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Income Taxes
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Consumer groups support free online filing of tax returns
Representatives of leading consumer groups issued a letter of support for a bill that would require the Internal Revenue Service to provide for free direct electronic filing through the IRS website. The bill, which is… -
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30-year sneak attack in America’s class war
Maintaining a tradition that has been around since at least the Reagan Revolution, John McCain the other night ridiculed the idea of “spreading the wealth” and accused Barack Obama of playing “class warfare.” This is… -
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Obama: Don’t use the tax code as a tool
Dear President-elect Obama: Maybe it’s because tax season is looming ominously—or maybe it was your long list of campaign promises—but taxes are at the top of my mind when thinking about my financial wishes for… -
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IRS wants a cut of online sales on eBay, Craigslist
Many people think of online auction sites, such as eBay and Craigslist, as virtual garage sales - a convenient way to clean out cluttered closets and attics stuffed with old clothes, books and knickknacks inherited… -
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The tax deduction for job searches
Spending your summer searching for a job? If so, you may be able to deduct some of your job search-related expenses from your tax bill, including fees associated with résumés, referrals, job counseling, employment agencies… -
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State tax hikes could go too far
Some U.S. states facing steep budget gaps have resorted to tax policies that could be harmful over the long term, a non-profit research group said Monday. In a review of 2010 changes in state tax… -
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IRS to stop mailing paper forms, booklets
Electronic filing of tax returns has become so popular that the Internal Revenue Service will no longer automatically mail a paper form. “We’re finding that more and more people are choosing to e-file, and the… -
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Expiring tax cuts make tax planning a challenge
This is the time when taxpayers start thinking about strategies to reduce next year’s tax bill. But such planning is exceptionally tricky this year. Many tax cuts created in 2001 and 2003 are set to… -
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Remodelers decry cut in tax credit for energy savings
The $858 billion federal tax bill signed into law by President Obama on Dec. 17 was a mixed bag for homeowners, with elements of both the Grinch and Santa squeezed into the same bulging package.… -
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Putting the payroll tax holiday to work
The biggest Christmas present that many people will get this year comes from the federal government. And most will probably fritter it away. Thanks to the tax bill that President Obama signed a week ago,… -
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Tres productos donde sentirá un alza de impuestos este año
No todos los impuestos están bajando —o incluso manteniéndose iguales— en 2011. Para balancear sus presupuestos, los gobiernos estatales y locales planean nuevos gravámenes sobre una variedad de artículos como teléfonos inteligentes y libros electrónicos.… -
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Uncle Sam enters prepaid card market
Uncle Sam wants you to have a prepaid card, and he’s not the only one. The Treasury Department is sending letters to 600,000 people this week encouraging them to sign up to receive their tax… -
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Lower interest deduction better for deficit
Are you worried that the mortgage interest deduction will go away? After all, it’s a high-profile, high-cost target for federal budget-cutters and was prominently featured in the report of the presidential deficit-reduction commission late last… -
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The use of prepaid cards continues to grow
Hip-hop mogul Russell Simmons is hawking a prepaid card. Reality TV star Kim Kardashian briefly offered a prepaid card before it was pulled off the market. Then earlier this month, the Treasury Department announced that… -
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Retirement saver’s credit could reduce tax bill
Saving for retirement may be the last thing on your mind when you get your first job out of college or when you are otherwise struggling to make ends meet. But the federal government offers… -
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What’s new in 2011 tax law
Thanks to a little-known holiday in Washington, D.C., taxpayers will get an extra three days to file their 2010 federal tax returns this year. But some of them will get a late start. Congress made… -
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Lose a job? Pay cut? Double check your tax return
If you had some major economic challenges in 2010, your tax situation may be different from in years past. So be more than a passive (or procrastinating) filer this year. Even if you use a… -
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New in this season’s tax return
For taxpayers who are procrastinators, this is your year. Not only is the Internal Revenue Service asking those with more complex returns to hold off filing until mid-February, but the usual tax deadline has been… -
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Test drive highlights tax software limits
Like Watson, the IBM computer that stumped the champions on Jeopardy, tax-preparation software uses sophisticated technology to perform a task previously done by a human — in this case, your neighborhood tax preparer. For taxpayers… -
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Tax changes you should know about
Welcome to tax season — the most dreaded time of year. It’s not just that preparing a tax return is time-consuming and costly — although it’s clearly both. The Internal Revenue Service estimates that it… -
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IRS eases tax-debt policies
The IRS says it will file fewer tax liens, which give the government legal claim to a taxpayer’s property for the amount of his unpaid taxes, and make it easier to remove the liens that… -
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Not too early to think about ‘11 taxes
The Bush-era tax cuts have been extended, the alternative minimum tax is patched and capital gains rates are set. Tax breaks are in place for students and teachers, and for the most sizable estates. -
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Home office 101: The ins and outs of taxes and regulations
While quality-of-life reasons may help explain why roughly half of U.S. businesses are home-based, there are plenty of financial reasons to go the “homepreneur” route. If you use a part of your home for business,… -
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Line is blurry on what you can deduct from taxes when vacation and work overlap
Ah, vacation. Beach, glistening ocean, warm sun. Breezy novels and idle walks. Then, a cellphone call from the office. Another. A flurry of e-mail exchanges and urgent texts. It’s a modern reality: There’s no leaving… -
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Potential trouble spots as IRS steps up enforcement
The Internal Revenue Service has added a couple of notches to its enforcement belt. First came the disclosure that international financial services giant Credit Suisse is under federal investigation for helping U.S. citizens avoid taxes…
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