Tax News

For many individuals, IRAs are significant assets that need to be protected. Last year it was reported that the average balance per IRA owner was $127,600, and many have even more squirreled away. Unf...

You work hard to put money into your IRA, 401(k), or other tax-advantaged retirement savings program. The tax law is designed to encourage savings by giving tax breaks—deductions or exclusion from i...

You probably have been paying taxes throughout the year—through withholding on wages and certain other payments or with estimated taxes. However, when it comes time to file your return, you may find...

The U.S. Treasury may be holding tax dollars that are owed to you. Unless you file for a refund, you won't get the money; the government doesn't voluntarily send it to you. Here are some situations in...

There are many tax breaks that you may take if you have a qualifying child. Unfortunately, there is no single definition for all of these tax breaks. Here are the different definitions; you may be eli...

While home ownership in the U.S. is at historic lows (only 63.5% in the third quarter of 2016), there are still millions of individuals who own their own homes. Well, they don't necessarily own them o...

As you file your 2016 return, there are some new considerations. Here are 5 things you need to know. 1. Key dates for the filing season Mark your calendar for important dates impacting your 2016...

In the course of a marital dissolution, spouses may divvy up their financial assets. Some may take the form of property settlements, which are tax-free events, or alimony, which is taxable to the reci...

The stock market has been up for the year and the real estate market is solid in many parts of the country. Between now and New Year's Eve, you may want to take actions—buying and selling—to impro...

Your 2015 and 2016 income tax returns have been filed, but you now discover an error. You forgot to take a write-off you were entitled to, made a math mistake, omitted an item of income, or failed to ...

The Affordable Care Act requires every individual not exempt from the law to have minimum essential health coverage or pay a penalty. The penalty amount for lacking coverage in 2016 is substantial and...

While the rate of home ownership is still down, the value of homes has improved. The real estate market in some areas is booming, due to a recovering economy, low mortgage rates, and other factors. Fr...

Identity theft (ID) is rampant. Edith Ramirez, the chairwoman of the Federal Trade Commission (FTC), which is the lead federal agency combating identity theft, said earlier this year that tax refund f...

When married persons file joint tax returns, they are jointly and severally liable for the tax, interest, and penalties on that return. This means the IRS can seek recovery of the full amount from eit...

As summer winds down, students head back to school. 1. Check eligibility for an education credit If you, your spouse, or dependent is attending college or graduate school starting this Fall, you...

If you need money, turning first to those you know is a common practice. You don't have to fill out forms or pass credit tests to obtain the funds you need if your family and friends can afford to hel...

It's summertime and many families are using vacation homes for relaxation. However, this isn't true for everyone. If you own a second home and are no longer content to use it only occasionally for you...

If you or your family has an illness or other medical condition, taxes are the last thing on your mind. However, you may be eligible for a number of tax breaks that may be helpful for your family. ...

For federal estate tax purposes, an estate tax return is required to be filed if the value of the estate on the date of death exceeds the exclusion amount (e.g., $5.45 million for someone dying in 201...

Now that you've completed your 2015 tax return, take time to review the experience so you can improve your tax filing next year. Actions you take now can reduce your stress, minimize your tax payments...