriage is the great coming together of two separate lives. You share a home, family ... and tax liability. But along with enjoying the gift registry goodies, newlyweds get a bevy of tax breaks too.

10 Tax Questions You Probably Don't Ask

Sometimes when we need to do important things -- like our taxes -- fear of the unknown can cause uncertainty. Knowledge conquers all. Here are the questions you should be asking to build tax savvy.

How to Calculate Net Operating Loss

Nobody wants their business to operate at a loss. But come tax time, you might at least be able to get some help if your business is in the red.

How to Get a Tax ID Number

Applying for a federal tax ID number couldn't be simpler. All you need is a computer, a telephone or access to a post office.

What’s the ideal tax solution for you?

You might be perfectly fine changing your own oil or sewing your own living room curtains. But what about your taxes? Should that be another DIY project, or should you look for a professional?

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