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There is a program under way that encourages consumers to replace their old appliances with energy-efficient ones. Like the cash-for-clunkers program that supported new car purchases in 2009, the appl...

If you have a large tax bill outstanding and are currently in a tough financial situation, you may be able to negotiate a settlement with the IRS to pay less than the full amount owed. This is done by...

For the second time, the IRS is giving taxpayers an opportunity to fess up about offshore accounts in exchange for reduced penalties. Under the new Offshore Voluntary Disclosure Initiative, there is a...

The IRS has announced cost-of-living adjustments to various limits for qualified retirement plans in 2009. There is a potential for greater contributions. Some key numbers to watch: For 401(k) plans,...

The Bernard Madoff Ponzi scheme and other similar financial frauds in 2008 left thousands of investors without their money and with uncertainty about how to handle their losses for tax purposes. Now t...

When you engage in an activity without having a profit motive, deductible losses from the activity each year cannot be greater than income from the activity. The IRS has now released an audit techniqu...

According to the Summer 2009 Statistics of Income Bulletin, there were about 23.1 million individual income tax returns that reported nonfarm sole proprietorship activity for 2007. This represents a 4...

While the first-time homebuyer credit is designed to encourage the purchase of a primary residence by those who haven’t owned a home within the past three 3 years, it can’t be claimed unti...

There’s a great deal of interest these days in interest rates. The Federal Reserve raised its rate, called the “Fed funds rate,” on May 5, 2022, to 0.75% to 1.00% (it can fluctuate slightly with...

The Inflation Reduction Act of 2022 changed the rules for electric vehicles. Most of the changes apply starting in 2023. However, at least a new requirement became effective on August 16, 2022, the da...