TurboTax.com Daily Tax Tip

Estimating Your Take-Home Pay: Form W-4

Wed Apr 23 00:00:00 PDT 2008

Withholding too much from your take-home pay may result in a nice refund, but it also means less pocket money for you. Don't withhold enough and you could face a big tax bill in April. Find out how to adjust your W-4 withholding so you're not giving Uncle Sam a big loan, and you don't have a big...

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Amending Your Income Tax Return

Thu Apr 17 00:00:00 PDT 2008

What if you've sent in your income tax return, and you discover you made a mistake? You can make things right by filing an amended tax return. And, don't think an amended return will automatically cost you money; it's perfectly okay to change a return to capture a tax break you missed the first time...

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Filing After April 15

Wed Apr 16 00:00:00 PDT 2008

What do I do if I can't meet the IRS filing deadline? Find out how to file an extension on your 2007 taxes with these tips from TurboTax.

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Filing a Business Tax Extension

Mon Apr 14 00:00:00 PDT 2008

TurboTax provides information about filing a business a tax extension. Learn how to file the business tax extensions, which IRS forms you need, and more. TurboTax - Choose Easy.

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Tax Preparation Checklist

Mon Apr 14 00:00:00 PDT 2008

Use the TurboTax tax checklist for better tax preparation on your income tax return. Also find tax preparation information on tax filing and filing extensions. TurboTax - Choose Easy.

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The Gift Tax

Fri Apr 11 00:00:00 PDT 2008

Before moving significant amounts of wealth among your friends and family, it would be wise to understand the federal gift tax law.

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Medical Expenses Checklist

Thu Apr 10 00:00:00 PDT 2008

Use this checklist to determine which medical expenses you can take as a deduction on your income tax return.

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When and How to Incorporate

Wed Apr 09 00:00:00 PDT 2008

Learn why and how people incorporate and what the tax implications will be.

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Limited Liability Company

Tue Apr 08 00:00:00 PDT 2008

Self-employment has its benefits. An LLC can help reduce your liability without reducing your freedom to run your business as you see fit.

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How to Set Up a Home Office

Mon Apr 07 00:00:00 PDT 2008

Follow these easy steps to set up a home office that complies with IRS requirements. Then, take your home office deduction with peace of mind.

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Estates and Trusts

Fri Apr 04 00:00:00 PDT 2008

Did you receive a payment or other property from an estate or trust during the year? TurboTax has the information you need to learn how it affects your taxes. TurboTax - Choose Easy.

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Need More Time to Do Your Taxes? File a Tax Extension

Fri Apr 04 00:00:00 PDT 2008

Filing an income tax extension with TurboTax is easy. There are three ways to apply.

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Closing a Business

Thu Apr 03 00:00:00 PDT 2008

If you are planning on closing a business, don't forget to put the IRS on your to-do list, because tax rules require you to keep the tax agency in the loop.

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How to Use the Tax Law to Help Reduce Your Debt

Wed Apr 02 00:00:00 PDT 2008

Find tax benefits from home ownership, student loan and investment interest.

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Depreciation of Business Assets

Tue Apr 01 00:00:00 PDT 2008

Because business assets like computers, copy machines, and other equipment wear out, you are allowed to write off (or "depreciate") part of the cost of your assets over a period of time. These tips offer guidelines on depreciating your small business assets for your best tax advantage.

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Business Tax Preparation

Mon Mar 31 00:00:00 PDT 2008

TurboTax provides you with a list of items you may find helpful when preparing your business tax return. Make doing your business taxes easier with TurboTax. Choose Easy.

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Getting Divorced

Fri Mar 28 00:00:00 PDT 2008

TurboTax makes finding information about divorce and taxes easy. Learn how divorce affects filing status, dependents, tax credits, asset transfers, and more. TurboTax - Choose Easy.

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Non-Qualified Stock Options

Thu Mar 27 00:00:00 PDT 2008

Do you know what non-qualified stock options are and how you get taxed on them? This article is sure to be an eye-opener.

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Retiring: Tax Tips

Tue Mar 25 00:00:00 PDT 2008

TurboTax gives you tax tips for retirement. Learn what to do with your 401(k), IRA, stock options, social security, pensions, annuities, and more. TurboTax - Choose Easy.

