According to the tax laws, whether a person can tick either of the ‘married filing separately’ or ‘married filing jointly’ options depends on his or her marital status on the last day of the year. If the person is married on the last day of the year, then he or she can file income taxes [...]

If you just had your debt canceled by your creditor, no doubt you yippie!-ed with great abandon. Getting debt canceled in an economy where most people do not even get debt facilities is pure amazing. But while you may continue prancing around your house, you will sooner or later need to sit yourself down in [...]

A married person has two choices when filing his or her income tax return: married filing jointly and married filing separately. Let us try and understand what married filing jointly means and its implications. What is Married Filing Jointly? When you file your taxes, you have the option of married filing jointly and married filing [...]

By Earl Hunsinger In a letter written in 1789, Benjamin Franklin said that, “In this world nothing can be said to be certain, except death and taxes.” Many before and since have agreed with this sentiment, and with the comparison. In the United States, never is this more true than on April 15th. In addition [...]

By Erin Peterson Middle income Americans have become more exposed than ever to being audited by the U.S. Internal Revenue Service (IRS). If caught cheating on their tax returns, filers can be asked to pay up to $4,100 more in income taxes. Increased Audits for Middle Income Taxpayers Since 2000, the number of audits on [...]