Income Tax

Taxpayers still have time to decrease their 2014 taxes by contributing to an IRA. In most cases, doing so can help them qualify for a deduction or even a tax credit.

Special tax rules apply to military members on active duty and in the reserves, particularly those serving in combat zones. These can help lower federal taxes and make it easier to file tax returns.

First, to claim a charitable contribution deduction, donors must get a written acknowledgement from the charity for all contributions of $250 or more. This includes gifts of both cash and property.

For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.

The IRS is reminding taxpayers that it’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available.

To help taxpayers, the American Institute of CPAs (AICPA) has provided a list of the most commonly-asked questions about the health insurance information reporting required by the Affordable Care Act on 2014 federal income tax returns.

The American Institute of CPAs (AICPA) has sent 34 legislative proposals to the top tax lawmakers in the U.S. Congress and Senate. The AICPA believes these proposals promote simplicity and fairness in the tax code, are generally noncontroversial and ...

The sheer volume of paperwork generated during a sale of a principal residence can be intimating. Much of the vital information is summarized on Form HUD-1, but the resulting tax consequences may still leave both buyers and sellers scratching their ...