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- -     http://turbotax.intuit.com/   RSS Feed   en-us   © 2007   Tue, 27 Mar 2007 19:57:54 GMT -     http://turbotax.intuit.com/tax_help/faq_on_the_alternative_minimum_tax/article   More and more taxpayers face the reality of Alternative Minimum Tax each year and discover, to their dismay, that exemptions, deductions, and credits no longer apply. Here are answers to common questions about the dreaded AMT.   Tips and Reference   Tue, 27 Mar 2007 19:50:13 GMT   -     http://turbotax.intuit.com/tax_help/the_gift_tax_turbotax/article   Before moving significant amounts of wealth among your friends and family, it would be wise to understand the gift tax law for 2006 taxes.   Deductions and Credits   Wed, 14 Mar 2007 22:52:17 GMT   -     http://turbotax.intuit.com/tax_help/divorce_and_kids/article   If you are divorced and have children, only one parent can claim the dependency exemption worth $3,300 for each qualifying child on 2006 tax returns. The parent who claims the dependency exemption is also entitled to the $1,000-per-child tax credit for kids under 17, assuming his or her income is not too high.   Deductions and Credits   Wed, 14 Mar 2007 22:46:34 GMT   -     http://turbotax.intuit.com/tax_help/schedule_c_reporting_business_income_and_deductions_turbotax/article   Each year sole proprietors have the chore of preparing and filing Schedule C with their 1040 to show the IRS whether their business had a taxable profit or deductible loss. We've broken down the form into sections, so you can see what the IRS expects from you and what records you'll need at tax time.   Small Business   Wed, 14 Mar 2007 22:53:00 GMT   -     http://turbotax.intuit.com/tax_help/state_income_tax_returns/article   Ordinarily, you will have to file a state income tax return in each state in which you earn income. There are exceptions: Some states will let you off the hook if you only have a small amount of income or if you're in the military. And seven states don't have an income tax at all.   State Taxes   Wed, 14 Mar 2007 22:56:39 GMT   -     http://turbotax.intuit.com/tax_help/buying_a_home_turbotax/article   Home ownership has always been encouraged by 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.   Real Estate   Wed, 14 Mar 2007 22:54:14 GMT   -     http://turbotax.intuit.com/tax_help/electronic_tax_filing_efile_faq/article   Electronic filing, online tax preparation, and online payment of taxes are getting more popular every year. If you have wondered about eFile, here are the answers to frequently asked questions.   eFile and Filing   Wed, 14 Mar 2007 22:54:38 GMT   -     http://turbotax.intuit.com/tax_help/business_tax_law_changes/article   Learn how federal tax law changes could impact your small business returns this tax year and beyond.   Small Business   Tue, 27 Mar 2007 19:48:59 GMT   -     http://turbotax.intuit.com/tax_help/cash_and_stock/article   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." What the dickens is that? And, do I have to pay tax on it?   Small Business   Wed, 14 Mar 2007 22:55:52 GMT   -     http://turbotax.intuit.com/tax_help/faq_on_deducting_mortgage_interest/article   If you're a homeowner, read up on all the rules to be sure you're getting the full mortgage-interest tax break. You can usually deduct the interest you pay on a mortgage for your main home or a second home.   Deductions and Credits   Wed, 14 Mar 2007 22:56:29 GMT   -     http://turbotax.intuit.com/tax_help/managing_your_assets/article   As a business owner, you can normally deduct business expenses in the year you incur them, but the rule is different for property you buy that is expected to last more than one year, such as buildings, machinery, and furniture. Let's quickly cover the tax basics of business assets, and then uncover how to get the most bang for your buck.   Small Business   Mon, 19 Mar 2007 23:36:17 GMT   -     http://turbotax.intuit.com/tax_help/business_tax_preparation_turbotax/article   Preparing your own business tax return, especially for the first time, can be a frustrating experience if you don't have all the necessary information at your fingertips. Gathering these 11 documents before you begin will help you fend off the frustration.   Small Business   Tue, 20 Mar 2007 23:37:48 GMT   -     http://turbotax.intuit.com/tax_help/filing_business_tax_extensions/article   If you need more time to file your 2006 business tax return, you can request an extension of time to file your return. However, even with an extension, you must estimate how much you owe, if applicable, and send in that amount by the due date. Otherwise, the IRS can invalidate your extension.   Small Business   Wed, 21 Mar 2007 15:38:57 GMT   -     http://turbotax.intuit.com/tax_help/deduction_for_higher_education_expenses/article   The tuition deduction — which allows qualifying taxpayers to deduct $2,000 or $4,000 of qualifying tuition expenses — is on the books for 2006 and 2007. The deduction helps subsidize post-high school education expenses you pay for you, your spouse, or your dependents. Before you use this deduction, however, check out the two tax credits available for college tuition. They have stricter income limits to qualify, but the credits are more valuable.   Deductions and Credits   Fri, 23 Mar 2007 18:17:12 GMT   -     http://turbotax.intuit.com/tax_help/selling_a_home_turbotax/article   Selling your home might not affect your taxes at all. In fact, there's a good chance you won't even have to report the sale to the IRS because most home-sale profit is now tax-free. Browse our frequently asked questions about taxes and home ownership.   Deductions and Credits   Tue, 27 Mar 2007 19:56:37 GMT   -     http://turbotax.intuit.com/tax_help/tax_calculators/avg_tax_rate.jhtml   What is your average tax rate? It's your total tax liability divided by your total income. In 2006, single filers pay 10 percent on taxable income from $0 to $7,550. The rate changes to 15 percent for income between $7,550 and $30,650. Income over $30,650 is taxed at 25 percent... and the rate keeps going up as your income level goes up. Use this calculator to figure out your average tax rate.   Tax Calculators   Tue, 27 Mar 2007 19:57:11 GMT   -     http://turbotax.intuit.com/tax_help/child_tax_credit/article   If you have children who are under age 17 as of the end of the tax year, you can get a $1,000 tax credit per child on your tax return. A tax credit reduces your tax bill dollar for dollar, so three qualifying children, for example, can cut what you owe Uncle Sam by $3,000. The credit may be limited if your income exceeds certain levels. And the credit does not affect the exemptions you take for dependents. The credit is in addition to your exemptions.   Deductions and Credits   Tue, 27 Mar 2007 19:57:54 GMT