It used to be, if you sold your main residence, you had to either pay tax on the gain or buy another home that cost more than the home you sold. Because the rules have changed, you no longer have to worry about that gain.

Because of the way this form used to work, it calculated the tax as if you had received the money over a five-year period. You would divide it into five equal parts and pay taxes on each of those parts which significantly reduced your tax bill.

Sometimes it is fun to go back and look at old tax records. But for reasons other than nostalgia, it's not necessary to hold on to most of your records for more than three years.

I'm not thinking [the accelerated tax rate reductions] would have a huge impact. They always like to say it's an economic stimulus package because they want to give the illusion that the economy is recovering that people will have more money. But it's only a small drop in the tax rates and I don't think in the grand scheme of things most taxpayers are really going to notice it.

A lot of anxiety is created by people when they think about filing their tax return. It's like going to the dentist. Just do it and get it over with.

Because the consumer did not have to pay the amount, it is income in the eyes of the IRS.