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How Home Improvements Affect Your Taxes When You Sell

Mon Mar 24 00:00:00 PDT 2008

As a homeowner, you may be asking, "Can I ever get a tax benefit out of all the money I've spent fixing up my house?" Maybe yes. Maybe no.

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Cost Basis - Tracking Your Tax Basis

Fri Mar 21 00:00:00 PDT 2008

Cost Basis or Tax Basis? Whatever you call it, don't fear it. Figure it.

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Incentive Stock Options

Thu Mar 20 00:00:00 PDT 2008

I have some Incentive Stock Options, but I hear some people got burned exercising their options. How can I avoid tax problems when I exercise mine?

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TurboTax Tax Calculators

Wed Mar 19 00:00:00 PDT 2008

Use these free tax calculators from TurboTax to get a preview of your 2007 income taxes.

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Business Use of Vehicles

Tue Mar 18 00:00:00 PDT 2008

If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles.

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Taking Business Tax Deductions

Mon Mar 17 00:00:00 PDT 2008

What kind of deductions can I take as a small business?

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Estimated Tax Payments: How to Determine What You Pay and When

Fri Mar 14 00:00:00 PDT 2008

How can I figure out if I must pay estimated taxes, and, if so, how much will I owe?

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The Self-Employment Tax

Thu Mar 13 00:00:00 PDT 2008

I'm starting a new business. Do I need to pay the self-employment tax?

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Death in the Family

Wed Mar 12 00:00:00 PDT 2008

TurboTax - get tax information to understand what happens when a taxpayer dies. Learn about the final tax return, reporting income, inheritance, reporting deductions, and more.

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Capital Gains and Losses

Tue Mar 11 00:00:00 PDT 2008

What's a capital asset, and how much do I have to pay when I sell? Find out how to report your capital gains and losses on your taxes.

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Getting Your First Job

Mon Mar 10 00:00:00 PDT 2008

TurboTax makes it easy to understand your taxes and tax situation when you get your first job. Learn about tax withholding, 401K plans, stock options, and more. TurboTax - Choose Easy.

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Graduating from College

Fri Mar 07 00:00:00 PST 2008

Graduating from college? Get the tax information you need from TurboTax about student loan interest, filing taxes, job hunting, moving expenses, and more. TurboTax - Choose Easy.

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Boost Your Retirement Savings

Thu Mar 06 00:00:00 PST 2008

Saving for retirement can lower your taxes now, and leave you with a sizeable nest-egg later.

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Sending Kids to College

Wed Mar 05 00:00:00 PST 2008

TurboTax has everything you need to know about taxes and sending your kids to college. Learn about the Hope and Lifetime Learning Credits, tuition deductions, tax-free savings, and more.

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Buying a Second Home

Tue Mar 04 00:00:00 PST 2008

Get tax help and tax advice from TurboTax. Buying a second home? Learn how mortgage interest, property taxes, rental property and tax-free profit affects your tax return.

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Home Office Deduction

Mon Mar 03 00:00:00 PST 2008

Many people whose small businesses qualify them for a home office deduction are afraid to take it because they've heard it will trigger an audit. But this deduction is no longer a red flag for an IRS audit. These tips can help you determine if you qualify to take the deduction--and rest easy when...

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Losing a Job

Fri Feb 29 00:00:00 PST 2008

It's not just the auto industry. These days, relentless global competition and advances in technology can, it seems, make any industry ripe for layoffs. If your company's decision to downsize or outsource makes you the recipient of a pink slip, take note of these tips designed to help you avoid tax...

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Summary of Tax Law Changes

Thu Feb 28 00:00:00 PST 2008

Learn how federal tax law changes could impact your return in upcoming tax years.

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Summary of Business Tax Law Changes

Wed Feb 27 00:00:00 PST 2008

Learn how federal tax law changes could impact your small business returns in upcoming tax years.

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Tax Aspects of Home Ownership - Selling a Home

Tue Feb 26 00:00:00 PST 2008

Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, factoring in basis, home improvements and more.

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FAQs on the Alternative Minimum Tax

Mon Feb 25 00:00:00 PST 2008

The Alternative Minimum Tax (AMT) was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. But because it's not regularly updated for inflation, more middle-class taxpayers are getting hit with the AMT. Though Congress implemented a patch for 2007, these FAQs can help you...

