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As part of a deficit reduction plan, the proposals contain some tax increases. If the proposals are adopted, itemized deductions would be capped at the 28% tax bracket. Individuals with income over $2...

The IRS announced that due to higher gasoline prices, the standard mileage rates have been increased starting July 1, 2011, by 4.5¢. The last time the IRS increased the rate midyear was 2008. Th...

The largest increase in Social Security benefits since 1982 also means the largest hike in the wage base for Social Security taxes in 2009. The base will increase to $106,800 (up from $102,000 in 2008...

The IRS has announced that disaster-area taxpayers in most of California and parts of Georgia and Alabama now have until October 16, 2023, to file various federal individual and business tax returns a...

When a creditor forgives some or all of an outstanding debt, that forgiveness usually results in cancellation of debt (COD) income. It's no different when the debt is a student loan. Take the followin...

If you have an outstanding demand loan with an interest rate that’s below the applicable federal rate (AFR), you have interest income if you’re the lender or interest expense if you’re the borro...

If you call the IRS's toll-free number, you'll hear an automatic phone message telling you that rebate checks will begin to be sent in May. Most of the 130 million taxpayers who are eligible for rebat...

If you take a distribution from an IRA and want to roll it over, you may only do this type of action once within a 12-month period. But there’s no limit on making direct transfers of IRA funds from ...

The latest IRS Statistics of Income Bulletin (Publication 1304 (Rev. 11-2022) (irs.gov)) show that 164.4 million individual income tax returns were filed for 2020, or 4.2% more than in the previous ta...

Starting January 1, 2011, all paid preparers were supposed to obtain new preparer tax identification numbers (PTINs) from the IRS to use on the returns they prepared. Now, the IRS says that about 100,...