Personal Finance

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

Losing a parent is a harrowing experience, but being financially lost when it happens only makes matters worse. Find out how to navigate the waters of loss without finding yourself on a sinking fiscal ship.

By Maria Trimarchi

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

Most companies offer their employees a 401(k); about half also offer a Roth 401(k) though not many employees use it. But in some cases, a Roth 401(k) might be the better option for you.

By Melanie Radzicki McManus

"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

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.

By Alison Cooper

How does the federal government provide a financial incentive to businesses to hire groups who have historically found it difficult to find full-time work? Through the work opportunity tax credit.

By Susan Sherwood

Special tax credits are available to people with disabilities as well as to those who care for them. Let's explore them.

By Susan Sherwood

We're all looking for ways to reduce the amount of money we give to Uncle Sam. Did you know there's a way to do that and save for retirement at the same time? Find out how putting money in a (401)k can reduce your tax bill.

By John Perritano

Your honeymoon's barely over, and it's already time to file your taxes. You heard filing jointly had great perks, but will you and your beloved still benefit since you haven't even been married a year?

By Gallagher Flinn

One perk of being employed (as opposed to being an independent contractor) is that your company pays half of your Federal Insurance Contributions Act tax. No clue what FICA is? It accounts for a big chunk of your federal income taxes.

By Kate Kershner

You're about to tie the knot and your fiancé drops a bombshell. He owes a hefty sum in back taxes to the IRS. Now what? Will his bill become yours after you say your "I do's"?

By Gallagher Flinn

Private school has a number of benefits. But what about when it comes to tax day? What is the IRS doing to help ease the cost of your child's education?

By Gallagher Flinn

Bankruptcy is difficult enough to deal with by itself. But then adding the drudgery of figuring out how it will affect your tax return can make your situation feel hopeless. But it's not. Your options depend on the form of bankruptcy you filed under.

By John Perritano

You both pay the bills. You both keep a home. You both raise the kids. Does the IRS consider you both heads of households?

By Gallagher Flinn

You're certain you and your partner have to work, rather than one of you staying home with the kids. The truth is, it could make more financial sense for one of you to stay home. Let's do the numbers.

By Gallagher Flinn

Mega Millions and the Powerball lotteries have collectively hit over $1 billion. But if you happen to win one (or both) how much will Uncle Sam want?

By John Perritano