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Employee Stock Purchase Plans

Fri Feb 22 00:00:00 PST 2008

Get tax information about how your employee stock purchase plan can impact your taxes. TurboTax provides everything you need to make smart tax decisions and prepare your tax return.

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Child Tax Credit

Thu Feb 21 00:00:00 PST 2008

TurboTax helps you understand if you can claim the child tax credit. Get more information and tips about how to claim the child tax credit and how much you get. TurboTax - Choose Easy.

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Deduction for Higher Education Expenses

Wed Feb 20 00:00:00 PST 2008

TurboTax explains the deduction for higher education expenses. Learn when you can take the tuition deduction, which expenses qualify, and how much you can deduct. TurboTax - Choose Easy.

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Earned Income Credit

Tue Feb 19 00:00:00 PST 2008

Can I take the Earned Income Credit because my income was very low this year?

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Home Ownership Tax Deductions

Mon Feb 18 00:00:00 PST 2008

You know you can get a deduction for your mortgage interest, but what else can you deduct for your primary or secondary home?

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Managing Assets

Fri Feb 15 00:00:00 PST 2008

How can I get the most deductions out of my business assets?

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Working at Home

Thu Feb 14 00:00:00 PST 2008

If you are newly self-employed, freelancing or working from home, you may be wondering about paying estimated taxes, saving for retirement and what new deductions are available to you. We have the answers.

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Property Taxes and Tax Aspects of Home Ownership

Wed Feb 13 00:00:00 PST 2008

Home ownership has always been encouraged by the tax law; in fact, now that most home-sale profit is tax-free, some folks think it's almost demanded. Of course, it's up to you to take full advantage of all the tax breaks open to you.

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Estimated Taxes: Common Questions

Tue Feb 12 00:00:00 PST 2008

TurboTax makes it easy to learn about estimated tax payments. Learn about estimated taxes and how to pay them based on self-employment and investment earnings. TurboTax - Choose Easy.

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eFile - Income Tax Return Electronic Filing

Mon Feb 11 00:00:00 PST 2008

You've heard about using eFile to electronically file your tax return online. Now here's everything you've ever wanted to know about eFile.

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Real Estate Tax and Rental Property FAQ

Fri Feb 08 00:00:00 PST 2008

Read TurboTax frequently asked questions about real estate tax and rental property taxes. Learn about rental income, what to deduct, deprecation, tax returns, and more.

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The Taxing Side of Charitable Contributions

Thu Feb 07 00:00:00 PST 2008

Talk about a win/win situation: Getting the most out of your generosity can help you afford to be even more generous.

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Changing Jobs

Wed Feb 06 00:00:00 PST 2008

Have you changed jobs or are you thinking of changing jobs? TurboTax teaches you the effect of separation pay, job-hunting expenses, moving costs, tax withholding, and more on your taxes.

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Schedule C - Reporting Business Income and Deductions

Tue Feb 05 00:00:00 PST 2008

Consider income, expenses, costs of goods sold, vehicle information and other expenses.

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Getting Married

Mon Feb 04 00:00:00 PST 2008

Getting married? TurboTax makes it easy to find information about taxes and marriage. Learn about the marriage tax penalty, tax filing status, name changes, and more. TurboTax - Choose Easy.

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Tax Exemptions and Deductions Available for Families

Thu Jan 31 00:00:00 PST 2008

Tax Exemption - Which deductions should I take for my family? TurboTax Deluxe makes it easy to find out. Online products are free to try, pay only when you print or e-file. TurboTax - Taxes made easy. Taxes done right.

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Ask an Expert: The Hybrid Car Credit and the AMT

Wed Jan 30 00:00:00 PST 2008

I've heard that because I'm subject to the alternative minimum tax, I don't get the hybrid car credit. Is it true?

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Tax Tips for Freelancers, Contractors, and Consultants

Tue Jan 29 00:00:00 PST 2008

TurboTax helps you find tax-saving opportunities for self-employment. Learn about home office write-offs, deducting commuting costs, retirement plans, & more. TurboTax - Choose Easy.

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Top 10 Oddball Tax Deductions

Mon Jan 28 00:00:00 PST 2008

TurboTax has outlined the eleven most oddball tax deductions to help you increase your tax refund. We've uncovered what we think are the weirdest deductions allowed, from pet food to free beer.

