Blog Feed: Don't Mess With Taxes

Doing your taxes or eating healthy? Which is easier?

Published on 2012-05-25 14:49:32

If you think doing your taxes is easier than figuring out how to eat healthy foods, then you are not alone. The 2012 Food & Health Survey by the International Food Information Council Foundation, 52 percent said it's easier to fill out their own 1040 forms than it is to figure out what they should... > read more

How a parent can claim a kidnapped child as a tax dependent

Published on 2012-05-25 12:16:23

Today is one of those days that really makes you think twice, or more, about commemorations and the state of today's world. May 25 is National Missing Children's Day. It was established in 1983 by President Ronald Reagan. The date was selected because May 25, 1979, was the day that 6-year-old Etan Patz disappeared. Thirty-three... > read more

Coming soon: 'Fiscal Cliff,' the biggest economic and tax disaster of all time!

Published on 2012-05-24 13:49:24

Summer is almost here and the Congressional Budget Office (CBO) is getting in the spirit of the season. The nonpartisan agency of Congress that produces economic analysis and estimates of the cost of legislation just released a tax and spending cut evaluation worthy of the big-budget summer blockbusters coming soon to a movie theater near... > read more

Beware unsolicited -- and questionable -- property tax payment plans

Published on 2012-05-23 14:12:22

May is not a fun month for a lot of homeowners. It's when many property appraisers send out notices of what they think homes in their taxing jurisdictions are worth. Click on the image for a list of Texas appraisal districts. The Lone Star list was from the Texas Comptroller's Office. Check with your state... > read more

IRS going the Postal Service route

Published on 2012-05-22 17:02:39

The Internal Revenue Service is going the way of the U.S. Postal Service. Wait. Let me clarify that. I'm not talking "going postal." Rather, the IRS says it will be reducing the number of its facilities, much the way the Post Office looked earlier this year to shutter the doors of some of its operations.... > read more

Taxes on the wealthy, hedge fund regulation and Hammurabi

Published on 2012-05-22 12:51:51

Just in case your Tuesday was feeling a bit too blah, here's a quick tax tidbit courtesy Bill Maher's HBO show Real Time. Grover Norquist, founder of Americans for Tax Reform and creator of the no-tax pledge, and David Cay Johnston, Syracuse University College of Law professor and Pulitzer Prize winning tax journalist, offer their... > read more

Making stock losses pay off at tax time

Published on 2012-05-21 17:19:46

Today was just the second day of trading for Facebook stock, but the consensus is that the company priced its initial public offering shares too high. Facebook closed Monday, May 21, at $34.03. That was an 11 percent drop from the $38.23 it ended at on Friday. And that close last week was less than... > read more

TS Alberto threat fizzles, providing time to get ready for 2012 hurricane season

Published on 2012-05-21 12:32:00

The good news is that Tropical Storm Alberto, the first named tropical system of 2012, is a fish. That's weather watcher slang for a storm that heads out to sea to dissipate instead of making landfall. The better news is that everyone who might be affected by future tropical storms and hurricanes this year now... > read more

Mr. and Mrs. Mark Zuckerberg and their community property taxes

Published on 2012-05-20 16:32:02

It's been quite a week for Mark Zuckerberg. The Facebook founder turned 28 on Monday, May 14. On Friday, he watched his collegiate start-up go public. The initial public offering was more subdued than he wished, but the stock did end the day up a few cents per share. A day later, Zuckerberg and his... > read more

Hurricane season 2012 arrives early as Alberto forms off South Carolina coast

Published on 2012-05-19 17:54:17

Wow! That was quick. The first storm of the Atlantic hurricane season popped up this afternoon along the South Carolina coast. Residents of America's Eastern Seaboard and Gulf of Mexico coastlines officially go on alert each June 1. But this afternoon the National Hurricane Center (NHC) issued its first advisory of the year, announcing the... > read more

Facebook expatriation taxes times two

Published on 2012-05-19 17:52:00

Last week at my other tax blog it was all about Facebook, specifically reactions to expatriation and how it will save one new social media billionaire beaucoup taxes. Eduardo Saverin decided last year to give up his adopted U.S. citizenship and moved to Singapore. He says it was for business reasons, but the Facebook co-founder's... > read more

Mobile workforce tax relief bill moving; Gets House OK, awaits Senate action

Published on 2012-05-19 12:51:51

Do you travel to other states to do your job? Then you probably know the hassle of figuring out the different state income tax filing requirements. It's often called a jock tax because the taxing practice got a lot of attention by collecting from high-paid athletes and entertainers who play and perform at venues nationwide.... > read more

Facebook co-founder's expatriation tax savings prompt Ex-PATRIOT Act

Published on 2012-05-18 08:30:58

Home is where the heart, and tax savings, are for Facebook co-founder Eduardo Saverin. That home now is in Singapore. Today's Facebook initial public offering could make Saverin around $4 billion richer. By renouncing his naturalized U.S. citizenship last September and relocating to the Asian city-state, Saverin will escape an estimated $67 million Internal Revenue... > read more

Payroll tax cut money not always used as planned, by taxpayers or lawmakers

Published on 2012-05-17 15:24:54

When Congress was debating whether to extend the 2 percent payroll tax cut, one of the key arguments for keeping the rate at 4.2 percent through 2012 was that the extra money would help the country's economic recovery. That, of course, presumed that we'd all take the extra money -- estimated to be about $1,000... > read more

Tax record keeping tips and the statute of limitations on IRS audits

Published on 2012-05-16 14:50:10

I can't watch Hoarders. First, those people are scary. And their houses are gross. But I also avoid the show because I am a bit of a pack rat and I don't want to be reminded of what could happen if I go over the "it could be useful one day" edge. That said, when... > read more

Why is the IRS so slow to pay tax whistleblower rewards?

Published on 2012-05-15 14:09:56

Sen. Charles Grassley is blowing the whistle on the federal tax whistleblower office. The Iowa Republican, a long-time supporter of rewarding those who help track down tax cheats, thinks the Internal Revenue Service's relatively new Whistleblower Office isn't doing its job. Under revisions to the tax cheat tracking mechanism, rewards to whistleblowers are no longer... > read more

Supreme Court rules against Arizona farmers in bankruptcy capital gains tax

Published on 2012-05-14 15:32:58

Family farms are among the most iconic of American symbols. That's why these patches of agrarian productivity often are invoked in tax fights, most notably by folks who want to do away with the federal estate tax. This tax is often cited, usually incorrectly, as a killer of family farms. Internal Revenue data show that... > read more

Tax refunds smaller in 2012

Published on 2012-05-13 23:07:59

If you got a federal tax refund the last two filing seasons, chances are that your check from Uncle Sam this year was smaller. The average tax refund amount through the end of April was $2,716. That's $106 less than the average refund amount issued at around the same time last year, according to the... > read more

Mother's Day generosity

Published on 2012-05-13 09:30:49

Happy Mother's Day! I'm spending this Sunday with my mother. Like most moms, she doesn't want anything extravagant on her special day. Just spending time together is the best gift, or so she says. I'm taking her at her word! Mother's Day gift that keeps giving photo by Katatonic28 / Flickr Visiting with Mom is... > read more

Last week at my other tax blog: Facebook IPO taxes; adoption tax credit ending

Published on 2012-05-12 23:30:00

The taxes facing new Facebook millionaires and the impending end of the adoption tax credit were the topics last week at my other tax blog. Mother's Day is just hours away and moms soon will be getting lots of presents. But some mothers also get a tax break gift from Uncle Sam thanks to the... > read more

Friendliest states for small businesses? Idaho, Texas, Oklahoma and Utah

Published on 2012-05-12 14:22:34

Small businesses are made the most welcome in Idaho, Texas, Oklahoma and Utah, according to a recent analysis by Thumbtack.com, in partnership with the Ewing Marion Kauffman Foundation. Those four states each got an A+ grade from small business owners and managers. Disappointing report cards went to California, Hawaii, Vermont and Rhode Island, each of... > read more

More women now paying child support & alimony; take note of the tax implications

Published on 2012-05-11 13:42:06

After being nudged by his vice president on the gay marriage issue, President Obama made it official this week that he now supports same-sex I do's. The news world, online and otherwise, immediately exploded with views all across the social, cultural, political and comedic spectrum over what the first sitting U.S. president's public support of... > read more

Estate and inheritance tax issues simmering on legislative back burner

Published on 2012-05-10 14:20:22

You can learn a lot about your neighbors just by walking around the area. Take the kids who live seven doors down from us. Their driveway chalk art prompted a speculative haiku: Hopscotch? Much too tame. These kids are C.S.I. fans or quite macabre. OK, maybe it's me who's the television crime show aficionado. I'm... > read more

Pennsylvania pet adoption tax credit falls just short

Published on 2012-05-09 12:34:00

With Mother's Day coming up this Sunday (there's still time to get a card in case you forgot!), today's Weekly Tax Tip is a celebration of parenthood, specifically the tax joys of having kids. One way to add a child to a family is through adoption. And yes, Uncle Sam does offer some tax help... > read more

Amazon tax vs. existing state use taxes

Published on 2012-05-08 10:04:08

You've probably heard that Amazon reached deals with Nevada and Texas to start collecting sales taxes from customers in those states who buy online products. That's good news for the treasuries of these two no-income-tax states that rely heavily on sales tax revenue. And it's bad news for the many previously untaxed customers in those... > read more

Tax Carnival #102: May Tax Flowers

Published on 2012-05-07 21:24:55

Glad to see you survived Tax Day 2012. If you finished your 2011 taxes, congratulations. If you got an extension, good for you for not rushing into the tax breach and making a mistake in your hurry to finish up your return. With the arrival of May we welcome not just nature's flowers, but some... > read more

Tax issues faced by same-sex couples

Published on 2012-05-07 13:37:30

Vice President Joe Biden was at it again this weekend being voluble Joe Biden. Appearing on NBC's "Meet the Press" on Sunday, the veep said he is "absolutely comfortable" with same-sex couples getting the same rights at heterosexual married couples. Lucky for Biden, a second top Obama Administration official today deflected some heat from the... > read more

Is that charity still IRS approved?

