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How to avoid Federal taxes on short sales and other debt settlements
Generally speaking, whenever you settle a debt for less than you owed, the difference counts as income – taxable income. A short sale is a…
Tax Form 1040 Instructions: What You Need to Know
[video width="1280" height="720" mp4="https://www.irs.com/wp-content/uploads/2013/09/Untitled_video5.mp4"][/video] There are a lot of these Form 1040 pages! However, it’s the main form for everyone’s tax return, from Bond villains…
How Do Taxes Work?
[video width="1280" height="720" mp4="https://www.irs.com/wp-content/uploads/2021/12/Understanding_Income_Tax_Basics.mp4"][/video] How do taxes work? Well, if you're paying them, the question surely pops into your head from time to time.…
Will a new law for IRS tax fraud protection reduce identity theft?
On April 9, Senator Bill Nelson (D-FL) sponsored the Identity Theft and Tax Fraud Prevention Act of 2013, which aims to mitigate tax fraud in…
Understanding the Coverdell education savings plan
In the race for class president, these days Coverdell ESAs are the runner-up next to the increasingly popular 529 plan. But the race for class…
Tax advantages of a 529 college-savings plan
Make the right investment decision to finance your children's higher education.Considering the rising cost of education, the earlier you start your college savings plan, the…
7 recent tax fraud schemes used by identity thieves
As we increasingly rely on E-filing tax returns, we increase the efficiency of IRS operations and our convenience. We also strip away some crucial layers…
2 tax benefits self-employed professionals should know about
Undoubtedly the two biggest benefits of having an employer are health insurance and retirement plans, right? Wrong. Both of these pricey items are covered when…