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Important Tax Dates

Fri Jan 25 00:00:00 PST 2008

Knowing what you have to file—and when—can save you lots of headaches at tax time. Mark your calendar with the following key dates to avoid paying penalties.

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Birth of a Child

Thu Jan 24 00:00:00 PST 2008

TurboTax has the information you need about taxes and having a baby. Learn more about your tax filing status and tax situation following the birth of a child. TurboTax - Choose Easy.

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Deducting Mortgage Interest FAQs

Wed Jan 23 00:00:00 PST 2008

If you're a homeowner, read up on all the rules to be sure you're getting the full mortgage-interest tax break.

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The 11 Most Overlooked Tax Deductions

Tue Jan 22 00:00:00 PST 2008

TurboTax helps you find tax deductions you may have overlooked. Don't overpay taxes by overlooking tax deductions. See the most common errors taxpayers make on their tax returns.

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Tax Deduction Wisdom - Should You Itemize?

Mon Jan 21 00:00:00 PST 2008

Learn whether itemizing your taxes makes sense or if you should just take the standard deduction. Maximize tax deduction and medical expense deduction opportunities with TurboTax.

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Ten Tax Tips for After January 1, 2008

Fri Jan 18 00:00:00 PST 2008

TurboTax gives you ten tax saving tips for the new year. Find strategies to lower taxes, save money when preparing your tax return, and avoid tax penalties. TurboTax - Choose Easy.

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Mutual Fund Distributions Pose Threats and Opportunities for Taxpayers

Tue Jan 15 00:00:00 PST 2008

Mutual fund investors, brace yourselves! Funds are about to begin doling out billions of dollars in year-end distributions. This could bring both tax headaches and opportunities.

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Major Illness or Injury

Tue Jan 08 00:00:00 PST 2008

TurboTax has the tax information you need to help pay medical expenses. Learn about medical expense deductions, flexible spending accounts, disability, IRA and 401(k) payouts, and more.

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Will Your Refund Be Delayed This Year?

Mon Jan 07 00:00:00 PST 2008

There's no faster way to get your refund than TurboTax.*

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Dial M for Mistake

Thu Mar 08 00:00:00 PST 2007

Millions of taxpayers are throwing money away by failing to claim the telephone tax refund. A quick do-over can put cash in your pocket.

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Ask an Expert: Form 1099-Q

Thu Mar 01 00:00:00 PST 2007

I withdrew funds from a 529 plan to pay my daughter's college tuition. I received a 1099-Q form reporting the distribution. Do I owe tax on this money?

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Divorce and Dependents: Who Claims the Kids?

Thu Mar 01 00:00:00 PST 2007

Which parent gets to claim the dependency exemption?

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Delayed 1099s = Delayed Tax Refunds

Fri Feb 23 00:00:00 PST 2007

As financial firms postpone sending essential tax information, for fear it includes errors, investors may have to delay filing returns and getting their refunds. Is it a gamble these days to file sooner rather than later?

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Ask a Tax Expert: Index

Fri Feb 23 00:00:00 PST 2007

Here are some situations that you may encounter when completing your taxes.

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Ask an Expert: Long-Distance Phone Tax Credit

Thu Feb 22 00:00:00 PST 2007

I know the government is offering refunds of the long-distance tax collected before the levy was abolished last year. But I've always deducted that tax along with the toll charges. Does the fact that I've already written off the expense mean I'm out of luck when it comes to the credit?

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Ask an Expert: Exceeding Allowable Limits when Converting an IRA

Thu Feb 22 00:00:00 PST 2007

I converted a traditional IRA to a Roth IRA last year and then realized that my income exceeded the allowable limits. Can I reverse it?

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Ask an Expert: Tapping an IRA for a First Home

Wed Feb 21 00:00:00 PST 2007

Can each of us withdraw $10,000 from our IRAs without paying a penalty if we put the money toward paying off the second mortgage?

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Ask an Expert: Starting a Roth IRA

Wed Feb 21 00:00:00 PST 2007

My 17-year-old grandson wants to open a Roth IRA with money he has earned mowing the neighbor's grass, shoveling snow, walking the dog, etc. Because he is paid in cash, how can he prove he has legitimately earned the money?

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Ask an Expert: Cash in Lieu

Wed Feb 21 00:00:00 PST 2007

A company I owned was merged out of existence last year, and I got shares of the new firm plus a check for $19.67 for something called "cash in lieu."

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