Receiving a bonus can be a delightful surprise, but the joy might be short-lived once you realize the tax implications. Learn how bonuses are taxed and what you can do to minimize the impact.

Major tax-prep providers like Intuit’s TurboTax and H&R Block say they can do “simple” federal income-tax returns for free.

For as long as Americans have paid federal income taxes, they’ve been able to subtract some of what they pay to their state and local governments from their taxable income. This federal deduction for ...

So you may see a slight increase in the amount of you money you take home each pay period. A higher standard deduction could also help lower your tax bill or boost your income, in some cases.

In this case, it's a no-brainer to itemize your deductions. This is particularly true if you bought a house recently, since ...

pay high property taxes or make a lot of charitable donations, itemizing your deductions might be the best option. One thing to keep in mind is that you cannot use both options at the same time.