income tax

Male, single, age 45 and under. Big spender. Sounds like a dating ad from the classifieds, right? Not quite. That, according to a study by the advertising and marketing firm DDB Worldwide Communications Group, is the profile of the person most likely to cheat on a federal income tax return.

Some common income tax deductions that can lower your annual taxes include mortgage interest, state and local property taxes, charitable contributions, and non-reimbursed work expenses. Find deductions that you are eligible for in this video.

The three most intimidating letters of the alphabet for most Americans are I-R-S. Very few things strike more fear in a taxpayer's heart than the thought of being audited by the Internal Revenue Service. For years, reports of abuse of power and poor treatment from the IRS ran rampant. That led...

With tax season 2010 already in full swing, it's easy to overlook some important tax changes for 2011. Here's some of what you can look forward to with respect to personal income taxes during the year: Payroll Tax Holiday. As we reported earlier, there's a one-year payroll tax holiday in...

By now, you're aware there's no magic bullet for reducing your taxes. But you can take several steps to reduce your overall tax bill this April. Here are 11 items to consider before filing your federal income tax return: Double check your math. It seems obvious, but the IRS cites bad math as...

Taxpayers love deductions and credits -- and why not? The deductions and credits in the Tax Code allow you to reduce your taxable income, and the amount of tax due. But what if you could deduct everything? What if your super-pricey home meant your home mortgage interest deduction was sky high? Or...

With Christmas trees up and holiday music playing 24/7, April 18 seems a world away. But it's never too early to start planning and getting your paperwork together for Income Tax time, say the experts. Besides making the most of your flexible spending account and taking advantage of changes with...

Common sense suggests that as home prices decline, the property taxes based on their valuations ought to as well. But property taxes nationally are clicking higher. Why is this occurring? Several factors are at work -- and they bode ill for state budgets.

With a tax bill tilted to benefit the wealthiest Americans poised to pass Congress this week, U.S. income inequality is poised to set new records. One key to that shift -- a change in the tax rules that lets the rich pass their wealth on to their heirs at the lowest tax rates in decades.

Congress had nearly 10 years to figure out what to do with tax cuts under the Economic Growth and Tax Relief Reconciliation Act of 2001 (referred to as "EGTRRA") and its counterpart, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (referred to as "JGTRRA") which were set to expire at the...