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  • If your alimony payments in the third year decrease or the alimony payments terminate during the first 3 years, you may be subject to the alimony recapture rule.

  • Below are guidelines and tips on alimony tax deductions. Alimony paid is tax deductible for the person who paid the alimony whereas alimony received is considered income and has to be reported on the 1040 tax form as taxable income.

  • Below we discuss whether medical expenses are tax deductible. If so, what are rules for the tax deductions for medical expenses or what is the minimum tax deduction on medical expenses.

  • If you are one of the many taxpayers who cannot pay the IRS tax bill for the taxes owed, don't panic.

  • Charitable contributions are only tax deductible if they are made to qualified organizations usually classified under the 510(c)(3) legal structure.

  • Child tax credit is one of the best tax credit allowed by the IRS. A child tax credit is designed to help parents cope with the rising cost of raising a child.

  • Below is the federal income tax filing requirements for children filing taxes and other dependents filing taxes.

  • Claiming child tax credit is more popular. The IRS allows $1,000 child tax credit for each qualifying child under age 17.

  • If you are divorced or separated, you need to follow the IRS rules for claiming children of divorce on income tax.

  • For divorced or separated parents with joint custody Many divorced parents who have joint custody over their children fight over who can claim dependency on income tax for their children. This section of tax preparation online help covers tax law claiming children joint physical custody and claiming dependency on income tax for children of divorced parents.

  • There are some common mistakes that can occur on federal income tax form that taxpayers should be aware of and ensure that they don't make those mistakes.

  • If you look online, there are many complaints against most tax preparers including H&R Block and Jackson Hewitt.

  • Tax preparation online website offers free resouces and help for tax preparation, tax deductions, tax credits, tax software, and tax exemptions.

  • IRS tax form 1120 or IRS tax form 1120-A is used for corporation tax filing. The IRS tax form 1120 or 1120-A is called the U.S. Corporation Income Tax Return or the US Corporation Short Form Income Tax Return.

  • Some state and local income taxes as well as general sales taxes can be tax deductible.

  • This section of Tax Preparation online help covers the transfer of property due to a divorce or separation. The tax implications on the sale or transfer of one's residence because of a divorce can vary substantially depending on whether the couple retains ownership, sells, or transfers the property. If the title of the property is given to your spouse or former spouse If title is given to your spouse or former spouse, incident to divorce, no gain or loss is recognized on the transfer. A transfer of property is incident to divorce if:

  • Alimony is one of the confusing items that many taxpayer are unsure of who pays what. Common questions regarding alimony tax deductions, tax payments, and reporting are Do I Have to pay tax on alimony?

  • Special tax rules apply for taxpayers donating vehicles. Many taxpayers donate autos, boats and planes and can deduct the amounts relating to the donations on their income tax return.

  • If you file a joint tax return with your spouse and your spouse owes past due child and spousal support or federal debt, you can be considered an injured spouse by filing injured spouse form.

  • Free tax filing is available for low income tax payers. If you are eligible for free tax filing, you should take advantage of it.

  • What is Gross Income? The definition of gross income is all income in all forms such as money, property or services. Wages, dividends and interest are the most common forms of gross income. The following list are income usually considered part of gross income.

  • A home office qualifies as the "principal place of business" if the taxpayer uses the home office to conduct administrative or management activities of a trade or business, and there is no other fixed location of trade or business but the home office where the taxpayer conducts substantial administrative or management activities of the trade or business.

  • In determining whether you meet this home office expenses deduction standard, you must determine if you use your home office only for business and on a regular basis or not. For example, if you use your living room as a home office during the night and your family uses it to watch TV during the day, then you do not meet this home office regular and exclusive use of home office test.

  • This section of Tax Preparation online help deals with home office tax expenses deduction. If you use a portion of your home for home office business, you may be able to deduct a portion of your rent or depreciation on your home office as well as other home office tax expenses. These home office expenses are collectively referred to as a home office irs tax deduction . If you are claiming a home office IRS tax deduction, you must attach IRS tax Form 8829 to your income tax return.

