Category: Income Tax

Claiming Parents as Dependents for Tax Benefits

Taxes make us part with our hard-earned money. It unwillingly sets us back by a few hundred dollars every month. But cheer up! There are a few tax provisions through...

File Tax Return Without W2

Every one of us go through this yearly predicament where you bang your head against the wall to find out how to calculate income tax. Since your annual income is higher...

Minimum Income to File Taxes

The IRS does allow a bit of exemption on the income earned annually. That is to say, not everyone who made a penny in the past year is entitled to pay income tax....

How Can Married Couples File Taxes Separately

According to the tax laws, whether a person can tick either of the ‘married filing separately’ or ‘married filing jointly’ options depends on his...

Rules for Claiming Dependents on Taxes

Every financial year, you need to worry about paying income taxes, don’t you? But there are a number of exemptions available, with the help of which you can save a...

Exemptions on Tax Return

You as an individual have to pay taxes to the federal government, for the income you earn every year. So, you need to report your income by filling up a form and list...

Flat Tax Vs. Fair Tax

As the powerhouses in the US pit their wits against two startlingly different tax reforms to ever be implemented, the debate of flat tax vs. fair tax is an engaging one....

Penalty for Not Filing Taxes

If you think you can successfully evade taxes for one reason or the other, you are mistaken. The Internal Revenue Service (IRS) keeps track, and if not now, then later,...

Married Filing Jointly

A married person has two choices when filing his or her income tax return: married filing jointly and married filing separately. Let us try and understand what it means...

Tax Risk for Middle Class Americans: Increased Audits and AMT

By Erin Peterson Middle income Americans have become more exposed than ever to being audited by the U.S. Internal Revenue Service (IRS). If caught cheating on their tax...