Horizontal equity ensures that individuals with similar incomes and assets pay the same tax rate, promoting fairness in tax ...

While taxable income and adjusted gross income (AGI) might sound similar, they refer to different stages of your income after certain deductions and adjustments have been applied. AGI starts with your ...

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 ...

If you don’t know what Net Investment Income Tax (NIIT) is, you’re not alone. This relatively new tax began a little over a ...

Tax season is upon us. For some, it may be your first time filing taxes. And even for those who have filed for years, taxes are not always the easiest task to tackle. From income tax to sales tax, ...

Income tax is charged on most types of income but tax allowances protect some from the taxman. If you earn money from a job, you will have to pay tax once you breach the tax-free allowance. If you get ...