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.


Learn More / Page 3

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?

How General Business Credits Work

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?

How the Self-employment Tax Works

Owning your own bakery, writing service or contracting business might be a dream come true. But along with that dream comes the responsibility of paying all the taxes yourself. What does the IRS expect from you and when?

How to Apply for a Homestead Exemption

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

What is an exempt employee?

When your company handbook talks about an employee being "exempt" or "nonexempt," it has nothing to do with taxes. It's language from the Fair Labor Standards Act -- the same one that prohibits child labor. Say what?

What are the head of household requirements?

Single people taking care of children or elderly parents can get a better tax break than other singles by filing as head of household. But choosing who's head of the household isn't like a game of duck, duck, goose. The definition is pretty strict.

Is disability income taxable?

Should you be sidelined for a while due to illness or accident, you may be eligible for disability payments. But come April, what do you need to know about the taxes on this income? We'll address some common situations you may find yourself in.

How the IRS E-file Process Works

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.

How the Mortgage Interest Tax Deduction Works

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.

How to Calculate Modified AGI

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.

How to Claim a Casualty Loss Deduction

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.

How to Report Tip Income

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.

How to Get a Tax Deduction Due to Bad Debt

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.

What is the individual shared responsibility provision?

While the word "provision" can sound like something you're provided for free, when it comes to the Affordable Care Act, it's more of a responsibility.

How to Report Tax Deductions for Medical Expenses

If you've had costly medical bills, there's a good chance you can deduct some portion of them. Ready to find out how?

How to Use IRS Depreciation Tables

Depreciation can be a huge tax advantage for small business owners, if you use the IRS depreciation tables correctly. There nine depreciation categories, ranging from three to 25 years and every type of property fits into one.

How to Maximize Tax Deductions and Credits

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?

Understanding the Health Care Exemption Form

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?

The Ultimate Tax Deduction Checklist

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!

Understanding the Injured Spouse Tax Form

"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.

Understanding the Amended Tax Return Form

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.

10 Tax Tips for Farmers

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.

How the Affordable Care Act Tax Credit Works

Many people who benefit from the Affordable Care Act also have to do some financial juggling pay their monthly premiums. But a tax credit can help. Find out how they make the Affordable Care Act, well, affordable.