Published on 2012-05-06 16:36:25

Is the charity you just donated to still on the Internal Revenue Service's OK list? The answer is important not only to donors, but also to the nonprofits. If the answer is no, it means that individual taxpayers' contributions to those groups are not tax deductible. As for the organizations, they may be required to... > read more

Last week at my other tax blog: Ex-NFL players charged in tax scam; Tax expatriate movement growing

Published on 2012-05-06 12:17:00

Tax scams and tax avoidance are always noteworthy. And they were the topics last week at my other tax blog. It's usually the tax scam itself that gets attention, but this time it was the guys allegedly involved. Three former National Football League players, a couple of them first-round draft choices, were charged with identity... > read more

A Cinco de Mayo toast to tequila taxes

Published on 2012-05-05 09:28:25

Happy Cinco de Mayo. Today is the commemoration of Mexico's victory in 1862 at the Battle of Puebla over the invading French forces of Napoleon III. Over the years, the holiday spread from Mexico, through the American Southwest and eventually across the United States. And perhaps America's recognition of Cinco de Mayo is fitting: The... > read more

5 ways resume writing is like filing taxes

Published on 2012-05-04 15:33:31

This week's employment report was blah at best. The Labor Department today reported that hiring slowed for the second straight month and the U.S. economy added just 115,000 jobs in April. Overall, the unemployment rate dropped to 8.1 percent, down fractionally from 8.2 percent. But that tick downward was because nearly 350,000 people quit looking... > read more

Maryland's 'flush tax' doubles in July; highlights fee vs. tax debate

Published on 2012-05-04 06:52:00

Maryland Gov. Martin O'Malley on May 2 signed 294 bills passed by the legislature into law. Guess which one got the most press? The flush tax. The new law's official name is the Chesapeake Bay Restoration Fee, but flush tax is a catchier name and invokes the despised T word. That's always handy rhetoric, especially... > read more

Snooki blasts N.J. tanning mom as 'crazy'

Published on 2012-05-03 12:11:29

If anyone doubted that the excise tax on tanning would pay off, they only need look at Patricia Krentcil. She appears to have single-handedly contributed hundreds of dollars to the U.S. Treasury via the tax that was enacted as part of health care reform. The 44-year-old New Jersey woman, whose skin looks much darker than... > read more

The many ways a refund can go astray

Published on 2012-05-02 14:41:48

Every year there seems to be a new tax refund horror story. The big one in 2011 was mass delays in processing returns of folks paying back the first-time homebuyer tax credit. There have been some occasional hold-ups on such returns this filing season, but it seems that the Internal Revenue Service's streamlined payback process... > read more

Crocodile Dundee settles Oz tax bill

Published on 2012-05-01 16:18:00

Paul Hogan, better known to American moviegoers as Crocodile Dundee, and Australian tax officials have reached a settlement. Hogan and Oz tax officials have been going at each other for eight years over the $150 million in Australian currency ($156 million in the U.S. and £96 million in Great Britain) that national tax officials said... > read more

Tax moves to make in May 2012

Published on 2012-05-01 11:32:58

Happy May Day. Whether you celebrate this first day of May as a spring festival, a workers' holiday or are in Hawaii enjoying Lei Day festivities, here's wishing you a good one. But as soon as your fun is over, it's time to take care of May's tax tasks. The first considerations are for the... > read more

Master of horror Stephen King tries to scare wealthy into paying more taxes

Published on 2012-04-30 14:46:59

Stephen King doesn't pull many punches in his tales of terror. So it's no surprise that he goes right to the jugular in a caustic and profane (consider yourself warned if you keep reading) post on The Daily Beast aimed at his wealthy peers who are tired of hearing that they should pay more taxes.... > read more

Lashing out at tax loopholes

Published on 2012-04-30 09:33:51

I'm a big fan of television, especially educational TV. No, not PBS, although I do watch Nova, Mystery and Downton Abbey. This time I'm talking about the April 13 episode of the classic TV game show Jeopardy. That day the Final Jeopardy category was word origins. The answer: An exploited part of a law, originally... > read more

Amazon relents on Texas and Nevada sales tax collections

Published on 2012-04-29 18:18:00

Amazon, after fighting and/or bribing states to keep from collecting sales taxes, in one week has surrendered to two state tax collectors. On April 23, the Seattle-based giant online retailer and Nevada reached an agreement that would have Amazon collecting sales taxes from Silver State purchasers on Jan. 1, 2014, or sooner if federal online... > read more

Sunday funnies: Origin of tax auditors

Published on 2012-04-29 10:36:40

It's Sunday. That means it's funny papers time. And since this is a tax blog, here's one comic strip view of how tax auditors get their start. OK, the image above is a screen shot of my Pinterest tax board, Taxes. Yes, taxes. The tax cartoon by Wiley Miller is there in the upper left.... > read more

Last week at my other tax blog: Amending returns; Passport tax possibility

Published on 2012-04-28 23:51:40

The 2012 April filng deadline has passed, but tax tasks already in place and others that might one day be on the books were topics last week at my other tax blog. Filers who made a filing error get a chance to correct it via an amended return. Just be sure to tell all on... > read more

Apple on corporate tax hot seat

Published on 2012-04-28 17:31:22

Just as the 99 Percent movement is springing back to life with protests against companies that finagle very low or no tax rates comes another potential target: Apple. A New York Times special report looks at how the technology giant's careful selection of corporate subsidiary locations has saved it millions in federal and state taxes.... > read more

Did you use the best possible tax filing method? Maybe. Maybe not

Published on 2012-04-28 07:45:00

A lot of us have tax filing remorse. No, that's not being upset that we filed. It's wondering whether we could have achieved a better tax bill result if we'd tried a different way of filing. It is entirely possible that using a tax pro instead of software would have given you a bigger refund.... > read more

House works on tax extenders ... sort of

Published on 2012-04-27 16:38:08

When the notice showed up in my email box, my first thought was, "Will miracles never cease?" It was about a Ways and Means subcommittee hearing on tax extenders. What was going on? Congress actually thinking about, even taking testimony on, expired tax provisions and it's nowhere near December! There are tax gods! The tax... > read more

Minnesota GOP wants new taxes on fans, team to pay for Vikings stadium

Published on 2012-04-27 12:32:12

While the Minnesota Vikings and their fans are engrossed in the 2012 NFL draft, lawmakers in St. Paul have been tinkering with ways to pay for a new stadium for the team. The latest plan includes targeted taxes: A 4-percent income tax surcharge on Vikings players and executives who earn more than $200,000 a year,... > read more

Protesters target corporations' minimal tax payments at shareholder meetings

Published on 2012-04-26 17:13:30

The 99 percent contingent, or at least an offshoot of the protest group, is back. This time the anger is directed at major U.S. corporations that the protesters say aren't paying a fair share of taxes. At the beginning of General Electric's annual shareholder meeting in Detroit on Wednesday, three dozen protesters stood up and... > read more

Student loan interest: Obama 'slow jams' the rate, loan holders can deduct it

Published on 2012-04-26 12:39:07

President Obama this week visited three college campuses, primarily to promote his proposal to keep the interest rate on new subsidized federal student loans at 3.4 percent. That rate has been in effect since 2007. But unless Congress agrees to extend it, the cost of college loans will go back to a 6.8 percent interest... > read more

Made a tax mistake? Make amends!

Published on 2012-04-25 16:02:19

Nobody's perfect, especially when it comes to taxes. The Internal Revenue Service keeps track of the top mistakes made each filing season, both by individual filers filling out their taxes on their own and by paid preparers. Yes, even tax pros trip up now and then. And although tax software has been a blessing for... > read more

Over-the-counter medication tax rule gets Ways & Means Oversight once over

Published on 2012-04-25 12:37:20

Did the change in the rules that made it harder to buy over-the-counter medicine with money from tax-advantaged medical accounts give you a major headache? Congress might be considering a remedy. The House Ways and Means Subcommittee on Oversight will hear this afternoon from folks about the real-life effects of the restrictions on Flexible Spending... > read more

IRS gets a C on its 2012 tax season preliminary report card

Published on 2012-04-24 08:37:18

The final tax season grades aren't in yet, but a preliminary evaluation of the Internal Revenue Service's 2012 operations gives the agency a so-so review. The IRS had to deal more returns this year -- through early April filings were up 2 percent over last year -- but it also encountered more problems early this... > read more

Want to help improve the IRS? Join the Taxpayer Advocacy Panel

Published on 2012-04-23 13:33:58

You made it through tax filing season. Congratulations! Now take all the things you complained about while working on your tax return and use them to help improve the Internal Revenue Service. No joke. The IRS wants to hear. Well, a part of the IRS does, specifically the Taxpayer Advocacy Panel. There are a couple... > read more

Earth Day activity: Tax-deductible donations to environmental groups

Published on 2012-04-22 15:55:53

This Earth Day 2012, the hubby and I hiked a portion of the Balcones Canyonlands Preserve near our home. It was a wonderful outing. The morning was cool, wildflowers and butterflies were out in force (as the hubby's cell phone snapshots show) and we got a great view of the endangered golden-cheeked warbler. Sorry, the... > read more

Last week at my other tax blog: Tax Day freebies, tips and filing amid disaster

Published on 2012-04-21 23:19:12

With Tax Day's arrival last Tuesday, the posts were front loaded last week at my other tax blog. The eve of tax-filing day saw the annual listing of tax-related giveaways in tax day freebies 2012. This is a tradition as time-honored as filing itself and this year brought a wide range of goods and services... > read more

Happy belated Tax Freedom Day 2012

Published on 2012-04-21 07:18:00

Tax Freedom Day arrived on Tax Day this year. April 17 was, according to Tax Foundation computations, the first day of 2012 that Americans as a whole had earned enough income to pay this year's tax burdens. Song written and performed by GoRemy. In its annual Tax Day calculation, the Washington-based tax research nonprofit considers... > read more

Is Texas Gov. Rick Perry trying to be the state version of Grover Norquist?

Published on 2012-04-20 14:16:32

My home state's governor officially exited the 2012 Republican presidential campaign months ago, but it's obvious he's still thinking about a larger political stage. Rick Perry has posted the Texas Budget Compact on both the official governor's website, as well as on his campaign page. The five-point policy wish list calls for, in part, no... > read more

Why is the U.S. tax system so complex?

Published on 2012-04-20 11:14:33

Before we procrastinators struggled with finishing our 2011 returns this week, Chris Hayes hosted a panel on his MSNBC program to try to answer why our tax system is so complex. Visit msnbc.com for breaking news, world news, and news about the economy I'm not spoiling anything by telling you that there was lots of... > read more

Tax avoidance series earns New York Times reporter a Pulitzer Prize

Published on 2012-04-19 17:26:02

I love it when my profession, journalism, coincides with my passion, taxes. The latest occurrence is the 2012 Pulitzer Prize in Journalism just awarded New York Times reporter David Kocieniewski for his tax series "But Nobody Pays That." The award was in the explanatory reporting category for work that "illuminates a significant and complex subject,... > read more

Where our taxes go and other fun tax graphics

Published on 2012-04-19 10:27:23

Everybody recovered from their Tax Day hangovers? Good! How about some post-filing fun? Check out the chart below from the Center on Budget and Policy Priorities detailing where the money we pay Uncle Sam goes: That's just one of the Center's top 10 tax-related charts that the nonprofit put together for Tax Day 2012. "Together,... > read more

Terrible tax timing for tornado victims in Iowa, Kansas, Nebraska and Oklahoma

Published on 2012-04-18 18:09:18

While most Americans were finishing up their returns this past weekend, some folks in the middle of the country were trying to salvage what was left of their lives. More than 100 tornadoes were reported in Iowa, Kansas, Nebraska and Oklahoma on April 14 and 15. Some, like the EF3 twister that his Woodward, Okla.,... > read more

Romney's plans to ax wealthy homeowner tax breaks

Published on 2012-04-18 15:20:33

Ah, politicians and their loose lips. We recently listened to Obama's open mike "second term" remarks to his Russian counterpart. Now we have his likely Republican challenger talking a bit too loudly about tax breaks at a private, but outdoor, event. Mitt Romney, the almost official Republican nominee for the White House, has offered a... > read more

Cheers! It's Income Tax Cocktail time

Published on 2012-04-17 13:14:03

Yes, there is such a thing. And while it's not quite 5 o'clock anywhere in the United States yet, just the fact that it's Tax Day in America makes it worth celebrating. The Income Tax Cocktail is basically a Bronx cocktail (gin, sweet vermouth, dry vermouth and orange juice) with an added dash of aromatic... > read more

The procrastinating taxpayer's best friend, Form 4868

Published on 2012-04-17 11:14:00

Happy Tax Day, this time for real. This filing season is shaping up like most. A whole lot of us have put off tax filing until the last minute. In 2011, the Internal Revenue Service received more than 145 million individual returns. At this time last year, the federal tax office had in hand only... > read more

IRS offers several options for taxpayers who can't pay their tax bills

Published on 2012-04-16 13:19:54

Did you put off filing your tax return until the last minute because you knew you'd owe Uncle Sam? You, my friend, are not alone. Although the vast majority of taxpayers get refunds, there are those of us for whom Tax Day is pay-up day. But if we're short of the cash on April 15... > read more

Why is April 15 Tax Day?

