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, what deductions you have, and how to treat any 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?
• Don't fall for a Scam IRS Emails. The IRS will never initiate an email to you.
• 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 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.
• If you used energy stimulus funds, be sure to check for additional deductions
• Be careful who does your taxes. The IRS is watching tax preparers more closely than ever before.
• Tax credits from the Homebuyer Rebate program are helpful, but may also delay refunds.

Income

Income is income, right? To the IRS, different types of income are treated differently. Regular pay, overtime, bonuses, Social Security, paycheck advances, freelance or contract work and more. Find out how each could affect your taxes.

• Employee or Independent Contractor
• Advance on your Paycheck
• Liability for Unreported Tips
• Social Security and Tier 1 Railroad Benefits
  
  Income Definition FAQ
  Social Security Income and Taxes FAQ
  Earned Income Credit FAQ
  Independent Contractors and Taxes FAQ

Dependents

Children are the most known dependents, but other relatives may be considered if they pass a test as a member of your household.

• "Qualifying Child" for Tax Purposes
• Can Relatives Qualify as Dependents
• Strategies to Minimize the Kiddie Tax
  
  Dependent Exemptions FAQ
  Age Limit on Dependents FAQ

Investments

With the market changes in the past year, find out what's you can and can't deduct - or report as income.

• Capital Gains Losses
• Limits on Capital Gains Losses
• Capital Gains Losses and Carryovers
• Tax-Sheltered Annuities
• 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

To know if it's better for you to take the standard deduction or itemize your deductions instead, know which donations, fees, memberships, doctor payments and such can be included as itemized 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 Co-Signed Loans 
• Deducting Expenses under the Accrual Method
• How to Claim the Disability Tax Credit
• Tax Deductions for Gambling and Wagering Losses
  
  Deductions FAQ

Life Events and Taxes

Bankruptcy and Tax Consequences

Bankruptcy is a life event having significant effects on your taxes. Take time to learn how.

• Tax Filing for Individuals in Chapter 11
• Tax Planning Strategies for Filing Chapter 11
• Chapter 13 Bankruptcy Tax Tool
• Tax Consequences of Home Foreclosure

Divorce and Taxes

Marriage certainly changes everything; so does divorce. Alimony, child support, other support or real estate transactions can affect your taxes.

• Tax Matters for Alimony and Maintenance - Part 1
• Tax Matters for Alimony and Maintenance - Part 2
• Divorce and Taxes 
• Tax for Innocent Spouses and Community Property
• 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

As Benjamin Franklin said, "'In this world nothing can be said to be certain, except death and taxes." As you're planning your estate, be sure to think about the potential taxes your heirs might have to pay.

• Estate Tax Planning
• Retirement and Minimizing Taxes
• Federal Estate Tax May Be Here to Stay

Disaster Situations

If you're recovering from a disaster such as a hurricane or tornado, you may not have to pay taxes immediately.

• Tax Relief After a Disaster.