April is several months away, but as the year winds down, it’s time to start prepping our finances for tax season. If you’re looking to optimize your refund or pay fewer taxes next year, you can get a deduction by donating investments to charity. Read more...
Speaker Ryan says he’d work with the President on tax issues. He told 60 Minutes that deals on highway spending, funding the federal government, and reforming the tax code “will produce certainty in this economy in the next few months. Show More Summary
If your company doesn’t offer a 401(k), it’s pretty easy to start investing on your own. It takes one small step: open an individual retirement account (IRA). If you’ve been putting this off, use your tax refund as motivation. Read more...
The Browns are in Pittsburgh today. That's good news for Cleveland tax officials. On this given Sunday, they don't have to worry about taxing visiting National Football League players. Cleveland officials are revising their jock taxShow More Summary
To his fellow enlisted sailors, Leonard Damon Washington offered what looked like a sweet deal: a way to get a federal tax refund by taking advantage of a special military tax break that few tax preparers knew about. More than 140 sailors from 2006 to 2010, many of whom served aboard the San Diego-based...
A recent tax case, not unlike many other tax cases, provides a disappointing insight into human nature. Unlike cases involving improper exclusions and unjustified deductions, this case poses the question, “What should I do if someone makes a mistake in my favor and pays me twice?” In Willson v. Show More Summary
Last night’s GOP presidential debates (here’s a transcript of the main event) highlighted some important tax policy contrasts among the candidates. One thought refundable credits are conservative economic policy while another did not. Nearly all would preserve deductions for mortgage interest and charitable gifts but one would ditch them. Show More Summary
EAST LANSING, Mich. --- Americans would be more likely to accept a gas tax increase if they knew the extra revenue would improve energy efficiency, repair roads and bridges or be refunded to taxpayers equally, indicates a new study by...Show More Summary
Question: On Oct. 2, I bought a one-way ticket on Frontier Airlines and the fare with taxes was $59. Eight days later, I checked the website and the fare was $19. I asked Frontier for a charge back to my credit card; the agent said the airline doesn't do that. I checked its contract of carriage,...
A tax refund that enhances super funds of the deceased will be abandoned: report.
This is ridiculous. Marco Rubio says his tax plan is more favorable to the poor than the rich, and both left and right-leaning tax groups agree. But—this is because Rubio's plan includes a new $2,000 fully refundable personal tax credit. Show More Summary
During last week’s Republican primary debate, Senator Marco Rubio and moderator John Harwood went back and forth about which taxpayers would benefit the most from Rubio’s tax plan. Both referred to our March analysis of the plan. Harwood pointed out that Rubio’s plan benefits top income earners more than the middle class. Show More Summary
The federal government taxes miles purchased from US airline as though they are used to reduce the cost of domestic airfare, and thus the price of those miles is subject to the same 7.5% excise tax that applies to domestic airline tickets. Did...Show More Summary
A Third Circuit case issued this week demonstrates the “expansive reach” of I.R.C. § 7422, which governs federal tax refund actions. The plaintiffs were a group of medical residents at a medical center. Their employer collected the employee portion of FICA taxes from the plaintiffs and paid it to the IRS. [...]
Back in May, the U.S. Supreme Court struck down Maryland’s practice of taxing out-of-state income earned by residents without a mechanism for adjusting for taxes paid to other states. The result was a Maryland resident investing out of state was paying multiple taxes compared to a Maryland resident who invested only in state, a violation of the U.S. Show More Summary
IRS will adopt newer safeguards to prevent refund fraud involving millions of tax dollars and identity theft. The IRS will now adopt additional safeguards to prevent fraud during tax refund process. As many as 20 new “data elements” will be added to the process to ensure only valid and genuine people benefit from the refund.... Show More Summary
When you electronically file your tax return next year, get ready to provide a stronger password and meet tougher validation procedures. That's just one of the ways the Internal Revenue Service and the tax industry is planning to protect taxpayer accounts from criminals. Show More Summary
Is there another controversy brewing for the Duggar family?! Jill Dillard and her husband Derick are feeling the wrath of the Internet after questions arose about their mission work, and more specifically, how they've been using tax-exempt donation money given to them by supporters. Related: Here's How Anna Duggar Is Handling Josh's Scandals! It all started when the [...]
A huge chunk of your tax dollars every year goes straight into the pockets of crooks. Nearly one in three earned income credits (EIC) is fraudulent. And the numbers keep getting bigger every year according to the Government Accountability Office.Please consider GAO: Feds Made Nearly $1 Trillion in Overpayments Since Fiscal 2003. Show More Summary
Attention Maryland residents. If you paid taxes to another state between 2011 and 2014 and were denied a tax credit for your county piggyback taxes against the out-of-state payments, the Old Line State is now handing back the money you're due. Show More Summary