Published on 2012-04-15 18:25:06

Happy Tax Day! Sorry. I didn't mean to give you a heart attack. But I'm pretty sure that by now every taxpayer knows that this year the tax-filing deadline is Tuesday, April 17. When April 15 falls on a Saturday, Sunday or federal holiday, we get until the next business day to file our returns.... > read more

Most state taxes due April 17, too

Published on 2012-04-15 14:46:31

Most taxpayers have multiple taxes to worry about this time of year. At the federal level, in addition to the 2011 tax year returns, some of us also must pay 2012's first quarter estimated taxes. And as today's Daily Tax Tip notes, most folks also have to file state tax returns. This year that's Tuesday,... > read more

Last week at my other tax blog: Buffett Rule push, Tax Day driving dangers and State taxes due, too

Published on 2012-04-14 22:06:31

Tax Day is almost here, so that meant extra posting last week at my other tax blog. Obama hit the road last week to rally support for the Buffett Rule. The prez wants to include in any tax reform effort a rule that would impose a minimum 30 percent tax rate on individuals who make... > read more

Buffett Rule would hit Obama, whose 2011 tax rate is lower than his secretary's

Published on 2012-04-14 20:04:21

The president and vice president released their 2011 tax returns and yes, the Commander in Chief's 20.5 percent tax rate is lower than what his secretary pays. Welcome to the Buffett Rule effect, Mr. President. Barack and Michelle Obama's income last year dropped substantially, from $1.7 million in 2010 to $789,674 in adjusted gross income... > read more

Don't forget to factor in self-employment taxes

Published on 2012-04-14 13:17:40

If last year was the first one in which you worked for yourself, either as your full-time job or by doing some freelance work on the side to supplement your wages, you are likely to encounter a big tax surprise when you file: self-employment tax. Self-employed individuals generally must pay self-employment tax, or SE tax,... > read more

Ways to e-pay your tax bill

Published on 2012-04-13 16:21:00

You put off filing your taxes because you knew you were going to have to pay the IRS. At least Uncle Sam makes it relatively easy, and in a couple of cases fee-free, to pay him electronically. These tax e-payment options are today's Daily Tax Tip. First, here's a look at the e-pay ways that'll... > read more

5 states -- Ga., La., N.Y., Okla. & S.C. -- now issuing tax refunds via debit cards

Published on 2012-04-13 11:53:58

If you got a refund from the Internal Revenue Service, you probably filed your 1040 many weeks or months ago. The same is true for folks in the 43 states and the District of Columbia that collect some sort of income tax (mostly on wages, but on some investment income in Tennessee and New Hampshire).... > read more

Did a crook file your taxes?

Published on 2012-04-12 17:20:18

It's tax filing crunch time and I know you have enough to worry about now if you haven't yet completed your return. Really. I've yet to file my own tax return. Waiting to file isn't necessarily a bad idea. Giving yourself extra time means that you can double check things, make sure you have all... > read more

Get your paper tax return to your local post office safely

Published on 2012-04-12 11:12:54

If you still file a paper tax return by mailing it to the Internal Revenue Service, know where you're going on Tax Day. It could save your life. A recent analysis of driving habits on April 15 (or whatever day tax returns must be filed; it's April 17 this year) found that auto fatalities spike... > read more

Bush tax cuts: Would a tax break by any other name be less contentious?

Published on 2012-04-11 13:47:15

Recent tax policy debate has focused on two proposals: Let the Bush tax cuts, or at least the top two rates, expire as scheduled (again) on Dec. 31 and Implement the Buffett Rule to make millionaires pay a tax rate of at least 30 percent. Although these two tax proposals are about different areas of... > read more

Buffett Rule gets support from Reagan

Published on 2012-04-10 11:56:48

President Obama is in Florida today, launching his full-fledged campaign for including the Buffett Rule in any tax reform. And yes, it also is a key part of the prez's campaign to keep working in the Oval Office. The Buffett Rule proposal would institute a 30 percent minimum tax rate on individuals who make $1... > read more

Tax Carnival #101: Deadline Taxes

Published on 2012-04-09 22:24:01

Tax Day 2012 is just a week away. So our 101st Tax Carnival: Deadline Taxes concentrates on getting those 1040s filled out and on their way to the Internal Revenue Service. Since time is short, let's get right to it, starting with a look at the material and terminology we need to file our returns.... > read more

Your tax receipt from the White House

Published on 2012-04-09 12:53:52

With the individual tax return filing deadline next week, federal taxes are taking center stage in the presidential and Congressional campaigns. On Tax Day 2012 Eve, the Senate will vote on the Paying a Fair Share Act of 2012. This bill, introduced by Sen. Sheldon Whitehouse (D-R.I.) and also known as the Buffett Rule act,... > read more

Tax filing tips egg-stravaganza

Published on 2012-04-08 18:19:00

Happy Easter! I hope your kids had successful Easter egg hunts. After you finish making egg salad of the colorfully shelled collection, check out Today's Tax Tip special holiday edition: A dozen egg-cellent tax filing tidbits. Photo courtesy Nestlé/Juicy Juice 1. You counted the payments you made to your regular day care provider toward the... > read more

The easiest way to cheat on your taxes? Run your own company

Published on 2012-04-08 13:14:04

Being a business owner offers a lot of advantages. It also presents myriad ways to cheat on your tax returns. That's the assessment of this week's It's the Economy column in the New York Times Sunday Magazine. The column's authors surveyed 20 accountants, tax lawyers and policy wonks and then "boiled down their arcane knowledge... > read more

Last week at my other tax blog: States betting on gambling revenue; Most tax-organized cities

Published on 2012-04-07 23:55:29

Politicians are looking at ways to raise more money without raising taxes. Taxpayers are looking for all their tax filing material. Those were the topics last week at my other tax blog. Some type of gambling already is allowed in almost every state, so it's no surprise that state politicians in both parties are starting... > read more

A name change could mean tax trouble if you don't let Social Security Admin. know

Published on 2012-04-07 18:16:00

Three decades ago when I got married, I decided not to change my name. My father-in-law was initially upset that I didn't take the hubby's last name. Then he came to appreciate the surname differences, as it gives him plausible deniabilty when questions of my connection to his family arise. (Kidding aside, we've always gotten... > read more

First Golfer proposes end to golf course charitable tax deduction

Published on 2012-04-07 15:40:16

President Obama is a golfer. And I suspect like a lot of duffers this weekend, he's watching The Masters tournament being played at Augusta, Ga. But Obama also is a golfer facing a $777 billion dollar federal deficit in the first half of fiscal year 2012. So his love of a good walk spoiled apparently... > read more

Claiming your boyfriend as a dependent

Published on 2012-04-06 11:00:55

One of the most popular tax questions every filing season is "Can I claim my boyfriend as a dependent?" OK, in the interest of gender fairness and not portraying just boyfriends as layabouts, an Internet search shows that there also are a lot of filers wondering about the possibility of claiming girlfriends as tax dependents,... > read more

How to avoid a tax audit, virtual or otherwise

Published on 2012-04-05 16:43:22

A tax audit is among the scariest things in the world. It doesn't matter if it's a correspondence audit, where you and the IRS trade tax information via mail, or a face-to-face encounter with a tax examiner. And the audit process might soon be online. In its effort to do more of its work electronically,... > read more

Baseball star Pujols trades teams, taxes

Published on 2012-04-04 18:33:14

Are you ready for some baseball? Opening Day 2012 begins in Miami with the renamed Marlins meeting the World Champion St. Louis Cardinals in a new $650 million ballpark in South Florida. The only thing missing is Albert Pujols. The slugging first baseman opted during the off season to sign with the Anaheim Angels, or... > read more

Do you have to file a return? And why you should file even if you the answer is 'no.'

Published on 2012-04-04 12:25:00

The reality is that most of us have to file a tax return. And we must do so this year by April 17. The only consolation is that most who do file a return get a refund. But before you mess with all the forms and schedules, make sure you must send the Internal Revenue... > read more

Tax filing deadline is just two weeks away

Published on 2012-04-03 13:41:30

Two weeks from today, millions of us will be rushing to get something -- either our tax return or an extension request -- to the Internal Revenue Service. Before you shift into full tax crisis gear, here are a dozen tax blog posts, stories and excerpts from my book that could make the process easier... > read more

The most popular free mobile tax apps are from the tax industry giants

Published on 2012-04-02 14:50:46

Smartphones and tablets are the hot technology toys or, depending on your point of view, tools. And the tax industry is trying to take advantage of our love of new gadgets and our tax-filing responsibilities. The New York Times' weekly Most Wanted/Popular Demand feature today examined the top tax-related free mobile apps. As the photo... > read more

Tax moves to make in April 2012

Published on 2012-04-02 07:32:00

It's here. April. The month you've got to file something, either your tax return or an extension request. Even if you ask for more time to get all the I's dotted and T's crossed on your official filing, you'll have to do at least a down-and-dirty return to see if you owe the Internal Revenue... > read more

Time to enroll in EFTPS

Published on 2012-04-01 14:27:08

More of us are using electronic financial transactions and that includes our tax dealings. Millions of us e-file our returns, get our refunds via direct deposit and pay any outstanding tax bills electronically. A popular e-payment method is by credit card. This works for folks who have their credit card balance under control, can pay... > read more

U.S. is #1 in corporate taxation

Published on 2012-04-01 13:12:24

I'm a Texan. We naturally aspire to be at the top of anything. But even the Texan in me knows that the latest list showing the United States as number one is not good. Today the U.S.A. became the country with the highest corporate tax rate in the world. No April Fools' joke here. Today... > read more

Last week at my other tax blog: Cost of tax procrastination; Foreclosure tax relief

Published on 2012-03-31 23:45:55

Life is full of things we don't want to do, and tax situations are no exception. Tax filing procrastination and the possibility of putting off forever tax costs connected to the recent banks/state attorneys general deal were the subjects last week at my other tax blog. Five major banks reached a $25 billion deal with... > read more

The eventual, and often unexpected, tax cost of home office depreciation

Published on 2012-03-31 12:58:03

Since I didn't win the Mega Millions lottery, I'm back at work. And as a self-employed entrepreneur, the bulk of my work is done from my residential workspace. Once viewed as an audit magnet, a growing number of home-based workers have overcome their tax examination fears and claimed the home office tax deduction. By doing... > read more

What are doing with your tax refund?

