Tax planning you can do now to save money later

Taxes: Planning

The TDS Library

Which Tax Preparation Program Is Right for You?

Gary Foreman

Finding the right tax preparation program is largely a matter of matching the program to your situation. Here's what you need to know to pick the one right for your financial situation.

7 Ways to Get Organized for the Tax Year


Even if your tax situation isn't complicated, there's still documentation the Internal Revenue Service demands. But filing taxes doesn't have to be an ordeal. And it can be less frustrating and less time-consuming if you have all the material at your fingertips.

Taxes 101: A Primer for College Students


Filing a tax return may seem even less relevant to a full-time college student's life than one of the dreadful lectures they have to endure in class, but filing tax returns as a college student has benefits.

When Sharing Taxes Might Not Be a Good Idea


Most couples file their return jointly, combining incomes and sharing deductions. That trend will probably continue, encouraged in large part by tax-law changes during the last few years to ease the marriage penalty. But sometimes it pays for couples to re-examine how they file. There definitely are instances when filing separately might be warranted.

Internal Revenue Service Offers Tax Answers


If you have a question about your taxes, the Internal Revenue Service has answers. Here are ways to get your tax questions answered by the IRS via the telephone or the internet.

3 Tax-Penalty Situations and How to Avoid Them


The only thing worse than owing a tax bill: owing even more when the IRS tacks on penalty charges. Most taxpayers tend to encounter basic tax penalties for these 3 offenses.

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Weddings, Kids, Homes: Taxes for Life's Big Events


In many ways, the tax code can be your best friend. You just need to know how it applies to your personal circumstances so you can take advantage of it. Read on to learn more about tax breaks for life's big events.

The Skinny on Paying Estimated Taxes


If you have income that isn't subject to withholding taxes, then you probably should be paying estimated taxes. It doesn't matter whether the untaxed money comes from a job, investments, alimony or prizes you've won. If Uncle Sam doesn't get his share close to the time you received the money, you could end up owing not only taxes but also penalties and interest.

10 Midyear Tax Moves to Make


Summer's a great time to consider the tax breaks you can take when filing your return next year. A lot of people wait until December to start thinking about their tax bills. True, you can and should make some year-end moves by Dec. 31. But now, halfway through the tax year, is even better for tax planning.

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Beware These 5 Terrible Tax Surprises


The tax law is complex and difficult for even experts to negotiate. Just when you think you've followed all the rules and researched all the angles, a tax regulation blindsides you. Here are five terrible tax surprises that you might encounter during tax season and how to deal with the consequences.

Beware the Costly, Complicated Alternative Minimum Tax system


Three letters, AMT, are striking tax fear in the hearts of more and more middle-class filers. These folks are simply trying to use the tax code, legally, to lower their annual Internal Revenue Service bills. They claim exemptions for eligible dependents, deduct the interest on their mortgage and associated equity loan, and write off the state income taxes they pay. Some of these tax breaks, however, will do them no good under the alternative minimum tax system.

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