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The first-time homebuyer credit came into law in April 2008 as a way to stimulate the sagging housing market. Back then, the credit limit was $7,500 and, in most cases, it had to be repaid to the gove...

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...

Certain imported drywall (much of which comes from China and is referred to as Chinese drywall) has caused blackening or corrosion of electrical wiring and copper components in household appliances, a...

When you have a new baby, there are a number of special tax rules that apply to you. While they probably won't offset the cost of caring for your new family member, they will provide some tax relief. ...

Usually, distributions from a qualified retirement plan and IRAs before age 59½ are subject to a 10% excise tax, referred to as the early distribution penalty. The Tax Code has a long list of exempti...

Have you received a tax refund if you are owed one? The IRS reports that it is looking for 99,123 taxpayers who are owed $153 million in refunds. Their checks were undeliverable because of mailing add...

The 2-percentage-point reduction in Social Security taxes paid by workers in 2011 was extended for the first 2 months of 2012. Congress will try to extend the reduction for the balance of 2012. Assumi...

Each year, the IRS compiles a list of tax scams as a way to warn taxpayers not to fall for them. Here are the top 5 on this year’s list: Identity theft. Scammers obtain taxpayer filing informati...

If you’ve been griping about IRS service, put your money where your mouth is! The Treasury is now accepting nominations for volunteers to serve a 3-year term on the National Taxpayer Advisory Panel ...

Before you make any donations to a charity, it’s helpful to check on its tax-exempt status. Unless the organization is IRS approved, you cannot claim any tax deduction for contribution to it. The IR...