Published on 2012-03-30 15:47:20

OK, a tax refund is not nearly as big as today's Mega Millions lottery payout, which has now grown to $640 million. But getting some tax cash back from Uncle Sam is a welcome annual ritual for many folks. Yes, the standard spiel now, which I've given myself over the years, is that you should... > read more

Don't get into lottery tax trouble

Published on 2012-03-30 10:16:30

Admit it. You bought a Mega Millions lottery ticket. Heck, as you can see from the photo below, we've been buying them for a few weeks. And yes, I am making a to-do list if our numbers come up in the $540 million drawing. Hey, someone has to win. It might as well be me... > read more

Telecommuters could cost companies an unexpected out-of-state tax bill

Published on 2012-03-29 15:16:08

Telecommuting is hailed as the solution for today's modern workplaces. It's ecologically friendly, keeping cars off roads. Yes, more of us still drive to work than take public transportation. It's family friendly, letting employees be there when their kids arrive home from school. And companies can save money by not having to pony up for... > read more

Citigroup economist blames near nervous breakdown on U.S. tax code complexity

Published on 2012-03-28 14:50:56

Does doing your taxes drive you crazy? Then you need to meet Willem Buiter. The chief economist for Citigroup says the U.S. tax code almost gave him a nervous breakdown. Buiter recently appeared on Bloomberg Radio primarily to talk about the European fiscal situation. The discussion, however, eventually returned to American shores and Buiter's dismay... > read more

Tax effects on everyday life

Published on 2012-03-28 13:22:59

Yes, I am a tax geek so I see taxes as part of almost everything. Just ask the poor hubby who has put up with this tendency for so many years. But it's true. Love 'em or mostly hate 'em, taxes are an integral part of everyone's life. We tend to focus on the bad... > read more

Why you should consider a Roth IRA

Published on 2012-03-27 16:17:01

With the tax filing deadline rapidly approaching, many folks are considering putting money into a traditional IRA because they can deduct their contributions. But before you do that, take a look at whether a Roth IRA might be a better move, especially for your long-term retirement goals. The table below shows the major differences in... > read more

Required minimum distributions from tax-deferred retirement accounts

Published on 2012-03-26 17:57:36

Traditional individual retirement accounts, workplace 401(k)s and a variety of self-employment retirement plans allow your investments to grow tax-deferred until you decide to call the 9-to-5 grind quits. As owner of such accounts, your plan (hope) is that you'll be making less money when you retire so your tax rate should be lower when you... > read more

Tax Carnival #100: Tax Tourney Time

Published on 2012-03-26 13:53:17

I understand from my friends who are hoops fans that this is a big time of the year. The NCAA men's collegiate basketball tournament is down to its Final Four teams: Kentucky, Louisville, Ohio State and Kansas. I'm not even going to pretend to know anything about which team is the favorite or even when... > read more

Deducting long-term care costs

Published on 2012-03-25 18:10:00

Uncle Sam estimates that 70 percent of older Americans will need long-term care services at some point. This isn't for medical care. Rather, long-term care includes services and support to help meet basic personal tasks of everyday life, such as doing housework, shopping for groceries or clothes, preparing and cleaning up after meals, obtaining and... > read more

What made 'Mad Men' angry? High taxes

Published on 2012-03-25 13:03:25

Tonight's the night for fans of the retro cable TV series "Mad Men." After a 525-day wait, we finally get a look at what's been happening in the lives of the folks at Sterling Cooper Draper Pryce. When the program premiered in 2007, it was set in the early 1960s. The fourth season ended in... > read more

Last week at my other tax blog: GOP budget; Avoiding tax on canceled debt

Published on 2012-03-25 01:02:10

Budgeting is critical for both governments and individuals. That financial task was the focus of posts last week at my other tax blog. On the macro budgeting scene, House Republicans revealed their plan for Uncle Sam's fiscal year 2013 budget. One of the major proposals is to collapse the current ordinary income tax brackets from... > read more

Making Work Pay tax credit, Schedule M are missing from 2011 taxes

Published on 2012-03-24 15:59:41

"Is there a 1040 Schedule M form for 2011? I can't find it anywhere. All the Schedule Ms are for 2010 or before," writes blog reader Jeanie. She's not alone in asking this question. I've gotten the same inquiry from a lot of readers. So Today's Tax Tip looks at what happened to Schedule M... > read more

Corporate tax-filing deadline is March 15

Published on 2012-03-13 13:28:21

If your business is incorporated, then you probably already know that your tax-filing deadline is looming. As my special countdown clock there in the left column -- No, not that April 17 one. Keep scrolling to just under the blurb about the IRS' small business tax calendar. Oh, all right. I've plugged it in this... > read more

Indiana tornado victims get federal disaster declaration, help from the IRS

Published on 2012-03-13 12:15:12

As expected, the Internal Revenue Service has added tornado-ravaged areas of Indiana to its tax relief list. Henryville, Ind., March 8, 2012 -- A series of tornadoes struck the area on March 2, killed 13 people and left hundreds homeless. President Obama issued a major disaster declaration on March 9, two days after the Joint... > read more

Tax Carnival #99: Daylight Tax Time

Published on 2012-03-12 17:00:23

Do you have a day after Daylight Saving Time hangover? Join the club. It's particularly unfair that we have one less hour during tax-filing season. But Tax Carnival #99: Daylight Tax Time has timely (sorry, I couldn't resist) tax tips to help you make up for those missing 60 minutes. Since our remaining tax time... > read more

22 hours needed to complete Form 1040

Published on 2012-03-11 18:49:38

How long does it take you to fill out your tax return? If you are you an average taxpayer, the Internal Revenue Service says it takes you around 22 hours to finish your Form 1040. For 1040A filers, it takes less than half that, just 10 hours. And you only need seven hours to finish... > read more

Some hardship situations allow penalty-free retirement plan withdrawals

Published on 2012-03-11 15:29:00

Even in the best of economic times, some folks find themselves in situations when they need to withdraw money from their retirement plan early. Photo by marioaguilar via iStock Early, according to tax law, is before you reach age 59½. When you do take out traditional IRA or 401(k) or similar plan money before that... > read more

Last week at my other tax blog: <br>GOP presidential hopefuls tax plans; <br>IRS expands Fresh Start initiative

Published on 2012-03-10 22:57:43

The guys running for president want to change the tax laws that the IRS must administer. Until then, the tax agency is making some changes of its own when it comes to working with financially-strapped taxpayers who owe money. Those were the topics of discussion last week at my other tax blog. As the Republican... > read more

How your home can cut your tax bill

Published on 2012-03-10 11:00:19

I've noticed a lot of "for sale" signs, and some "sold" ones, too, in my neighborhood of late. When I was a new homeowner, the annual rash of signs used to freak me out. I thought, "My gosh, we just moved in and all these people are leaving! What's the deal?!" Yes, in every community... > read more

Tax refund loan options still available, still costly

Published on 2012-03-09 18:11:10

This late in tax season, you'd think that folks wouldn't be interested in tax refund anticipation loans, usually referred to as RALs, or similar refund-related products. These quick tax cash options are typically used early in the filing season -- and sometimes before it officially starts -- by folks in a big hurry to get... > read more

Tax costs of a gallon of gasoline

Published on 2012-03-09 10:50:10

Americans are not happy about gasoline prices and they want the President and Congress to do something about it. Now. Before they hit the highways for summer vacations. Good luck with that, drivers. A new poll by Gallup found that a majority of both Republicans and Democrats said they believe elected officials can "do things... > read more

Help from the IRS for tornado victims

Published on 2012-03-08 17:49:39

People in the South and Midwest are still cleaning up from the spate of severe weather at the end of February and early March. Now some help from Uncle Sam for the first round of storms is official. Henryville, Ind., March 6, 2012 -- Tornadoes tore through several communities in southern Indiana March 2, leaving... > read more

Could privatized call centers be in the IRS' correspondence audit future?

Published on 2012-03-08 12:26:56

You've probably been audited and didn't even realize it. When the Internal Revenue Service sends out a letter requesting more information from filers, that's a correspondence audit. They are less labor intensive and don't require any intrusive face-to-face meetings with an IRS examiner. The IRS uses correspondence audits -- and a lot of them --... > read more

Don't become a victim of this year's <br>Dirty Dozen Tax Scams

Published on 2012-03-07 14:57:03

It's that time of year. The tax filing deadline is just about a month away and people are starting to freak out a bit. That makes them prime targets for tax scammers. In the last week, the Internal Revenue Service has been spreading the word on two new schemes that used real tax laws but... > read more

IRS online refund tracker back

Published on 2012-03-06 14:32:02

The Internal Revenue Service seems to be making progress on the glitch that's bedeviled its online tax refund tracking system this filing season. Some folks who've been trying to find the status of their tax refunds via the IRS' Where's My Refund tracking tool have been majorly frustrated. In some cases the expected refund dates... > read more

Tax preparer charged with trying to have two clients killed

Published on 2012-03-06 12:47:26

And you thought your tax pro was bad! OK, this California accountant wasn't just ticked off at a couple of people he thought were tax clients from hell. The former Internal Revenue Service agent is accused of ordering a hit on at least two former customers as they prepared to testify against him on fraud... > read more

Tax crooks cook up a food tax scam

Published on 2012-03-05 14:15:33

Alabama, Arkansas, Hawaii, Idaho, Illinois, Kansas, Mississippi, Missouri, Oklahoma, South Dakota, Tennessee, Utah, Virginia and West Virginia collect state sales tax on food. In Georgia, Louisiana and North Carolina, food sales are subject to local taxes. I understand that everyone eats, except for maybe the stray super model. That makes tacking a few cents onto... > read more

IRS has $1 billion for taxpayers who didn't file their 2008 tax returns

Published on 2012-03-04 22:53:27

Sure your 2011 tax return is due in a few weeks, but you might want to put it aside for bit and look at your 2008 records. If you didn't file a return for that tax year, the Internal Revenue Service could have some money for you. In fact, it could be as much as... > read more

Unclaimed 2008 tax year federal refunds, state by state

Published on 2012-03-04 22:41:40

The IRS has refunds totaling more than $1 billion awaiting claim by around 1 million people who didn't file a federal income tax return for the 2008 tax year. If you're one of them, you must file that prior-year return by this filing season's deadline, April 17. The median possible tax refund from 2008 is... > read more

Mortgage refinancing tax deductions

Published on 2012-03-04 16:14:01

The incredibly low interest rates have been a blessing for folks who've refinanced their home loans. Not only do they get smaller monthly house payments, today's Daily Tax Tip also looks at the related re-fi tax benefits. Deducting points: Points are one percent of the home loan amount. When loan rates are high, points can... > read more

How you can help tornado victims

Published on 2012-03-04 09:27:03

Tornado season 2012 has begun and it is not good. Weather Channel storm expert Dr. Greg Forbes says that the March 2-3, 2012, twister outbreak has the potential to be the largest on record for the month of March. The existing record is 74 tornado strikes March 11-13, 2006. Through Saturday, March 3, there were... > read more

Last week at my other tax blog: Tax rates for the rich; Kanye's foundation problems

Published on 2012-03-03 23:58:43

Tax issues of the wealthy have been getting a lot of attention. No, this time I'm not talking about the candidates for the Republican presidential nomination. The topics covered last week at my other tax blog were the appropriate tax rate for wealthier Americans and the spending habits of charitable foundations. Two recent public opinion... > read more

Larger standard deduction amount available to older, blind taxpayers

Published on 2012-03-03 08:58:05

Once we're out of our teens, most of us don't look forward to getting older. But at tax time, being a taxpayer of a certain age does have its advantages. Filers age 65 or older get a bigger standard tax deduction amount simply by checking a box on Form 1040 or 1040A. A larger standard... > read more

Beware tax scam illegally claiming the American Opportunity tax credit

Published on 2012-03-02 16:26:42

A new tax scam promising folks refunds based on the American Opportunity education tax credit is making the rounds. Under the scheme, con artists claim they can get a taxpayer a refund or nonexistent stimulus payment based on this higher education tax credit even if the victim is not enrolled in or paying for college.... > read more

Celebrating Texas Independence with a look at Lone Star, and other, state taxes

Published on 2012-03-02 12:38:26

Why do we Texans remember the Alamo? Because that momentous defeat came just four days after the new Republic declared its Independence on March 2, 1836. My Texas ancestors knew when they decided to break away from Mexico 176 years ago today that they were in for a fight. If the siege of the Alamo... > read more

Profit motive is critical to sustain <br>business tax deduction claims

Published on 2012-03-01 17:31:28

Starting a business is a big move. It also can pay off at tax time thanks to the many deductions an owner can claim as he or she works to make it a success. But a businessman or woman better make sure that those tax breaks truly are for a business that's started with the... > read more

Citibank frequent flier customers file lawsuit protesting Form 1099 filings

Published on 2012-03-01 14:15:32

Some new Citibank customers got a shock when the financial institution sent them 1099-MISC forms listing a taxable value of frequent flier miles they got for opening their accounts. Now those customers, many of them former customers if you believe their vows to sever ties with the financial giant, have sent Citi a surprise message... > read more

Tax moves to make in March 2012

Published on 2012-03-01 09:32:36

We got an extra day last month, but now March is here. Will this be a lion or lamb of a month for your taxes? If you find your tax filing is beastly, there are plenty of ways to tame the process. Consider the many electronic options. Most taxpayers qualify for Free File, the IRS-software... > read more

Who is the average taxpayer?