  • Most taxpayers don't know how long to keep tax records for. Different sources seem to also have different views of how long to keep tax records. The truth is different tax records need to be kept for different lengths of time.

  • Below is the 2007 income tax filing requirements for most taxpayers.

  • Most taxpayers are entitled to income tax refund adjustments as allowed by the IRS tax laws. Below are some definitions of the IRS-allowable adjustments to income that can reduce the amount of tax owed to the IRS.

  • Many taxpayers have their money saved up in a CD account or a retirement account. When they withdraw the money prematurely, they are hit with penalty and tax.

  • Most taxpayers can either take itemized tax deductions or they can take the standard tax deductions. Usually a taxpayer may calculate both the itemized tax deductions and the standard tax deductions and then compare the two.

  • When sending letters to the IRS, you should exercise precaution. Below are tips of what to do when sending letters to the IRS.

  • All tax preparation services have discount coupons. Customers no longer has to pay the full price for tax preparation services. Most Liberty Tax coupons are $20 off the tax preparation fee.

  • You can efile your tax returns at Liberty Tax Service as well as do paper return. Nowadays, more people efile their tax returns because it is much faster and more convenient.

  • Each tax season starting in January, you will see ads for Liberty Tax get paid to wave. Yes, Liberty Tax Service offices independently want to hire people to wave customers in to do their tax returns.

  • Many people ask if other people have been ripped off by Liberty Tax Service. While there are many complaints about tax preparation services online, little has been said about Liberty Tax.

  • Every year, most Liberty Tax Service stores offer free Liberty Tax School for anyone interested in doing some tax preparation for them.

  • Liberty Tax Service is a relatively new franchise company, competing with H&R Block and Jackson Hewitt.

  • If you work in a big office, you will probably see coupons for Liberty Tax Service lying around. Each January, Liberty Tax Service offices are actively passing out coupons for Liberty Tax Service tax preparation services.

  • Liberty Tax Service is a relatively new franchise company, competing with H&R Block and Jackson Hewitt. Taxpayers will see more of Liberty Tax Service popping up in various areas since Liberty Tax Service is one of the fastest growing franchise business opportunity.

  • A married person can be considered unmarried for tax purposes and file as a Head of household if the followings apply.

  • If two people are legally married, then their filing status can be married filing jointly. A married filing jointly tax filing status can only be used if both spouses agree to file a joint tax return.

  • Another tax filing status for a married person is married filing separately. Filing married filing separately on income tax can result in the person filing separately owing more taxes to the IRS. However, sometimes, there are good reasons to file married filing separately.

  • Below are the married filing separately IRS regulations and rules. If a taxpayer files under the married filing separately tax status, then the taxpayer cannot claim the standard deduction if the other spouse itemizes.

  • Tax preparation online website offers free resouces and help for tax preparation, tax deductions, tax credits, tax software, and tax exemptions.

  • Below is a moving expenses tax deduction guideline. Moving expenses is another popular tax deduction item that the IRS allows.

  • Some taxpayers will need help with multiple state tax filing. If a taxpayer has income from more than one state, he or she may be required to pay state tax in multiple states.

  • There are qualifications for IRA tax deductions that a taxpayer have to qualify in order to claim any IRA tax deductions. Below is a discussion of qualifications for IRA tax deductions as well as different types of IRAs.

  • If you support your children, you may be able to claim them as qualifying child dependents according to the IRS rules.

  • If a child dependent is not a qualifying child dependent, he or she may qualify as a qualifying relative and you can still take IRS dependent exemption on your tax return. So, how can someone qualify as a qualifying relative dependent?

  • If your spouse died in the tax year and you are not remarried, you can still file married filing jointly with your deceased spouse for the tax year.

  • Real estate tax and personal property tax can be itemized. Itemizing real estate tax, personal property tax as well as mortgage interest may result in larger tax deductions than the standard deductions allow.

