Every January the ads for tax preparation services start appearing. That can only mean one thing: Income Tax time. By January 31, you should have all of the forms necessary to complete your taxes, W2's, 1099's and more. Then, it's up you to determine what your income is, deductions - itemized or standard, and how to make the figure in capital gains or estate taxes you've had over the year. Get a handle on your personal tax planning needs here.



Income Tax FAQ
IRS Process and Procedures FAQ

Preparing Taxes

General

• Don't get caught using Tax Avoidance Schemes to reduce your taxes. The penalties can be high.
• What are Tax Credits and how do they reduce you income?
• Marriage and Filing Your Tax Returns: What you need to know.
• When you're going through a divorce, How Should You File?

More Divorce and Taxes and Taxes information here.

• Tax Counseling for the Elderly is important, too.
• How to Estimate Taxes for Individual Taxpayers.
• What is the Alternative Minimum Tax, and can it help you?
• You have Options When You Can't Pay Your Taxes.

Income

• Do you know if you're an Employee or Independent Contractor? It could make a difference in your taxes.
• Check here if you took an Advance on your Paycheck and how to account for it on your taxes.
• What do employers need to know about their Liability for Unreported Tips.
• How do you know what your liability for Social Security and Tier 1 Railroad Benefits taxation guidelines are?


Income Definition FAQ
Social Security Income and Taxes FAQ
Earned Income Credit FAQ
Independent Contractors and Taxes FAQ

Dependents

• Who can be called a "Qualifying Child" for tax purposes?
• Is it possible for a Relative to Qualify as a dependent?
• Here are some Strategies to Minimize the Kiddie Tax.

Dependent Exemptions FAQ
Age Limit on Dependents FAQ

Investments

• What do Captial Gains Losses mean for your taxes?
• Are there any Limits on Capital Gains Losses that you can file?
• How to classify Capital Gains Losses and Carryover for the Individual Investor.
• Is there a tax liability on Tax-Sheltered Annuities?
• Information about Traditional and Roth IRA Accounts.
Interest/Dividends & Other Types of Income FAQ
Pensions and Annuities Tax FAQ
Capital Gains/Losses on Home Sales FAQ

Deductions

• Auto Accident Deductible Losses
• Property Used for Medical Care
• Educational Expenses and Lifetime Credits
• Qualified Transportation Fringe Benefits
• Medical Travel and Transportation
• Donating to Charity the Right Way
• Deducting Charitable Contributions
• Determining the Value of Donated Property
• Interest Paid on Loans
• Deducting Expenses under the Accrual Method
• How to Claim the Disability Tax Credit
• Tax Deductions for Gambling and Wagering Losses

Deductions FAQ

Special Situations

Bankruptcy

• Bankruptcy and Tax Consequences: What you should know before filing.
• Tax Filing for Individuals in Chapter 11
• Tax Planning Strategies for Filing Chapter 11
• Chapter 13 Bankruptcy Tax Tool
• What are the Tax Consequences of Home Foreclosure in bankruptcy cases?

Divorce

• Get the basics about Divorce and Taxes
• Tax Matters for Alimony and Maintenance - Part 1
• Tax Matters for Alimony and Maintenance - Part 2
• What you need to know about Tax for Innocent Spouses and Community Property.

Deductions

• Divorce Medical Expense Deductions and Tax Credits
• Child Tax Exemptions Deductions and Divorce
• Divorce and Personal Exemptions for Children.
• Back to School After Divorce and Tax Matters

Trusts and Estates

• Your tax planning may include Estate Taxes this year.
• Learn how to plan for Retirement and Minimizing Taxes.

Disaster Situations

• If a disaster strikes, you may get some Tax Relief.