Published on 2012-02-29 10:59:00

Thanks to the baring of personal tax data during the battle to win the Republican presidential nomination, we've gotten good looks at some decidedly uncommon tax returns. Mitt Romney, again the frontrunner after primary victories in Michigan and Arizona, had income of $21.7 million in 2010 and $20.9 million in 2011. But because most of... > read more

Tax Carnival #98: Leaping into Taxes

Published on 2012-02-28 22:37:00

Tax Carnival fans, your wait is over! The collection of tax data, information and tips that was supposed to go live yesterday is finally here. I could offer all sorts of excuses explanations, but I prefer to put a more positive spin on the delay. The 98th Carnival of Taxes is simply taking advantage of... > read more

Wild, wacky and illegal tax deductions

Published on 2012-02-28 12:35:14

Americans seem to be their most creative when they're doing their taxes. They will try to convince their tax pros and the IRS that a wide range of weird claims are legitimate ways to reduce their tax bills. One area that always gets a lot of envelope pushing is dependents. First off for my friend... > read more

Buffett cites potential record-book sized tax return for Berkshire Hathaway

Published on 2012-02-27 12:08:16

What should we expect from Berkshire Hathaway's corporate tax return? Judging from CEO Warren Buffett's annual letter to shareholders, the filing could make it into the Guinness Book of World Records. In lauding the efforts of many of the company's employees, Buffett cited "the 23 men and women who work with me at our corporate... > read more

Be a good tax client

Published on 2012-02-26 18:25:44

Most taxpayers get professional tax help. And there's a lot of advice on how to hire a tax pro that fits your needs. But it's a two-way street. While you must carefully select and check out your tax preparer, the professional with whom you work to meet your tax responsibilities depends on you to get... > read more

Most Oscar nominees for best movie made with help from state film tax credits

Published on 2012-02-26 17:17:50

Nine movies are nominated for Best Picture at tonight's Oscars ceremony. Five of those productions took advantage of state film tax credits, according to research done by Stateline. Since it's Academy Awards Sunday, that number is this week's By the Numbers honoree. In fact, reports the magazine, four of the nine movies that were made... > read more

Danica, Daytona and politics

Published on 2012-02-26 10:53:55

NASCAR kicks off every new racing season with its biggest race, the Daytona 500. This 2012 event is getting added attention thanks to driver Danica Patrick and two Republican presidential candidates. Danica daze: OK, the really big news first. Danica will be making her Daytona 500 debut. She won the pole for yesterday's Nationwide Daytona... > read more

Last week at my other tax blog: Romney tie to tax shelter; Refund locator problems

Published on 2012-02-25 22:05:03

The Republican presidential nomination process is continuing, much to the dismay of Mitt Romney, who had hoped to have it sewn up by now. But things keep getting in his way. Some folks, however, aren't too concerned about politics. They just want to know where the heck their tax refunds are. They are having as... > read more

Plastic surgery usually isn't tax deductible

Published on 2012-02-25 06:27:00

Hollywood's biggest night is almost here. For film fans, it's a chance to see not only who takes home an Academy Award, but to check out the annual red carpet parade. The television commentators focus on the designer duds, but the hubby and I debate which stars got the best and worst plastic surgery jobs.... > read more

Best movie with a tax theme

Published on 2012-02-24 10:19:00

And the winner is "The Descendants." OK, so it was the only nomination in this obviously fake Academy Awards category. But still, film and tax geeks (and yes, there are some of us who fall into both categories) are jazzed. That the plot of this George Clooney movie involves estate planning got attention from the... > read more

Former Mets clubhouse manager pleads guilty to memorabilia theft, tax fraud

Published on 2012-02-23 15:33:00

It was an amazin' haul of New York Mets memorabilia that the baseball team's former clubhouse manager amassed. Too bad Charlie Samuels' collection techniques were illegal. While the MLB club for which he worked most of his adult life was working out on a Florida spring training field, Samuels was in a Queens court admitting... > read more

Where's 'Where's My Refund?'

Published on 2012-02-22 11:28:05

OK, the Internal Revenue Service's online refund tracking tool Where's My Refund? is still there at the agency's website. But it just doesn't have correct or up-to-date information for a lot of taxpayers. The refund locator tool problem stems from the same computer upgrades implemented this filing season to stop tax identity theft. As I... > read more

Capital losses can pay off at tax time

Published on 2012-02-21 17:19:34

The stock market topped 13,000 today for the first time since 2008 before ending the day just under that mark. So naturally, I'm thinking about stock losses. Seriously, though, even when the overall market does well, it's all too possible to have some individual holdings that stink. But those poorly performing assets could have some... > read more

Tax rules on deducting weight loss costs

Published on 2012-02-21 13:51:12

After today's Fat Tuesday celebrations a lot of folks probably will be looking at ways to trim the extra pounds they added. Revelers ride a fanciful pirate-theme float during the Krewe of Mid-City parade as Carnival in New Orleans kicks into high gear February 19, 2012. Several parades that were cancelled yesterday rolled with today's... > read more

Deducting your sales taxes

Published on 2012-02-20 15:04:04

Many Americans for whom this third Monday in February is a day off from work are spending it at local stores, picking up some sales items. From 2004 through 2011, purchases made during Presidents' Day and other sales throughout those years also were a helpful tax tactic. That's because for those tax years, federal taxpayers... > read more

Gasoline prices are at record highs and gas taxes could increase in some states

Published on 2012-02-19 22:45:59

The start of the summer driving season is more than three months away, but gasoline prices already are going through the roof. The U.S. Energy Information Administration says the average price for gas in the United States on Feb. 13 was $3.523 per gallon. That's four cents more than the previous week and 38 cents... > read more

Home improvements that can pay off <br>on your taxes when you sell

Published on 2012-02-19 09:08:58

One of the best tax breaks around is the home sale exclusion. When a single homeowner sells his house, $250,000 of profit is tax free. The nontaxable amount is $500,000 for a married home-owning couple that files jointly. The current real estate market is horrid in many parts of the country, so making that much... > read more

Last week at my other tax blog: Payroll tax cut extended; Santorum tax returns

Published on 2012-02-18 23:10:31

The Republican presidential wannabes are still duking it out by waving their tax returns at each other. Meanwhile, Congress actually passed a bill before Representatives and Senators took a break from Washington. Didn't they just get back in town in Janaury? Anyway ... Both of these topics were discussed last week at my other tax... > read more

Free tax help

Published on 2012-02-18 15:58:45

Free is good. Free tax help is better. There are lots of good no-cost tax resources via the Internet. To paraphrase the flight attendant spiel as the plane wheels to the gate, I know you have beau-coup options when surfing for tax info. And while I sincerely appreciate all y'all who drop by for the... > read more

Payroll tax cut OK'ed for all of 2012; high-earner recapture tax repealed

Published on 2012-02-17 14:09:00

You can head for the Presidents Day sales this long weekend knowing that when March arrives you'll still have a few extra dollars in your paychecks. The House and Senate have passed a continuation of the payroll tax cut through the rest of this year. The lower payroll tax rate produces around $20 more a... > read more

Santorum needs professional tax help

Published on 2012-02-17 09:56:51

Rick Santorum, the latest Republican presidential nominee wannabe to give Mitt Romney fits, apparently has had a tax filing epiphany. The former U.S. Senator from Pennsylvania released his tax returns this week. The filings from the last few years show that like most candidates for office, Santorum is sort of rich. On earnings ranging from... > read more

IRS offers homebuyer credit payback calculator, eliminates form for some

Published on 2012-02-16 14:51:23

America's housing problems continue to dominate economic and political discussions. You can add taxes to the mix, too. Back in 2008, the original first-time homebuyer credit was enacted. It was ostensibly created to help new buyers get their first homes. How successful the credit and its subsequent iterations was and just who benefited more --... > read more

Tax tips for the day after Valentine's Day

Published on 2012-02-15 12:24:02

The most romantic day of the year has past. Some folks are very happy today. Others, not so much. If yesterday was a great Valentine's Day and you are now engaged, congratulations! Here's my wedding gift to you: Some tax issues to consider as a married couple. Filing status: The date you choose to exchange... > read more

Was Al Capone an IRS victim?

Published on 2012-02-14 14:00:00

It's Valentine's Day so you know what I'm thinking about. Taxes. And yes, the hubby has learned to live with my idiosyncratic approach to most holidays. One of the Internal Revenue Service's most famous victories was a direct result of one of the bloodiest days in mob history on Feb. 14, 1929. This day for... > read more

Tax Carnival #97: Federal Budget Edition

Published on 2012-02-13 22:35:44

Today's Tax Carnival is a bit delayed. You can blame the Fiscal Year 2013 budget, or celebrate it if you're a total budget wonk. Whatever. Actually, the Obama Administration was late in releasing the federal budget. It is by law supposed to be delivered on the first Monday in February. But for the second year... > read more

The Buffett Rule is a great replacement for the alternative minimum tax

Published on 2012-02-13 16:27:00

By now you've seen the highlights of Obama's fiscal 2013 budget. Depending on your fiscal and/or political leanings, it's a solid financial hybrid of stimulus and deficit reduction efforts or simply a document filled with monetary gimmicks. There is, however, one thing everyone can agree on: There's not much new in this budget. Senate Budget... > read more

Tax Carnival #88: Tax Independence

Published on 2011-07-04 16:58:00

On July 4, 1776, the Continental Congress adopted the Declaration of Independence. The decision on to break away from England had been coming for a while. The precise process to do so began about a month before. On June 7 in a session at the Pennsylv > read more

July 4th fireworks contribute to coffers

Published on 2011-07-04 11:42:32

It's a muted Independence Day here in Austin. Our persistently hot, dry and windy weather has made this part of Central Texas a tinderbox, so the city has canceled its traditional July 4th fireworks display. The state capital is not alone. Several ne > read more

NFL lockout's tax cost to states

Published on 2011-07-03 13:33:27

Summer is a great sports season, especially for folks who like to participate. But there are lots of offerings for us spectators, too. U.S. soccer nuts have a full Major League Soccer schedule. Every weekend brings gearheads a combination of motorspo > read more

Last week at my other tax blog: Mileage rates hiked; Tax trouble for IRS staff

Published on 2011-07-02 21:51:49

Last week was a good news, bad news one at the Internal Revenue Service. Some of the news discussed last week at my other tax blog was good for taxpayers. But some of the news was bad for the IRS itself. Since I'm glass half full kind of gal, let's b > read more

The closure of Minnesota, America's fiscal future in miniature?

Published on 2011-07-02 16:04:00

Dear Washington, D.C., take a look at Minnesota on this long weekend when we Americans are supposed to be celebrating our country's independence. Instead, folks in that upper Midwest state are having a decidedly crappy Fourth of July holiday. And it' > read more

Taxpayer Advocate says taxpayers will pay if IRS budget is cut

Published on 2011-07-01 18:18:14

Internal Revenue Service Commissioner Douglas Shulman last month warned Congress that budget cuts to his agency could lead to a bigger federal deficit. The math is simple. If the IRS doesn't have enough money to enforce tax laws and collect revenue, > read more

Charitable checkoff questions raised by Illinois 'borrowing' tax return donations

Published on 2011-07-01 11:46:02

When we paid state income taxes in Maryland, I was a big fan of the charitable checkoff system. But looking at what Illinois has done with these philanthropic tax return gifts has changed my mind. A check-off contribution typically allows you to give > read more

Ron and Rand Paul, father-son deficit cutting duo, go their separate ways

Published on 2011-06-30 16:17:04

It's true. Republican Rep. Ron Paul of Texas, who's injected his Libertarian leanings into the GOP presidential nomination battle, and his freshman Senator son Rand Paul of Kentucky are no longer sharing a home in the Washington, D.C., area. Everybod > read more

Tax cutting on Capitol Hill gets personal

Published on 2011-06-30 10:07:58

The president threw down the gauntlet when it comes to taxes and the federal debt limit. Now Capitol Hill plans to make the tax cut fight personal. Senate Democrats today plan to force a vote on tax loopholes, many of which are championed by their Re > read more

Kid's camp might be tax deductible

Published on 2011-06-29 11:06:00

The hubby and I are child-free, but our neighborhood is full of kids. It's also full of moms and dads who both work outside the home. So what do our working parent neighbors do when school is out for the summer and their youngsters have hours and hou > read more

Did brain injury contribute to $80 million tax fraud case?