  • If a noncustodial parent actually provide more support for the child, then rights of non custodial parents say that the noncustodial parent is eligible for claiming dependency on income tax. Although there is a custodial parent involved, if the noncustodial parent provides more support to the child, then the noncustodial parent will be the one to claim the dependency on income tax for the child, provided that the noncustodial parent provides more than half of the child's support and any of the following conditions of rights of non custodial parents are met.

  • S Corporation taxes are filed using IRS tax form 1120S. The IRS tax form 1120S is called Income Tax Return for S Corporation.

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  • This section of Tax Preparation Online help covers social security and social security benefits. Your social security benefits may be tax free or included in income at a percentage depending on your tax filing status and income. Social security benefits include a wide range of payments such as: retirement income social security benefits disability income social security benefits, and survivor benefits when a worker dies

  • For most states, taxpayers have to file both federal income tax returns and state tax returns. However, most of the time state income tax returns are much easier to prepare and file than the federal income tax return.

  • Below is student loan tax information as well as student loan interest tax deduction help.

  • The support test is used in testing for qualifying relative dependents. In general, for dependent exemption, the taxpayer must provide more than half the person's total support during the year to meet the support test.

  • Tax credits are often preferred to tax deductions because you can deduct tax credits directly from your tax bills. In order to deduct tax credits, your adjusted gross income needs to meet certain tax credit qualifications.

  • Tax Cut software is owned by the tax preparation and financial firm, H & R Block. For a long time, Tax Cut software and Turbo Tax software have been the two popular tax software for filing online and preparing your taxes yourself.

  • This section of Tax Preparation Online help deals with tax deductibility of travel expenses. Taxes on Travel expenses to and from work places If you qualify to deduct home office expenses, you can deduct your daily transportation costs fro your home to another work location. For example, if you work from 9 to 5 on Job A. You moonlight in the evening from 6 - 10 on Job B. You cannot deduct the cost of getting to Job A but you can deduct the cost of getting from Job A to Job B. You cannot deduct the cost of getting from Job B to home.

  • This section of Tax Preparation Online help deals with tax deductible child support and the tax deduction implications of child support laws and child support guidelines. Is child support tax deductible? Payments made to you as child support are tax deductible. You or your child are not taxed for the child support payments. Child support payments are not alimony and are not considered taxable income.

  • Below is the list of tax deductible medical expenses as well as nondeductible medical expenses.

  • This section of Tax Preparation Online help deals with tax deductible moving expenses. If you are an employee or a self employed person and you make a job related move and are not reimbursed by your employer, then you may be eligible for tax deductible moving expenses. Furthermore, there is no dollar limit to how you can deduct for moving expenses that qualify for IRS tax deductible moving expenses. What moving expenses are tax deductible?

  • The tax deduction for moving expenses list is allowed for the following list of moving expenses. Travel moving expenses (including lodging) for an employee or self employed person and his or her family to the new residence; and Moving expenses for moving household goods and other personal effects. Examples of moving expenses allowable for tax deduction are:

  • Tax deductions are very important especially for small business owners. The more tax deductions you can make, the less out of pocket money you will have to come up with to pay the IRS taxes each year.

  • If you made alimony payments to your spouse or former spouse who reported the payments as alimony then you may be able to deduct the alimony. If your were divorced or separated after 1984 and you paid alimony to or for your spouse or former spouse you can deduct the alimony payment on line 31a of the IRS tax form 1040 if you meet all of the following tax deductions of alimony requirements.

  • One of the most common tax deductions is the Educator expenses tax deduction. To claim tax deductions for educator expenses, you must qualify as an eligible educator.

  • Most taxpayers don't know that even taxes they pay may be tax deductible. There are rules to follow to determine if the taxes paid are tax deductible.

  • Below are some commonly asked questions about tax filing status. Determining your own tax filing status can be complicated if you don't know all the rules set forth by the IRS.

