A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund.
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had
Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn’t miss when filing
If you received unemployment benefits this year, you must report the payments on your federal income tax return. Here are four tips from the IRS about unemployment benefits. 1. You
Many of us need information when preparing our federal income tax returns, like which form to use or how to claim a credit. The IRS offers free information and services
The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a
With the April 15 tax filing deadline approaching, the Internal Revenue Service created a new YouTube video to provide taxpayers more details and tips to check on their tax refund.
Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form