Taxes & Tax Help

Find all the tax help and tips you've been looking for with informative articles on everything from income and federal taxes to tax filing tips. Understand what deductions you're eligible for, how much money you have to make to file taxes, what forms farmers should be filling out and plenty of how-tos. How exactly do I fill out the 1040? What tax bracket do I fall into? Find the answers to all these questions and more at BrightHub's Personal Finance channel.

1040X Instructions for Dummies

If you made a mistake on your federal tax returns in the last three years, you have the option to correct the mistake. Doing so requires a simple two page form called IRS Form 1040X. Here we discuss 1040X instructions for dummies.

Convert To Roth in 2011

There are special rules to convert to Roth in 2011. Investors need to consider the tax consequences in converting to Roth IRAs to get tax free income later on. Some investors get no benefits from conversion.

How To Figure out Sales Tax

When you go shopping, you may be surprised that the total is higher than you anticipated. This is because there is sales tax collected on many items and services. The amount of sales tax depends on where you live. How do you figure out the sales tax for your purchases? By using a simple equation.

Can You Deduct Closing Costs on Your Taxes?

For those who have sold a home they need to know, can you deduct closing costs on your taxes? There are some costs that may be placed toward any capital gains realized on a primary residence up to $250,000. Commissions, advertising fees, legal fees and others may be tax deductible.

Will Energy Efficient Tax Credits Be Extended in 2011?

In December 2010, President Obama signed the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010, answering the question “will energy efficient tax credit be extended in 2011?” However, the new legislation places limits on credits allowed for many energy efficient items.

A Simplified Guide to Inheritance Tax

What is an inheritance tax and who is responsible for payment of this tax. Inheritance taxes are not the same as estate taxes paid to the federal government and often an individual has only nine months in which to pay the taxes due. Find out if you need to pay an inheritance tax.

Consequences for Failure to File Federal Tax Returns

When the IRS catches up with delinquent tax filers, the penalties are often harsh. However, many people fail to file tax returns simply because they cannot afford to pay what they owe. For those individuals, the IRS offers alternatives that can reduce the penalties that would otherwise apply.

How to Calculate Salary after Taxes

How much one takes home after taxes is always a concern for most people. This article explores how to calculate salary after taxes, figuring out your gross annual income and taxable income, your tax brackets and adjusting your tax withholding.