Personal Tax Planning

How do taxpayers decide if they should take the standard deduction or itemize on the Schedule A Form of their 1040 Income Tax Returns? Here is an overview of the process.

Dec 12, 2009 - Barbara Jezior

U.S. Investors can avoid federal taxes as the year draws to a close and reduce next year's income tax burden, all with the blessing of the Internal Revenue Service.

Dec 12, 2009 - Mark Dennis

A mathematical formula called the discriminant function system (DIF) is used by the IRS to rate returns and trigger red flags. Here's a simplified explanation of the DIF

Dec 9, 2009 - Marie Brannon

Canadian taxpayers have a choice of filing their annual income tax returns online or on paper. Either way, the taxpayer needs to complete Form T1.

Dec 8, 2009 - Bert Collingwood

As the end of the year draws near, taxpayers many options to reduce taxes for the current year and prepare for potential changes and tax increases in the year ahead.

Dec 6, 2009 - Mark Dennis

Anyone having income tax problems or a financial hardship can receive free tax help. Here is how to find IRS help for federal income taxes.

Dec 4, 2009 - Kara Gleghorn

Learn how to estimate income taxes owned, calculate the simple IRA early withdrawals penalty, and use eligible exceptions to avoid the extra 10% in penalties.

Dec 3, 2009 - Sylvia Cruz

Taxpayers do not have to dread the April 15 deadline this year due to free online tax filing. Read on to find out more about tax preparation online for free.

Dec 3, 2009 - Kara Gleghorn

More taxpayers are filing their U.S. tax returns electronically, with the number of e-filers increasing substantially each year, the Internal Revenue Service says.

Nov 24, 2009 - Cheryl Probst

Many more students qualify for the American Opportunity Tax Credit than the old education tax credits, which include the Hope Tax Credit and Lifelong Learning Credit.

Nov 18, 2009 - John Wu

Learn about the new time extension and other important changes made to the first-time homebuyer credit program sponsored by the U.S. government.

Nov 12, 2009 - Lauren Massie

All individuals can take steps to protect a tax refund from being seized by the bankruptcy court after filing taxes. Eligibility is dependent on current filing status.

Nov 10, 2009 - Candice Gillingwater

Unpaid student loan debt is neither dischargeable in bankruptcy nor a claim against a decedent's estate. It can be an asset in managing other debt settlements.

Nov 10, 2009 - Jeannine Silkey

For income tax purposes, there are substantial benefits of claiming a dependent. Using a dependent exemption reduces tax liability and can potentially increase a refund.

Nov 7, 2009 - Selena Robinson

The deadline for the homebuyer tax credit was extended to June 2010 and eligibility requirements for the tax credit have been loosened, expanded to include more buyers.

Nov 7, 2009 - Aimee Larsen Stoddard

There's money available for first-time homebuyers or buyers who haven't owned a home for three years. The First-Time Homebuyer Credit offers up to an $8,000 tax credit.

Nov 4, 2009 - Aimee Larsen Stoddard

The Humanity and Pets Partnered Through the Years (HAPPY) Act may give U.S. resident taxpayers up to $3,500 of itemized deductions for qualified pet care expenses.

Nov 3, 2009 - Joseph Leung

Simple to set up and easy to use, all eligible Canadians should consider making a TFSA part of a smart financial strategy for saving money and paying less income tax.

Oct 29, 2009 - Heather Zorzini

Huge unreimbursed medical costs may be deductible on a taxpayer's income tax return and could reduce the tax bill. Here is the way to determine if they are deductible.

Oct 19, 2009 - Barbara Jezior

The first-time home buyer tax credit offer is set to expire at the end of November 2009. Clear up any questions now to claim some free money.

Oct 19, 2009 - Natalia Jones

Suite101 interviews the founder of B and M Tax Services and learns how to fix the most common problems with the IRS.

Oct 9, 2009 - Craig Sanders

Canada's Home Renovation Tax Credit, or HRTC, is a non-refundable federal tax credit (for 2009 only) used by eligible cottage and home owners to reduce income tax.

Sep 29, 2009 - Miranda Miller

Considering a geothermal heat pump, solar energy system, small wind energy system or fuel cells? This guide will help taxpayers see if they are eligible for a tax credit.

Sep 23, 2009 - Renee Holmes

Most companies prefer tax equalization over tax protection as a tax reimbursement method for their expatriate employees. Some switched from protection to equalization.

Sep 22, 2009 - Joseph Leung

Reducing the debt that's owed to the IRS can help someone live a better life, have more disposable income, and generally feel better, but it must be done correctly.

Sep 22, 2009 - Michielle Beck