New rules for reporting payments to companies and vendors could trip up small businesses. The IRS' goal is to catch tax cheats.
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Those who peddle their wares on eBay, Etsy and other sites are required to pay income and self-employment taxes on their profit. Big sellers will get a new form this year.
Parents whose incomes are too high to qualify for the college tuition tax credits should see if their children qualify.
You can claim a tax credit of up to $13,360 this year for adopting a child, but you have to document expenses and file a paper return.
Don't miss the deductions and credits that are mostly likely to yield significant tax savings. Business, home and dependents are 3 key categories.
Possible changes to tax rates for 2013 make it important for investors to focus now on what would normally be year-end tax planning for gains and losses.
The IRS lets you deduct either state income tax or state sales tax from your federal taxes. Most people deduct income tax, but there are times that sales tax is a better choice.
If you are supporting relatives, including adult children and elderly parents, you can deduct them as dependents. But make sure you follow all the rules.
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