Tax News

U.S. citizens and residents who lived or worked abroad in 2012 may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Here […]

If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax return, you may still want […]

The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of […]

The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. American Opportunity Credit. This credit, originally created under the American Recovery and Reinvestment Act, […]

If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. Here are 10 tips from the IRS to keep in mind when selling your home: 1. In general, you are eligible to exclude the gain from income if you have […]