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Tax Information Does Property Tax and Mortgage Interest Drop Your AGI Dollar for Dollar?

If youre considering switching from renting to owning a home or buying a bigger house, you could be in for a larger tax break because of the tax deductions for property taxes and mortgage interest. However, the effect on your income taxes i……

Tax Information How to Claim Tax Treaty Benefits on a Form 1040

The United States is the only country to tax its citizens regardless of where they earn their income. In addition, the U.S. taxes non-citizens earnings from activities while they live here. Fortunately, many countries have tax treaties with……

Tax Information Do You Have to Pay Income Tax to a Nonresidential State?

Americans who live in one state and earn money in another must generally pay non-resident income tax to the state where they earn their money, but there are several variations on this theme. For example, some states dont tax income. In othe……

Tax Information Who Is Exempt From Social Security Tax?

Americans began to pay Social Security taxes in January of 1937, and the first retirement benefits were distributed at the same time. Today, employees and self-employed individuals in the United States are required to contribute to the Soci……

Tax Information What Determines What Form You Will Fill out for Your Tax Returns?

Using the right form is the important first step in filing your federal income tax return. The Internal Revenue Service offers three basic choices: 1040EZ, 1040A and 1040. EZ is the simplest, the long form 1040 the most complex, but which o……

Tax Information How to Reduce Alternative Minimum Tax

Enacted in 1969, the alternative minimum tax started out as a tool to prevent a small number of high-income earners from paying absolutely no taxes. The AMT eliminates personal exemptions and just about every itemized deduction and replaces……

Tax Information Tax Deductibility of Designated Gifts

Designated gifts are generally not tax deductible. A designated gift is money or property given directly or indirectly to a specific individual or for a specific purpose. Even if you give money to a charity but specify the use of the funds……