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The numbers are out and they’re not comforting. Taxpayers spend an exorbitant amount of time and money filing their federal income tax returns each year, and this filing season had been no different...

The deduction from gross income (no itemizing required) for tuition and fees expired at the end of 2017. However, there is still some hope that it may be extended retroactively for 2018. And there is ...

It’s increasingly common for individuals to have their DNA tested through Ancestry.com and other sites in order to learn more about their family background. One site—23andMe—also offers DNA test...

Because the stock loss produced a tax benefit to you, the recovery is taxable. The question is whether you report the recovery as a capital gain (since you took a capital loss) or as ordinary income. ...

No. To date, Congress has not extended this tax break. However, there is considerable sentiment in Washington to do so. If there is an extension, it’s likely not to apply for 2022 returns, but monit...

What is cryptocurrency? Cryptocurrency is a form of virtual currency that can be used as an alternative fonn of payment using encryption technology, making digital money designed to be used over the i...

If you have your necessary information, you can now file your 2007 income tax return with the IRS. As of January 11, the IRS had begun to accept 2007 income tax returns, including those filed electron...

Recently released proposed regulations clarify what you must do to prove your charitable contributions. Without this substantiation, no deduction is allowed. Cash contributions The law requires tha...

Employers may have leave-based donation programs in which employees can choose to donate their unused leave time—vacation, sick, and personal days—for the use of other employees who’ve run out o...

The wash sale rule in the tax law prevents you from recognizing the economic loss you've experienced on the sale of securities when you reacquire substantially identical securities within 30 days...