Your tax records are an important part of your financial life and it’s advised that everyone keep those tax records for at least seven years after filing. The problem is that everyone’s understanding of “keep” is different. Should you put...
When you start repaying a student loan, you cannot claim a deduction for your entire payment; however, you can deduct the portion that covers your interest charges. Knowing what interest you can deduct and how to report it on your income taxes can reduce the amount of tax you pay at the end of the year.
When you purchase a home with the intention of generating rental income, the IRS treats it more like a business or investment than a personal residence. The tax law permits you to claim tax deductions for the expenses that relate to this investment property.
Filling out your tax return with a pencil and paper has always been a chore, especially when trying to keep track of multiple deductions. In the old days, you had to slog through boxes full of receipts and enter their values into a calculator. Those days, thankfully, are no more.
Our Intuit Investigative Blogger sat down with Christine Thacker, one member of @TeamTurboTax, who has helped the most customers on Twitter on the team during the month of March and shows no signs of slowing down.
That is one of the trickiest questions when it comes to preparing your taxes. It’s so difficult because the nature of families has changed so much. Back in the days before divorce was as common as it is today, claiming a dependent was easy.
The Making Work Pay tax Credit was a fully refundable tax credit built into President Obama’s stimulus package for 2009 and 2010. The Making Work Pay Credit was actually “earned” by you in the form of lower tax withholding through your employer throughout last year.
Every year around this time, millions of Americans wonder if it’s even necessary for them to file a tax return. It probably doesn’t come as a shock to you, since anyone who has ever looked at a Form 1040 has probably wondered where the emergency exit doors are!