Published on 2011-06-28 17:34:37

Did injuries sustained by a Michigan drag racer in a non-competition car crash seven years ago contribute to his involvement in an alleged $80 million tax fraud case? That's the question that everyone involved in the case, but particularly Evan Knoll > read more

Florida's train to nowhere

Published on 2011-06-28 13:02:50

A Florida Congressman is fighting for a 61-mile commuter rail project in the center of his state that, reports the New York Times, the federal government ranks as one of the least cost-effective mass transit efforts in the nation. Finally, Alaska's b > read more

Many marriage and divorce tax issues, regardless of couple's gender

Published on 2011-06-27 13:49:20

How serendipitous that New York's decision to sanction same-sax marriages came in June, the most popular month for weddings. OK, it takes 30 days for the law to go into effect, pushing the first exchanging of vows to July 24, but every couple needs t > read more

New York Amish facing sales tax e-filing dilemma and penalties

Published on 2011-06-26 19:49:44

New York businesses who collect sales taxes now must file those returns and make payments electronically. If they don't, the state's Department of Taxation and Finance will assess a $50 penalty for each failure to e-file. Most Empire State businesses > read more

Military sponsorships of NASCAR and other sports again under fire

Published on 2011-06-26 15:31:15

The NASCAR drivers are turning left and right today on the road course in Sonoma, Calif. The sport's most popular driver, Dale Earnhardt, Jr., is driving a car with National Guard decals. But some of Junior's fans, as well as those who support other > read more

Last week at my other tax blog: Pro error, filer pays; Banks sued for foreclosure tax

Published on 2011-06-25 19:00:18

It usually pays to be judicious when it comes to taxes. But when taxpayers didn't exercise enough prudence, their tax actions entered the judicial realm in a couple of cases discussed last week at my other tax blog. Let's start with the U.S. Tax Cour > read more

Want to erase the deficit? Enact a stupidity tax

Published on 2011-06-25 15:51:54

Scott Adams, the man who's made a fortune by making fun of the stupidity that abounds in much of corporate life, wants to use that concept in our real world. Specifically, he's suggesting a stupidity tax. "I'm just curious as to whether tax poli > read more

Golfer Goosen, tax guinea pig

Published on 2011-06-24 21:13:46

Professional golfer Retief Goosen, fresh off a Tax Court case in which he received a split decision on how Uncle Sam taxes his U.S. earnings, wants to make sure everyone knows that he's in good standing with the IRS. The tax case was never a matter o > read more

France abandons effort to tax Google

Published on 2011-06-24 17:39:46

Last year France began exploring ways to tax Google and other big online advertising companies. That effort is now dead. The New York Times reported last week that French President Nicolas Sarkozy's party has withdrawn legislation seeking to impose a > read more

NYC bagel maker who had payroll tax run-in is closing iconic store

Published on 2011-06-24 16:50:15

H&H Bagels, the iconic New York City bagel shop that in 2009 was charged with failure to make payroll tax payments, is closing its Upper West Side store. Earlier this week, H&H's store at Broadway and West 80th Street had been stripped of its signage > read more

The first thing we do, let's blame all the tax lawyers and accountants

Published on 2011-06-24 15:11:41

From the always entertaining "Mr. Kettle, meet Mr. Pot" file we have former IRS Commissioner Mark Everson pointing fingers at tax attorneys and accountants in connection with the 2008 financial industry meltdown. Everson, who headed the Int > read more

Tax activists want U2's Bono to 'pay up'

Published on 2011-06-24 10:09:37

Glastonbury Festival. U2. Tax protesters. Yep, that's what is on tap at the famed music event tonight. U2 will be making a long-awaited first appearance at Glastonbury tonight. Among those waiting to greet Bono, The Edge and the rest of the boys as t > read more

I love you honey, but not your tax return

Published on 2011-06-22 15:10:50

June is the month when lots of couples are saying "I do." But when it comes to filing a joint return, many opt to say "I don't." True, opting to fill out your Form 1040 as married filing jointly is the preferred filing status for > read more

Lessons from $110,000 tax refund theft

Published on 2011-06-22 11:22:53

Too often, tax refunds end up in the wrong hands because a criminal has actively gone after the money, usually employing some sort of identity theft computer hack or tax scam. But a California woman discovered a mistake that she made on her tax retur > read more

Tax cuts don't pay for themselves

Published on 2011-06-21 17:13:26

Here's a fun way to wrap up a Monday, getting everyone fighting about, finessing figures, debating discussing tax cuts. Visit msnbc.com for breaking news, world news, and news about the economy Play nice. See you tomorrow! Hat tip: TaxProf Blog Relat > read more

Music and video downloads on Rhode Island's potential tax list

Published on 2011-06-21 09:47:37

Not only were the Beatles great musicians, Rhode Islanders are probably thinking the band was prophetic. After all, "The Taxman" lyrics are a long list of taxable items that used to seem outrageous. But as states cope with dwindling treasur > read more

California, Texas: A tale of two online sales tax approaches

Published on 2011-06-20 17:14:03

The battle by states to collect sales tax money from online retailers continues to be fought on various fronts with varying degrees of success. The tax collection proposals would apply to all online sellers, but they're known as Amazon taxes because > read more

Garage sale -- and tax, permit -- time

Published on 2011-06-20 12:00:23

My neighborhood's spring garage sale was last month. It seemed to go well. And by well, I mean that none of our neighbors put out anything to sell so the hubby and I were spared the early morning hubbub of junk browsers. But summer is a prime time to > read more

Happy Father's Day to 1.8 million single dads & their head of household tax status

Published on 2011-06-19 18:56:01

On this Father's Day, here's a special shout out to the dads who are raising their families on their own. The U.S. Census Bureau reports that in 2010 there were 1,762,000 men across the country who were raising kids solo. So on this day when we celeb > read more

Happy Father's Day 2011

Published on 2011-06-19 09:40:21

I got a bit of a head start on Father's Day last Wednesday with the Weekly Tax Tip about tax help in taking care of dad as he gets older. Those of us lending a hand to aging parents will need all the financial assistance we can get, according to a ne > read more

Last week at my other tax blog: Charities lose IRS OK; No tax for high earners

Published on 2011-06-18 20:54:44

You win some. You lose some. That's how it went last week at my other tax blog. The winners were higher-income taxpayers who found ways to avoid paying tax when they filed their 2008 returns. It's no surprise that they used the same technique that lo > read more

Tornado relief legislation introduced

Published on 2011-06-18 14:02:47

Victims of major natural disasters often get special tax consideration. But some members of Congress think that this year's incredibly destructive weather across much of the United States calls for added help. Sen. Richard S. Shelby (R-Ala.) has intr > read more

Increase the IRS budget; No, don't!

Published on 2011-06-17 19:50:12

The agency in charge of collecting the money needed to run the U.S. government and its programs has taken an early hit in the Congressional appropriations process. The House Appropriations Committee's subcommittee on financial services and general go > read more

Ethanol tax break is dead, long live the ethanol tax break

Published on 2011-06-17 12:42:38

As I sat down to my bowl of corn flakes this morning, I couldn't help but wonder about the future price of a box of cereal. My breakfast food cost musings were prompted not only by my plans later today to do our weekly grocery shopping, but also by t > read more

High-income filers avoiding tax, too

Published on 2011-06-16 14:13:20

What in the world am I doing wrong? It seems like everyone -- low-to-middle income filers, big companies and now folks earning more than $200,000 a year -- is able to avoid paying taxes. OK, so not every person is having a happy April 15. It just see > read more

Tax help when you help out your aging dad (or mom)

Published on 2011-06-15 16:31:30

Father's Day is Sunday. Cards will be mailed, special dinners prepared and a variety of gifts presented to the men who mean so much to us. Many of us also will be dealing with things that go beyond one special day. Some folks with an aging dad are he > read more

Tax expatriates trend growing

Published on 2011-06-15 09:33:00

Today is the filing deadline for American taxpayers living abroad. However, some folks no longer have to worry about the IRS. They've become "taxpatriates;" that is, they have surrendered their citizenship to avoid paying U.S. taxes. For th > read more

Tax forms due today from estimated tax filers and residents living abroad

Published on 2011-06-15 05:23:00

Most taxpayers wrapped up their 2010 tax duties in April. But today, June 15, is the filing deadline for payers of estimated taxes. The second payment for the 2011 tax year is due today. It's also the deadline for some taxpayers who automatically wer > read more

Happy Flag Day ... and happy birthday to my little brother

Published on 2011-06-14 18:03:25

It's been a crazy June 14. But I couldn't let the day pass without a nod to the Stars and Stripes, and especially to my little brother. As long-time readers of the ol' blog know, this day is special to me not for the Red, White and Blue reasons, but > read more

Exotic dance, artistic performance: tomato, tomahto, taxes

Published on 2011-06-14 13:58:45

I've been to enough cultural events to know that there is a very wide range of what is deemed artistic. The hubby and I have some heated interesting discussions after each museum exhibit or live performance we attend. A gentleman's club in Latham, N. > read more

Sorry, senior citizens, there's no stimulus rebate check in sight ... yet

Published on 2011-06-13 07:36:00

Americans are more pessimistic about the economic recovery. A report late last month from the Conference Board, a business research association, found that consumer confidence fell in May to its lowest level since last November. "Consumers are c > read more

Federal e-filing history now includes more than 1 billion taxpayers served

Published on 2011-06-12 09:13:00

The Internal Revenue Service borrowed a phrase from a popular fast food franchise in announcing that it had served more than 1 billion taxpayers via electronic filing, but I suspect the tax agency is bit behind in corresponding "happy returns.&q > read more

What do you want from government?

Published on 2011-06-11 17:30:52

Exactly what we want from our government -- actually, let's go plural, since we all pay taxes to our state and local governments as well as to Uncle Sam -- is a continual, and frustrating, question. Yet we still long for answers. So just in case you' > read more

Last week at my other tax blog: Tax cuts turn 10; Employer payroll tax break?

