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Category: Individual Tax Tips

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Paying Taxes on Foreign Income

U.S. Citizens are taxed on their worldwide income.

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Tax Exemptions When Selling Your Home

If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return.

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Tax Credit For the Elderly or the Disabled

You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and total disability.

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Deductions Available When Refinancing Your Home

Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.

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Remember to Deduct Charitable Donations

When preparing to file your federal tax return, don’t forget your contributions to charitable organizations.

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Reporting Gains and Losses on Capital Assets

When you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss.

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5 Tips For Filing Taxes Early

Earlier is better when it comes to working on your taxes.