Tax Planning Financial Topic

Are you taking advantage of all tax benefits Uncle Sam has to offer? The goal of tax planning is to help you minimize your federal income tax liability as much as you are allowed by tax law. You can achieve this in different ways.

Articles
Article2008 Tax Filing Season
ArticleTax Saving Tips
General tax planning
Article2008 Year-End Tax Planning Tips
ArticleAm I having enough withheld?
ArticleChoosing an income tax filing status
ArticleHelp! I can't pay my tax bill
ArticleSurviving an audit
ArticleTax benefits of home ownership
ArticleTax planning for income
ArticleTax planning for the self-employed
ArticleTaxation of investments
ArticleThe ABCs of 1031 Like-Kind Exchanges
ArticleThe Emergency Economic Stabilization Act of 2008
ArticleYear-end tax planning
Tax credits and deductions
ArticleEducation tax credits
ArticlePersonal deduction planning
ArticleQualifying for the home office deduction
ArticleTen Gifting Traps You Should Avoid
ArticleThe Income Tax Benefits of Giving
ArticleUnderstanding personal tax credits
Taxes and Insurance
ArticleAuto Insurance
ArticleDisability Insurance
ArticleLong-Term Care Insurance
Tools
General tax planning
Tool1040 Tax Calculator
ToolAccelerating deductions/postponing income
ToolAccelerating income/postponing deductions
ToolEstate Tax Planning
ToolMarginal Tax Calculator
ToolRemarriage with children: income tax considerations
ToolSelf-Employment Taxes
ToolThe Tax Relief Act of 2001: personal income tax changes
ToolU.S. 1040EZ Tax Estimator
Tax credits and deductions
ToolComparison of education tax credits and deductions
ToolGeneral business tax credits
ToolIs my home mortgage interest fully deductible?
ToolLoan and Credit Line Tax Savings
ToolMortgage Tax Savings Calculator
ToolPayroll Deductions
ToolTax credit sampler
FAQs
General tax planning
FAQAm I having enough tax withheld from my paycheck?
FAQAre my Social Security benefits subject to income tax?
FAQAre scholarships and grants subject to federal income tax?
FAQDo I have to file a federal income tax return?
FAQDo I have to pay U.S. taxes when I work abroad?
FAQHow did the Jobs and Growth Tax Relief Reconciliation Act of 2003 change capital gains tax rates?
FAQI don't have the cash to pay my taxes. What can I do?
FAQI have investment property. What does basis mean, and how do I determine the basis of my property?
FAQI received a state tax refund last year. Must I include that amount as income on my federal return this year?
FAQMy spouse passed away this year. When I file my taxes, what filing status should I claim?
FAQWhat is my tax bracket?
FAQWhat is the alternative minimum tax?
FAQWhat is the basis of property received as a gift?
FAQWhat is the kiddie tax?
FAQWhat penalties and interest will I be charged for paying and filing my federal income taxes late?
FAQWhat's the difference between an injured spouse and an innocent spouse?
FAQWill I have to pay tax on my investment income?
Tax Credits
FAQCan I take the credit for the elderly or disabled?
FAQCan I take the tax credit for child care?
FAQNow that my child is in college, am I entitled to any education tax credits?
FAQWhat are the Hope credit and the Lifetime Learning credit?
FAQWhat is the child tax credit?
FAQWhat is the difference between the child tax credit and the child and dependent care tax credit?
FAQWhat is the earned income credit and who qualifies for it?
FAQWhat tax credits are available for making homes more energy efficient?
Tax Deductions
FAQCan I deduct home office expenses?
FAQCan I deduct premiums paid for long-term care (LTC) insurance?
FAQCan I deduct the cost of improvements or repairs I've made to my home?
FAQHow do I deduct and substantiate my gambling losses?
FAQI paid my mother's real estate taxes last year. Can I deduct this on my tax return?
FAQI refinanced my principal home last year and paid points. What are points, and can I deduct them on my tax return?
FAQIf I prepay next year's taxes this year, can I deduct them this year?
FAQIf I work at home occasionally, am I entitled to a home office deduction?
FAQIs student loan interest deductible?
FAQMy spouse and I are filing separate returns. Can we both itemize our deductions? If so, how do we split the deductions?
FAQMy town has assessed against me a real estate betterment for new sewer lines installed in my street. May I deduct this amount on my tax return?
FAQWe just bought our first home. What can we deduct from the settlement statement?
Taxes and child support and alimony
FAQAre alimony payments considered taxable income?
FAQWhat are the tax implications of child support payments?
Taxes and home ownership
FAQCan I deduct the cost of improvements or repairs I've made to my home?
FAQHow do I figure the tax on the sale of my home?
FAQI refinanced my principal home last year and paid points. What are points, and can I deduct them on my tax return?
FAQI rent my home out for two weeks each year. Do I have to show this rental income on my federal income tax return?
FAQIf I prepay next year's taxes this year, can I deduct them this year?
FAQMy town has assessed against me a real estate betterment for new sewer lines installed in my street. May I deduct this amount on my tax return?
FAQWe just bought our first home. What can we deduct from the settlement statement?
Taxes and insurance proceeds
FAQAre life insurance proceeds income taxable?
FAQI receive disability insurance payments. Are they taxable?
 

The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions.  For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.