IRS.com is not affiliated with any government agencies

Tax Strategies

How does a parent know whether to pay a gift tax this year?

For most parents, gift taxes are not even on the radar screen while their child is enrolled in high school. But college can change everything.…


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…


Tax Credit vs Deduction

Use Tax Breaks to Lower Your IRS Bill As you probably know, tax credits and tax deductions can help reduce your overall income tax liability.…


Temporary employee and independent contractor tax issues

How do temp employees file their taxes, and how do you know when you are an independent contractor?   The economy might be improving, but…


IRS record-keeping rule: What receipts to save in substantiating charitable donations

A fairly recent record-keeping rule has been a surprise for many audited taxpayers. The IRS has tightened up a number of taxpayer loopholes in the…


Take advantage of tax deductions for business travel and entertainment

When entertaining clients or traveling on business, you may be eligible for Federal income tax deductions on a portion of your expenses that are not…