Your Tax Status
How do you determine your tax status and what are the differences between each one? Although not a tough question, it can mean a lengthy answer, and ...

Cost of Goods Sold
If you're in business you are already familiar with the words "cost of goods sold"; but, for the remaining readers, cost of goods sold refers to the m ...

Earned Income Credit
This is perhaps one of the best ways the government has introduced, to date, to raise families out of poverty, while requiring them to remain producti ...

Self-Employment Tax
Who must may self-employment tax and why? Well, if you're self-employed, you will be responsible for self-employment tax. How do you determine your l ...

Income Tax Season
The tax season for most all individual tax payers falls during January, February, and March each year. It's the time of year that most citizens look ...

Labor/Employment Taxes
If you have employees, then you are responsible for payroll taxes. The term payroll taxes lumps all the different forms of employment taxes into one ...

IRAs
Today, more than ever individuals should be concerned about their retirement savings, and if they will have enough to see them through their golden ye ...

Schedule C Returns
Schedule C returns are used by sole proprietorships to report their record of earnings and expense in their business to the Internal Revenue Service. ...

Personal Income Tax Returns
Personal income tax, as we know it today, was originally enacted by Congressional law during the ratification of the sixteenth Amendment in 1913. Alt ...

Penalties on IRAs, MSAs, and 401(k) s
The 401(k) is a retirement plan implemented and provided to employees by their employer as a means to save for their retirement. Not only do many emp ...

Medicare Tax
In 1965, Congress enacted the Social Security Act, and established the Medicare tax as a way to care for the elderly in this country. In addition to ...

Education Credits
What are education credits, who is eligible, and why should we take them? Well, let's start with the first part of the question, and work our way to ...

The History of the Internal Revenue Service
Do you ever wonder, how a country that revolted because of the unfair taxation of tea, came to be under the tight control of the Internal Revenue Syst ...

Tax Evasion
What is tax evasion, and how does our government control it? That's a really big question to answer, so let's break it apart and answer it in two diff ...

Rapid Refunds
Those are the words that every taxpayer would love to hear, yes, you're receiving an income tax refund. For many individual taxpayers those refunds c ...

When Do You File a Tax Return?
Every year, millions of Americans get ready to pay up to Uncle Sam, or get ready to collect from Uncle Sam; when did this become the great day that it ...

S Corporations
One of the most widely used, second only to the sole proprietorship, is the S corporation; what is the S corporation and how does it work? Let's attem ...

Personal Deductions
Thanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your perso ...

The History of the Social Security System
In the years before the Great Depression, not very much thought had been given to the economic well-being of the country's elderly, nor about the econ ...

Student Loan Interest
As a parent or student, the need to be informed about the benefits of student loans, the extremely low interest rates, and the tax benefit they provid ...

Non-Profits and Tax Liability
Many of the Unites States' non-profit and charitable organizations are exempt from property taxes, income taxes, and many other forms of personal prop ...

A Tax and Government: By the People, For the People, Still?
Thomas Jefferson was quoted as saying that the government that governs least, governs best. Today, however, we seem to be headed in a completely diffe ...

1099s
What is a 1099 and who gets one? Well, here of late, this term is used more and more frequently as many employers are opting to use contract labor ve ...

Tax Auditing
This is a topic almost everyone you speak those words to, would like to avoid. No one wants to experience an audit first hand; however, tax audits do ...