Any amount contributed to your SIMPLE IRA above the maximum limit is considered an “excess contribution.” An excess contribution is subject to an excise t...

To see if your Social Security number is being used by someone else for employment purposes, review your Social Security Statement at to look for suspicio...

If you file your taxes and forget to include a Form 1099-INT, you must file an amended return to include it. You cannot amend a return electronically, but...

The federal government and all but a few state governments will immediately have their hands out for a bit of your prize. The top federal tax rate is 37% ...

When your employment ends, you can no longer participate in the company’s flexible-spending program and forfeit any unused funds, either immediately or at...

You have two options when it comes to filing your W-2 documents. You can fill out paper forms or file electronically on the SSA’s Business Services Online...

Here’s how you can track your business expenses: Open a business bank account. Choose an appropriate accounting system. Choose cash or accrual accounting....

If you want to make changes after the original tax return has been filed, you must file an amended tax return using a special form called the 1040X, enter...

There are two methods you can use to calculate the amount of depreciation you can claim on rental property plant and equipment assets: 1) the prime cost m...

Claim Period You may claim medical expenses on your tax return for any 12-month period ending in that year. Most people use the calendar year, but that is...