Taxes may be fact of life, but have you ever been up close and personal with a Form 1040? Here's a beginner's guide to understanding how federal income tax returns work. Many, or all, of the products ...

Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

The new Act adopts a broad definition of income, covering salary, capital gains, perquisites, subsidies, and windfalls, ...

When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Income tax is charged on most types of income but tax allowances protect some from the taxman. If ...

The IRS doesn’t care how old you are. If you have an income, it requires you to pay taxes, even if your first pimple hasn't appeared or you haven't learned to drive. So, while it’s exciting for kids ...

States collect income tax to pay for services such as education, medical care and public infrastructure. A large part of each state’s revenue comes from personal income tax as well as sales tax and ...

Understanding after-tax income helps plan budgets and retirement savings effectively. After-tax income is calculated by subtracting federal and possibly state taxes from gross income. Choosing between ...