Tax News

Your federal income taxes are the basis on which you can obtain student loans, get a mortgage, or obtain financing for a small business. Depending on the reason for the information, you may need to fu...

Tax-related identity theft results when someone uses your Social Security number to file a tax return and obtain bogus refunds. When a return is filed under your name, the processing of your return is...

Gambling—legal and illegal—is widespread. For example, according to the Fantasy Sports Trade Association, it is estimated that 56.8 million people in the U.S. and Canada participated in fantasy fo...

If you work, you can contribute to a Roth IRA, but only if your modified adjusted gross income is below set limits. What happens if you contributed to a Roth IRA during 2015 (for the 2016 tax year) bu...

As you file your 2015 income tax return, you may find that the government owes you money. Last year (2014 returns filed in 2015), the average refund amount was more than $2,800. Here's what you shoul...

Things don't always go as expected. Storms, thefts, injuries, and other unexpected events wreak havoc with financial plans. Fortunately, the tax law provides some relief in the form of deductions, exc...

It is often said that timing is everything. When it comes to the submission of tax returns, Tax Court petitions, and other time-sensitive tax actions, this statement is true because they must be compl...

The Protecting Americans from Tax Hikes (PATH) Act of 2015, which extended permanently or temporarily dozens of tax rules, impacts various breaks for education and educators. The changes affect 2015 r...

Even though 2015 has ended, there are still some actions you can take to reduce your tax bill for 2015. 1. Contribute to a traditional IRA If you have earned income from a job or self-employment...

Keeping good records makes tax preparation easier and ensures that you claim every tax break to which you are entitled. It's not too late to get your records in order and be prepared for tax season. ...

If you are legally married, you must file a joint federal income tax return unless you choose to file separately. This rule applies to both opposite sex- and same-sex married persons. There are certai...

When you sell stocks, bonds, and mutual fund shares, your gain or loss depends on your basis in the securities. Keep in mind that the higher the basis, the lower the gain or greater the loss. Tax rule...

The IRS is often painted as the bad guy taking advantage of taxpayers. For the most part, IRS personnel act professionally in dealing with taxpayers. However, from time to time there are some bad appl...

Under the Affordable Care Act, every individual must have minimum essential health coverage or face a tax penalty unless eligible for an exemption. Now is the time to get ready for 2016 by checking yo...

There are about $173 billion in U.S. savings bonds outstanding. This makes this type of investment one of the largest assets held by individuals. Savings bonds enjoy certain special tax treatment. Her...

About three million postgraduate students were expected to enroll this year. As a rule, the cost of graduate school is very pricey. Some students can obtain fellowships and grants to defray some or al...

The last quarter of the year is the time to think about charitable giving and the tax ramifications. Here are five tips to help you. 1.     Check the organization You can make tax-deductible...

Congress recently passed two measures—the Trade Preferences Extension Act of 2015 and the Surface Transportation and Veterans Health Choice Improvement Act of 2015—that include a number of tax law...

After years of stagnation due to poor economic times, companies are now starting to increase employees’ pay. If you get a raise, congratulations! Here are five actions to take so you can benefit—t...

Stories abound about innocent taxpayers being hounded by the IRS and forced to incur extensive legal fees to fight back. A dispute can drag on for years and taxpayers may have to litigate before the I...