Published on 2011-06-11 12:39:23

Did you throw a tax party last week? What? You missed the 10th anniversary of the Bush tax cuts? No worries. They're in place through 2012 so you have more chances to celebrate. But should you? The ramifications of the tax cuts enacted on June 7, 200 > read more

Pro golfer Goosen, Russian yachtsman facing tax troubles this Follow-up Friday

Published on 2011-06-10 17:35:39

Two summer recreational staples are involved in this week's Follow-up Friday, although at much more intense levels than you and I participate. Let's start with golf. You might recall that a couple of professional golfers were fighting with the Intern > read more

IRS budget cuts would increase the federal deficit

Published on 2011-06-10 06:33:00

As Washington, D.C., continues to struggle with reconciling the federal deficit and operating budgets, no agency is immune, including the one charged with bringing in Uncle Sam's money. But, warned IRS Commissioner Douglas Shulman, budget cuts to his > read more

Leona Helmsley's rich dog is dead

Published on 2011-06-09 14:00:07

Trouble, the Maltese bequeathed $12 million when her rich owner Leona Helmsley died in 2007, has also passed away. The pooch was 12 years old or, as the New York Daily News notes, 84 in dog years. As you might recall, some of the wealthy hotelier's h > read more

IRS erroneously awarded $151 million in auto sales tax deductions

Published on 2011-06-09 11:56:01

If you needed yet another example of why the tax code should be retooled, here you go courtesy a tax oversight agency report released this week that reveals the IRS handed out more than $151 million in erroneous deductions for a short-term tax break. > read more

Estimated tax payment due June 15

Published on 2011-06-08 12:00:05

Yes, it's that time again. Time for the Weekly Tax Tip and time for many of us to hand over more money to Uncle Sam. The U.S. tax system operates on a pay-as-you-earn system. So that means when you have income that isn't subject to withholding, it's > read more

Tax cuts, 10 years and counting

Published on 2011-06-07 18:29:20

For tax geeks, today is one of those "where were you?" days. On June 7, 2001, then-President W's first round of tax cuts became official. The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 was enacted. "Tax cuts tur > read more

Tan tax repeal effort underway

Published on 2011-06-07 14:03:01

A group of Republican Representatives has introduced a bill to repeal the excise tax on indoor tanning services. They say they want to get rid of the levy because it's an unfair burden on small businesses. "The health care law unfairly imposes o > read more

Tax Carnival #87: Star-struck Taxes

Published on 2011-06-06 22:43:49

Welcome to June, the sixth month of the year and home of the official beginning of summer. The ever-warmer days mean we spend additional time outdoors, both day and night. If you're inclined to enjoy June after dark, several constellations are on dis > read more

Supreme Court says 'no' to Wesley Snipes' tax conviction appeal

Published on 2011-06-06 13:23:37

Actor Wesley Snipes, currently serving time in federal prison for three misdemeanor convictions of failing to file tax returns, better get comfortable. He's stuck there for a while. The U.S. Supreme Court today rejected Snipes' request for a hearing > read more

New Hampshire eliminates gambling tax

Published on 2011-06-06 11:29:58

New Hampshire gamblers are feeling a lot luckier nowadays. The state no longer collects tax on winnings. That's right, jackpots pocketed from state lottery drawings, as well as winnings from bingo, slot machines, keno, poker tournaments and any other > read more

Rarely-filed gift tax could factor in John Edwards' campaign hush money charges

Published on 2011-06-05 09:03:45

The U.S. Treasury gets its money from a variety of tax sources. Collections data for 2010 show that gift taxes accounted for more than $ 2.7 billion. That's a lot of money, but it was only a fraction, literally, of the almost $1.9 trillion in taxes t > read more

Last week on my other tax blog: <br>What 401(k)s cost Uncle Sam; <br>Adoptive parents wait on tax refunds

Published on 2011-06-04 20:15:27

Is your retirement savings account contributing to the federal deficit? Yes. How much? Some folks figure as much as $67 billion a year. The five-year revenue loss projections balloon to around $600 billion. So should Washington, D.C., do away with th > read more

Debt limit, tax reform and me on 'net TV

Published on 2011-06-04 11:48:53

We've got about two months until the U.S. federal debt ceiling deadline arrives. If Congress holds true to form, it will be Aug. 1 (and probably around 11:55 p.m.) before lawmakers reach an agreement that will allow the United States to keep paying i > read more

Tax books, disaster preparedness fill up this week's Follow-up Friday

Published on 2011-06-03 16:39:51

Welcome to the second edition of Follow-up Friday. You might recall that last week about this time I launched the new feature in which I'll provide updates on previous blog post topics. Books are the main focus this week. The memoir "Innocent Sp > read more

Capital gains tax controversy flares, this time in Egypt

Published on 2011-06-03 12:37:45

While U.S. lawmakers are fighting about the debt limit, talk about the way we tax capital gains -- a hot topic a few months ago when the Bush-era tax breaks (which now should be called the Obama-era tax breaks since he signed off on them last Decembe > read more

Cat lady's feline foster care tax deduction slashed from $12,000 to $250

Published on 2011-06-03 06:13:00

A taxpayer's out-of-pocket expenses while doing volunteer work with a qualified charity generally are tax deductible, as long as the individual can prove the expenditures if the IRS asks. That's the costly lesson a cat lover learned when she claimed > read more

Tax refunds lost to identity thieves is a growing problem

Published on 2011-06-02 15:18:49

We are an increasingly electronic society. But our dependence on online options makes it easier for identity thieves to steal our data and, in a growing number of cases, our tax refunds. The Government Accountability Office reports that in 2010 alone > read more

Tax moves to make in June 2011

Published on 2011-06-01 14:01:44

Summer is here, but there's no vacation from taxes. Sure, you don't have to worry about 1040 specifics, unless you got an extension and still haven't filed your 2010 return (guilty!). Remember, we tax procrastinators still can rely on the Daily Tax T > read more

Get disaster help from the IRS; <br>Before storms strike, prepare!

Published on 2011-06-01 11:28:38

After a catastrophe, who do you call? The IRS. Really. The Internal Revenue Code, administered by the IRS, provides some much-needed relief to eligible victims of major -- aka presidentially declared -- disasters. In these extreme cases, which millio > read more

Boat, sweet tax-deductible, second home, but perhaps for not much longer

Published on 2011-05-31 15:30:21

Austin, Texas, where I currently call home, is surrounded by a decent amount of water. And although the current drought has dropped the area lake levels a bit, the waterways were full of boats this Memorial Day weekend. The slice of Lake Austin (real > read more

Memorial Day remembering, planning

Published on 2011-05-30 11:14:03

As we all take at least a few moments on the Memorial Day to remember the men and women who made the ultimate sacrifice, let's acknowledge those who are now serving in our armed forces. It's a tough job on all fronts. Financially, many Americans in m > read more

529 college savings plans

Published on 2011-05-29 18:26:59

In most locations, the school year is over. But when it comes to paying higher education costs, students and parents need to do their financial homework year-round. One subject they want to study is 529 college savings plans. These accounts are named > read more

Racing reflects the economy

Published on 2011-05-29 14:02:25

This is one of my favorite days of the year. The last Sunday in May usually means three fantastic auto races. It starts early with the Formula 1 Grand Prix of Monaco. This is one of the greatest races in the world. Not only do the streets of Monte Ca > read more

Sales tax holidays, gas excise taxes: Featured last week at my other tax blog

Published on 2011-05-28 17:56:58

Welcome to the Memorial Day weekend. This holiday is a somber one, created to honor the memories of servicemen and women who gave their lives protecting us and greater causes. They should never be forgotten, and especially not on this special weekend > read more

Gas tax holiday talk ramps up again

Published on 2011-05-28 14:46:49

As Memorial Day approached, lawmakers in several states started talking about gas excise tax holidays. That's not surprising. Politicians are always looking for a populist hook. And the beginning of the summer driving season provides a perfect one ea > read more

Follow-up Friday: Arnold's projects, <br>D.C. muni bond tax, tornado donations

Published on 2011-05-27 16:29:37

I try to cover a lot of stuff here on the ol' blog. Sometimes, though, it's hard to keep track of what happens after a post. So I'm today instituting Follow-up Friday, a new feature that I plan to post at the end of the work week when there's somethi > read more

Gasoline price calculations: excise taxes, state fees and more add up at pump

Published on 2011-05-27 12:46:08

If you're one of the almost 35 million Americans expected to hit the highway this Memorial Day holiday, make sure you have enough gas money. Gasoline prices aren't going to hit the $5 dollar a gallon mark (thank goodness!) that some predicted back in > read more

Democrats support tax fraud and waste; Republicans hate middle-class workers

Published on 2011-05-26 14:21:08

It's no surprise that in connection with yesterday's Ways and Means Oversight Subcommittee hearing on problems with refundable tax credit payments that the usual political charges were made. Yep, this blog post's headline encapsulates what each side > read more

Three states celebrate Memorial Day with sales tax holidays

Published on 2011-05-25 11:23:00

The Memorial Day weekend traditionally marks the beginning of summer. It also heralds the start of the summer-time state sales tax holidays. While most of the tax-free events are later in the season to lure back-to-school shoppers, three states -- Lo > read more

Let the IRS help with your travel

Published on 2011-05-25 09:51:00

No, Internal Revenue Service employees aren't moonlighting as travel agents. But if you properly combine business and personal travel, the tax code could help cover some of your costs. Tax help for business, pleasure trips is our latest Weekly Tax Ti > read more

House panel to examine improper refundable tax credit payments

Published on 2011-05-25 07:02:00

2011 is the year of finding every possible penny of revenue. As part of that effort, the House Ways and Means Oversight Subcommittee is today looking into refundable tax credit payments that shouldn't have been made. Refundable credits are, as their > read more

Washington, D.C., considers taxing municipal bond interest

Published on 2011-05-24 16:44:04

The nation's capital is the only U.S. jurisdiction that does not tax the interest earned on out-of-state municipal bonds. That tax break could be coming to an end. The Washington Business Journal reports that D.C. Council Chairman Kwame Brown appears > read more

The dual costs of tax debts owed by government contractors

Published on 2011-05-24 12:03:51

Folks are pretty ticked off by a Government Accountability Office investigation that found thousands of contractors who got federal stimulus money back 2009 owed Uncle Sam big tax bucks. We all should be angry at tax scofflaws getting more of our tax > read more

How to help Minneapolis, Joplin (and other) tornado victims

Published on 2011-05-23 16:16:49

Storm season is always awful, but Mother Nature has been particularly nasty this year. Sixty-eight tornadoes were confirmed over the weekend. Two cities were particularly hard hit. Now the residents of Minneapolis, Minn., and Joplin, Mo., are trying > read more

IRS not likely to bump up optional standard mileage deduction rates ... yet

Published on 2011-05-23 12:15:55

I filled up my car this weekend and was pleased to see that the pump price at my local station had come down a few pennies. And that's exactly why the IRS isn't too keen on adjusting its 2011 optional standard mileage deduction rates right now. These > read more

Beer's tax contribution to the economy; By the Numbers: $18 per gallon

Published on 2011-05-22 19:00:19

I enjoy a beer now and then. For the most part, the price of a brewski isn't too bad, unless you're buying one at a major league sports event. Talk about a captive, and thirsty, audience! Part of the price of any beer comes from taxes. There are, of > read more

A tax toast for craft beer

Published on 2011-05-22 15:02:31

There are a few hours left before the 2011 Amercian Craft Beer Week celebration ends, so head to your local pub for a specialty brew or two. And while you're there, here's something else you can toast: BEER, or the Brewer's Employment and Excise Reli > read more

Last week at my other tax blog: <br>Refund tracking; auditing the rich

Published on 2011-05-21 22:00:13

Last week marked one month since the April 2011 tax-filing deadline. That's why one of the posts at my other tax blog last week was how to track down your IRS refund. The IRS offers you refund tracking tools at its website with the Where's My Refund? > read more

What's bugging the IRS? Bed bugs

Published on 2011-05-21 06:45:00

Warm weather brings out bugs. Here in Central Texas, although it's still May, we're overrun by June bugs. But in Internal Revenue Service facilities, the primary pest apparently is the bed bug. No jokes about IRS agents sleeping on the job. No jokes > read more

The price of a S.C. tax break for Amazon

Published on 2011-05-20 12:43:35

South Carolina lawmakers in April refused to grant Amazon a tax break when it comes to collecting the state's sales tax. The giant online retailer promptly pulled the plug on a plan to build a distribution center in Lexington County. What a differenc > read more

Tax overhaul should begin with (second) home-related tax breaks

Published on 2011-05-19 16:39:10

As I was electronically thumbing through tax-related stories today (yeah, I know; you wish you had my life!), I stopped to read about how today's low real estate prices and higher gift tax limits make this a good time for rich second-home owners to g > read more

Life, art, Arnold, taxes

Published on 2011-05-19 11:52:07

When life meets art, or vice versa, the intersections are often more interesting than the eventual creative endeavor. Take the case of Arnold Schwarzenegger, the former California governor who's working through some messy family issues while also try > read more

Louisiana income tax repeal advances

Published on 2011-05-18 15:54:48

While most states are scrounging for more money -- or thanking their lucky stars for unexpected revenue windfalls -- some Louisiana lawmakers are working to repeal all Pelican State income taxes. The proposal, SB 259, moved a step forward (or backwar > read more

Tax record-keeping time!