  • Whether you are working full time or part time or a hobby intended for profit using your home as a home office incurring home office expenses, you may be able to deduct home office tax expenses from your income tax. These home office expenses, if not deducted as home office expenses, will be your personal expenses from your business.

  • Every year, people need tax help when filing taxes either at the year end or on April 15th. Some people go for tax help at local tax preparation offices such as H&R Block or Jackson Hewitt.

  • Every year, tax preparation gets easier and easier for individuals and businesses. Tax preparation used to be a pain for everyone when people used to have to get physical tax forms from the IRS, fill out the blanks and sent the tax forms back to the IRS.

  • If you like to have your tax return prepared at any of the big tax preparation service providers such as H&R Block, Jackson Hewitt or Liberty Tax, don't pay the full price, use tax preparation coupons.

  • If you are filing your tax return yourself, the tax preparation help, explanations and suggestions below will be very handy.

  • In order to do tax preparation online, you still should know the basics of how taxes work in the United States

  • Resource website on tax preparation online. There are many websites that you can prepare and file your tax return online. Some are free to prepare and also free to file.

  • There are many free tax resources available for taxpayers. The IRS offers many free tax resources online, over the phone and at local IRS offices.

  • When filing federal income tax, you need to know what your tax return filing status is. The IRS uses the tax return filing status is used to determine the taxpayer's federal income tax filing requirements, standard deduction and other tax deductions as well as correct tax.

  • Many taxpayers seek the help of an income tax return preparer. There are many income tax return preparers to choose from. Some CPAs are tax return preparers, others are just tax preparers without certifications.

  • Vacation home tax and second home taxes Owning vacation homes and second homes may significantly reduce your taxable income by increasing your home mortgage interest deduction. If you rent your second homes or vacation homes, you may reduce your taxable income further through the deduction for rental expenses. The difference between Residence and Domicile.

  • For tax deduction purposes, there are two types of IRA contributions - tax deductible IRA contributions and IRA contributions that are not tax deductible. Traditional IRA and SEP IRA are exmples of IRA accounts which IRA contributions are tax deductible. Roth IRA is an example of an IRA which contributions are not tax deductible.

  • This section of Tax Preparation Online help covers taxes on sale of home. Your home is often your most significant asset. Knowing rules on taxes on sale of home can help you maximize your after tax return on your sale of home investment. Luckily, your home can also be your biggest tax shelter. The IRS tax code allows you to deduct interest paid on a home mortgage, within certain limits, from your adjusted gross income.

  • If a taxpayer qualifies to contribute to a traditional IRA, there are traditional IRA deduction limits to determine if the contributions to the traditional IRA is tax deductible in full or partly tax deductible.

  • Another popular tax deduction is the tuition and fees deduction. Below is the guideline and tips on the tuition and fee tax deduction allowable by the IRS.

  • Turbo Tax software is probably the most popular tax software around right now. Other popular tax software include Tax Act software and Tax Cut software by HR Block.

  • Below is a list of typical itemized deductions that many taxpayers can claim on their federal income tax return as well as the rules on how taxpayers can claim these typical itemized deductions.

  • This section of Tax Preparation Online help deals with tapping into IRA money making a penalty free IRA withdrawal to buy your first home. IRA owners can make a penalty free IRA withdrawal or IRA distribution for first time home buying.

  • What is gross income? Gross income include all income the taxpayer received in the form of nonexempt money, property, services.

  • Are you wondering who has to pay taxes? Do you know if you must pay taxes? Who must pay income taxes? Are there people who don't pay income taxes? Are you among those who have to pay tax?

  • Another popular IRS income tax filing status is the Head of Household tax filing status. So, what or who is Head of Household? We discuss filing under Head of Household tax filing status below.

  • Below are other tax payers who must file income tax return. Also read the Who must file income tax and Income tax filing requirements.

  • Who must file federal income tax? Fortunately, not everyone has to file a federal income tax return although most people need to.