At the end of the year, ads for tax preparation services start appearing. You should have all of the forms necessary to complete your taxes - W2's, 1099's and more - by January 31. Then, you need to determine what your income is, the deductions you can take, and capital gains or estate taxes that have accumlated over the past year. Start learning about personal tax issues here.

Income Tax FAQ
IRS Process and Procedures FAQ

General Tax Information

 

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.

Dependents

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

Investments

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

Deductions

To know if you should take the standard deduction or itemize your deductions instead, know which donations, fees, memberships, doctor payments and such can be included as itemized deductions.