When tax season rolls around, one of the most common documents taxpayers receive is Form 1099-INT. This form, issued by banks, credit unions and other financial institutions, reports interest income ...

In a perfect world, the income you receive would be all yours to keep. However, the tax man is on his way and any dollar you earn is subject to a tax bill. But what is taxable income? Is it everything ...

While debt settlement can reduce the amount of money you owe creditors, you could be liable for taxes on the canceled debt—but it depends on the type of debt.

IRS: Learn how to claim new tax deductions available in the IRS Schedule 1-A, covering tips, overtime pay, car loans, and ...

Car buyers may now benefit from a new tax break that allows them to deduct up to $10,000 in auto loan interest each year from their federal income taxes — reducing their taxable income. The provision, ...

Look at your Form 1040 and divide the total tax, which is the number found on line 24, by the taxable income figure found on line 15. Then, multiply the result by 100. On California Form 540, your ...