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Social Security benefits and other amounts can be adjusted annually for inflation. However, because of the cost-of-living formula used for this adjustment and the lack of any significant inflation, th...

Due to the spike in the price of gasoline used by vehicles, the IRS increased its standard mileage rate to 62.5 cents per mile for business driving from July 1 through December 31, 2022 (up from 58.5 ...

Between 1981 and 2002, an individual took out a series of federal student loans to finance his education. As of December 5, 2018, they were in default in an amount exceeding $170,000. He was informed ...

A taxpayer who fails to file a tax return on time can avoid penalties by showing reasonable cause for the failure. The Tax Court determined, however, that reasonable cause did not exist under the foll...

As the end of the year approaches, there is still time to make last-minute payments, including prepayments for items that might otherwise be due in 2011. How do repayments affect your taxes this year...

If interest on U.S. savings bonds, series EE or I, hasn’t been reported annually, then the accrued interest becomes fully taxable when the bonds are redeemed. This income is ordinary interest income...

The IRS announced in late August 2022 that it is providing relief from failure-to-file penalties for tax years 2019 and 2020 for returns (Form 1040 or 1040-SR) filed by September 30, 2022 (Notice 2022...

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act will help you in 2010, 2011, and 2012. Here are some highlights of note. Payroll Tax Cut in 2011 For one year, the Social S...

If you drive your vehicle for certain purposes, you may deduct the actual costs related to business driving or use an IRS-set mileage rate. The IRS standard mileage rates for 2023 (Notice 2023-03) are...

The IRS announced the standard mileage rates for use a vehicle for certain purposes in 2011. For business driving, the rate is 51¢ per mile, up slightly from 50¢ per mile in 2010....