Content tagged "income taxes"

What is the Capital Gains Exclusion for the Sale of a House?

Personal Finance Updated: February 07, 2017

Single taxpayers can exclude up to $250,000 of capital gains on the sale of a home, and married taxpayers filing jointly can exclude $500,000.Taxpayers are...

What is a Person's Marginal Tax Rate?

Personal Finance Updated: February 07, 2017

A marginal tax rate (also known as marginal tax bracket) refers to the percentage of the last dollar that someone earns (from their total annual income) that...

What is the Standard Deduction for Income Taxes?

Personal Finance Updated: February 07, 2017

The standard deduction is the amount that taxpayers can subtract from their adjusted gross income if they choose not to itemize deductions. The amount of the...

What is the Difference Between Progressive and Regressive Taxes?

Personal Finance Updated: February 07, 2017

A progressive tax is a type of tax that takes a larger percentage of income from taxpayers as their income rises. An example is the federal income tax, where...

Do You Have to Pay Income Tax on a Cash Gift?

Personal Finance Updated: February 07, 2017

Generally, cash or property that you receive as a gift or inheritance is not included in your income. Recipients of gifts do not need to declare them on...

If I Am Taking the Earned Income Tax Credit, Can I Also Claim the Child Tax Credit on My Income Taxes?

Personal Finance Updated: February 07, 2017

If you qualify for both credits, you can take both credits. You may also be able to claim the Child and Dependent Care Credit. Each of these tax credits has...

Income Taxes

Personal Finance Updated: September 29, 2015

The goal for taxpayers is to pay no more than the least possible tax owed. Avoiding taxes through legal tax strategies is not to be confused with illegal tax...

The Affordable Care Act and Income Taxes

Personal Finance Updated: February 15, 2015

Barbara O'Neill, Ph.D., CFP®Extension Specialist in Financial Resource Management and Distinguished ProfessorRutgers Cooperative...

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