Tax News

A whistleblower, Marrita Murphy, was awarded $70,000 for emotional or mental anguish for injury to her professional reputation in a suit against her former employer. She maintained that this money wa...

You've filed your return and are waiting for the check to arrive. Use an online tool to track the check's progress. The IRS's "Where's My Refund?" application lets you see w...

Joint custody is common today when parents divorce, but it does not automatically confer the right to claim a dependency exemption or child tax credit for one parent or the other. Generally, the righ...

If you have a high outstanding balance on your credit card, you may be able to negotiate with the credit card company for a reduced settlement. While such a settlement can save you thousands of dollar...

The 13th Amendment to the U.S. Constitution was ratified in 1913, making the income tax a permanent feature of the tax law. The IRS (formerly the Internal Revenue Bureau) started publishing income tax...

Certain taxpayers who are not otherwise required to file a tax return because their income is below the filing threshold must do so this year in order to receive a rebate check under the Economic Stim...

When you invest your contributions to a 401(k) plan, you take a risk that you can make or lose money, depending upon your investment choices and market performance. The responsibility is yours and you...

Call it role reversal, but a growing number of children are caring for their parents. According to a 2007 USA TODAY/ABC News/Gallup poll of baby boomers, 41% who had a living parent were providing fin...

If you call the IRS's toll-free number, you'll hear an automatic phone message telling you that rebate checks will begin to be sent in May. Most of the 130 million taxpayers who are eligible for rebat...

On January 24, 2008, President Bush and leaders of the House agreed to a $150 billion tax package intended to put money into the economy quickly. The winners Singles with adjusted gross income (AGI...

It's rare for the U.S. Supreme Court to take on a tax case, but it just handed down a unanimous decision that affects income tax deductions for trusts. Background A trust for the family of Pepperidg...

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...

Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem...

Homeowners caught in sub-prime lending may now be eligible for certain tax relief. Under the Mortgage Forgiveness Debt Relief Act of 2007, if they can work out a refinance that entails some debt forg...

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...

The IRS will begin processing 2007 income tax returns by mid-January, the usual time for the start of tax season. However, for about 13 million taxpayers who file certain forms impacted by the altern...

Those who report suspected tax cheats to the IRS may be rewarded for their actions. In December 2006, the Whistleblower Office was set up to process information and make decisions on whether to grant...

While most work-related payments are taxable, there are some exceptions. Early in 2007, the Tax Court said that payments to disabled veterans under the Veterans Administration's work therapy prog...

Individuals can claim an itemized medical deduction for costs related to the diagnosis, mitigation, treatment, cure or prevention of disease, or any condition affecting any structure or function of t...

The average cost of one year of education (tuition, fees, room and board) is $13,589 for 2007–2008 at a public school for in-state students and $32,307 at a private school. Fortunately, your Un...