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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Why is there additional Medicare tax?

The Affordable Care Act comes with tax repercussions. The additional Medicare tax is one of them. Here's what it's meant to do -- and what it means for you.

Coverdell ESA Form Explained

Named after Sen. Paul Coverdell, this education savings account allows your money to grow tax-free and be distributed tax-free as well. So how do take advantage of this double blessing?

How Year-end Business Taxes Work

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?

What are the tax rates for an S corporation?

If you're a small business owner or self-employed, listen up: An S corp might be a better way to go than an LLC or sole proprietorship when it comes to taxes. Here's what you need to know.

Do you get the standard deduction if you itemize?

The standard deduction can be pretty sweet. Single people in 2014 can get $9,100, while married and filing jointly will net $12,400. The standard deduction isn't for everyone, though -- and it does affect what you might like to itemize.

What are some common vehicle tax deductions?

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

2014 Tax Brackets

When it comes to tax brackets, the numbers change a little every year. But if you jump from one bracket to another, your tax return can change dramatically.

How are taxes affected if you move to a different state during the year?

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.

How long should you keep your tax records?

It might seem cathartic to shred -- or even burn -- your tax paperwork after you've filed and paid the IRS every year. But don't. You need to hang onto much of that important documentation for years, just in case Uncle Sam comes knocking.

Is there an app to monitor your IRS refund status?

In 2012, more than 80 percent of tax returns resulted in cash back from the government. Those are pretty good odds. But refunds aren't instant. Here's how to track yours -- and here are a few tips on getting it faster.

How IRA Tax Deductions Work

It may sound counterintuitive, but you can save money by spending money. The trick is to spend those dollars on your retirement plan.

How Discretionary Income Works

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.

How Green Tax Credits Work

The IRS isn't going to let you off on your taxes just because you pull a Thoreau and move to an environmentally friendly cabin in the woods. But you can save a little green thanks to your environmental efforts at tax time.

How Foreign Tax Credits Work

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.

How Net Investment Income Tax Works

A relative newcomer to the federal tax world, this excise covers earnings from real estate, interest, dividends and other forms of investment income.

How Estimated Tax Payments Work

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.

How Nonemployee Compensation Works

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?

How the American Opportunity Tax Credit Works

This tax credit, along with the lifetime learning credit, pays you back for going to school. How do you claim the American opportunity tax credit?

How Gift Tax Works

Since the estate tax can add big tax burdens to heirs of a wealthy deceased person, some tried to get around it by making bequests to relatives while they are still alive. Of course, the IRS is wise to that and came up with the gift tax.

How Corporate Income Tax Works

Companies are supposed to pay taxes on their income, sort of like everyone else. But many underpay through tricky maneuvers. Some critics say maybe the answer is just to abolish corporate taxes.

How the Child Tax Credit Works

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.

How the Lifetime Learning Credit Works

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.

How Tuition Tax Credits Work

The tax man takes mercy -- well, a little bit of mercy -- on struggling college kids, their parents and a whole bunch of other folks who just want to keep learning through tuition tax credits.

How Unemployment Tax Benefits Work

There are a few things worse than filing taxes. Like filing taxes after losing your job. The good news is that there may be a few ways to reduce what you owe the tax man.

How Your W-2 Works

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?