Published on 2011-05-18 13:17:51

It's been a month since most Americans filed their federal tax returns. So what happened to all the material they used to fill out their 1040s? If they had a record keeping system in place, they probably immediately shifted "2010 taxes to-do&quo > read more

Schwarzenegger's love child raises child support, marital money & tax questions

Published on 2011-05-17 17:47:30

So that's why former California Gov. Arnold Schwarzenegger and Maria Shriver have separated after 25 years of marriage and are likely headed to divorce court. Right now Shriver is probably trying to decide which is worse, that her philandering husban > read more

States get unexpected tax windfalls

Published on 2011-05-17 13:10:55

What's up with all this surprise tax money? First U.S. Treasury Secretary Timothy Geithner announces that his office found enough additional tax money found to delay the country's default until Aug. 2. Then cash-strapped states started discovering ex > read more

'Tax Lady' is broke, out of business and still facing charges in California

Published on 2011-05-16 13:20:16

Roni Deutch, a California tax attorney known nationally as the Tax Lady thanks largely to her cable television ads, is bankrupt, out of business and facing state charges that she cheated clients out of $34 million. The California Attorney General's o > read more

Sell gold to reduce federal debt

Published on 2011-05-16 08:58:49

With the debt ceiling deadline upon us, some conservative and libertarian economists say that instead of waiting for Congress to act, Uncle Sam should take advantage of Fort Knox's assets. With the precious metal's current price at around $1,500 an o > read more

How did $250,000 become the tax definition of rich?

Published on 2011-05-15 18:11:17

As the debates over the next federal budget, reducing the deficit and tax reform continue, lots of ideas are being tossed around. But one number seems to always come up: $250,000. The quarter of a million dollars amount was a major focus of the 2008 > read more

Atlantic City casino's bad blackjack luck is good news for lone card player, IRS

Published on 2011-05-15 11:58:29

Casinos tend to like whales, those big-spending players who are willing to gamble large sums and generally leave a sizable amount at the betting parlors' tables. Well, things didn't work out so well for Tropicana Casino and Resort in Atlantic City, N > read more

Last week at my other tax blog: Worst tax season ever; U.S. vs. global taxes

Published on 2011-05-14 17:03:33

Hope last week was a good one for you. On the blogging front, it was an interesting week at my other blog over on Bankrate.com. First, I looked at why the first-time homebuyer credit was the main reason that many have described January through April > read more

Young New Yorkers flee high taxes

Published on 2011-05-14 11:44:20

Anti-tax advocates frequently argue that high tax rates drive away an area's richest residents. Taxes also might prompt moves by those at the other end of the earnings scale, young adults just beginning their careers. A recent poll by the Marist Coll > read more

Marlee Matlin working with IRS to pay $50,000 in back taxes

Published on 2011-05-13 12:25:59

Academy Award winning actress Marlee Matlin is the latest celebrity in tax trouble. She owes $50,000 in taxes she didn't pay for the 2009 tax year. "It's the reality that a lot of people in America are facing," says Matlin, whose latest gig > read more

Representatives ask IRS for mid-year hike of standard mileage rates

Published on 2011-05-12 13:29:35

Tired of waiting for the Internal Revenues Service to act on its own with regard to the standard mileage deduction rates, a dozen Representatives this week sent the tax agency chief a letter. Led by Rep. James Sensenbrenner (R-Wis.), the bipartisan g > read more

Oil industry defends its profits, argues against windfall profits tax

Published on 2011-05-12 09:02:45

I know you've been waiting for this. Big Oil executives are testifying right now before the Senate Finance Committee's ominously named (for the industry) hearing on Oil and Gas Tax Incentives and Rising Energy Prices hearing. Senate Democrats want to > read more

Bristol Palin's 'medical' plastic surgery could be tax deductible

Published on 2011-05-11 14:52:38

Cosmetic surgery? Nope. Corrective medical surgery that just happened to make a few facial improvements? You betcha! Bristol Palin arrives at the Candie's Foundation 10th anniversary Event to Prevent benefit in New York May 3, 2011. The aim of the or > read more

Tax refund wrong? Why, what to do

Published on 2011-05-11 12:36:18

Most folks get a refund from Uncle Sam each year. They either like the forced savings (despite the advice of tax and financial advisers) or the tax cash was a nice one-year surprise. But occasionally, the check that shows up in your snail mail box or > read more

Innocent spouse tax time limit concerns

Published on 2011-05-10 15:17:41

Divorce talk is in the news again with the separation of Maria Shriver and Arnold Schwarzenegger. California Governor Arnold Schwarzenegger is joined by his wife Maria Shriver while being sworn into office for a second term by Supreme Court Chief Jus > read more

Working 2+ hours each day to pay taxes

Published on 2011-05-09 07:00:00

I'm not advocating you become a clock watcher at work, but you might want to take note of 11:13 a.m. today. If you arrived at your office at 9 a.m., that's the time at which you'll have earned enough to pay today's share of federal, state and local t > read more

Big Oil bracing for tax battle

Published on 2011-05-09 05:34:00

As expected, the ginormous profits posted by major oil companies has caught the attention of tax-writing members of Congress. Senate Democrats say they will present this week a plan to eliminate oil company tax breaks and use the estimated $21 billio > read more

Child tax credit pays off in refunds <br>By the Numbers: 17.8 million

Published on 2011-05-08 18:11:40

Uncle Sam gives moms an early Mother's Day gift every year in the form of the child tax credit. For the 2010 fiscal year, Internal Revenue Service data shows that almost 15 percent of the individual tax refunds issued were attributable in part to the > read more

What Mom should be paid

Published on 2011-05-08 10:24:23

Our love for our mothers is boundless. And we all got our Moms the perfect gift this Mother's Day to show her just how much she's worth to us. But as I like to tell folks, "Say it with cash!" OK, giving Mom a handful of dollars might underc > read more

Last week at my other tax blog: Who gets taxed how much and states vs. Amazon

Published on 2011-05-07 18:34:13

Regular readers (and close inspectors of the ol' blog's right column) know that I also blog for Bankrate.com. Sometimes I cover the same topic here and at my Bankrate Taxes Blog, especially when there are multiple aspects to the same tax matter. But > read more

Per-mile tax taken for a brief test drive

Published on 2011-05-07 08:35:00

Just as we're about to hit the road on our summer vacations, there's talk of making us pay a per-mile tax. Say it ain't so! It is so. But it's also just talk. Yes, the Department of Transportation last week floated the possibility of instituting a pe > read more

April's terrible, tragic tornado toll; <br>IRS offers relief for more storm victims

Published on 2011-05-06 06:31:00

It's official. April was a record-setting month for tornadoes. A preliminary count of 692 tornadoes last month shatters the previous record for the number of twisters in any month. That had been 542 tornadoes in May 2003. The worst of this April's da > read more

Taxes paid by undocumented workers

Published on 2011-05-05 14:17:57

Obama has been making a concerted effort to shore up Hispanic support. At his commencement address last week to the 2011 class of Miami Dade College, the prez pledged his support for immigration reform and the DREAM Act. The DREAM Act -- the acronym > read more

Thinking about Mom in this week's tax tip

Published on 2011-05-04 15:52:58

OK. I'm slow (again) in reminding y'all about the weekly tax tip. So what else is new? But here it is, in honor of Mother's Day, which will be celebrated this Sunday, May 8: The tax joys of parenthood. You have gotten Mom a gift, right? Uncle Sam als > read more

51 percent of American households paid no income taxes in 2009

Published on 2011-05-04 11:08:39

Taxes are, of course, all about the numbers. Tax rates. Income brackets. What you owe the Internal Revenue Service. Any refund you might be due. Lately, though, the focus has been on just who pays what to the U.S. Treasury. An analysis by the Joint C > read more

America's corporate tax conundrum

Published on 2011-05-03 18:27:16

American businesses face high tax rates, but in reality pay less. "Topping out at 35 percent," writes David Kocieniewski in today's New York Times, "America's official corporate income tax rate trails that of only Japan, at 39.5 percen > read more

Enough additional tax money found to delay U.S. default for a few more weeks

Published on 2011-05-03 13:28:02

Thank you, my fellow taxpayers, for fulfilling your tax duties and giving Congress more time to screw around. As we all are very well aware, the country's debt limit needs to be increased soon so that Uncle Sam can pay his bills. But that drop-dead d > read more

Tax Carnival #86: May Day 2011

Published on 2011-05-02 23:56:51

Welcome to May! The first day of the fifth month of the year is an annual day of celebration in many places worldwide. May Day festivities definitely could apply to the joy felt by most U.S. taxpayers who got their returns to the IRS a couple of week > read more

Sharon Osbourne fires back at IRS following second tax lien

Published on 2011-05-02 16:48:20

Heavy metal musician Ozzy Osbourne has got to feel like he's on a tax crazy train. Last month the Internal Revenue Service placed a tax lien on Osbourne property because of unpaid tax bills: $718,948.25 for the 2008 tax year and $1,024,175.03 for 200 > read more

Deficit reduction plan includes gold heist

Published on 2011-05-02 12:58:31

Taking a bold step to get ahead of the deficit hawks now controlling the House of Representatives, Obama has revealed a budget plan calling for "far-reaching spending cuts, pulling off a daring robbery of the heavily fortified Fort Knox bullion > read more

Will big oil profits mean big oil tax hikes? By the Numbers: $36.5 billion

Published on 2011-05-01 17:07:37

First quarter 2011 profit reports are in for Big Oil and the numbers are impressive, astounding or obscene. Pick your adjective(s) based on your political position when it comes to corporations and taxes. The bottom line is that for the first three m > read more

Tax moves to make in May 2011

Published on 2011-05-01 12:56:17

Tax Day 2011 is over. Did you get your return to the IRS by April 18? Most taxpayers did. But around 10 million of us filed for an extension. And, yes, I am one of those who now has until Oct. 17 to finish up our 1040 and associated schedules. For th > read more

Smoking out cigarette smugglers

Published on 2011-04-30 14:31:55

As states struggle to come up with as much money as possible to balance their budgets, many are turning to hikes in existing taxes, noticeably tobacco levies. The Mackinac Center for Public Policy reports that from 2007 to 2010, 27 states raised thei > read more

Anonymously 'squeal' on tax cheats

Published on 2011-04-29 13:13:45

I hear from a lot of folks wanting to know how they can turn in someone they're convinced is cheating on their taxes. Some of these people are looking for a possible reward for ratting out a tax cheat. That system has improved over the years, but it > read more

Marriage, taxes and the royal wedding costs of William & Kate

Published on 2011-04-28 18:50:06

Did you take a nap this afternoon so you can get up at o'dark thirty and watch Prince William and soon-to-be Princess Kate Middleton tie the knot? The hubby is laughing (well, it's really more like a sad grin while shaking his head), but I'm going to > read more

Most people view tax refund money as a forced savings account

Published on 2011-04-28 14:52:11

Most people get tax refunds. Despite conventional wisdom and the continued advice of tax professionals, most apparently plan it that way. I look at this decade-long trend in my latest Bankrate Taxes Blog post, Reasons for a refund glut. Do you intent > read more

Tornadoes rake eastern U.S.

Published on 2011-04-28 03:14:42

As I write early this morning, a massive storm system is pushing eastward. Earlier today, it spawned deadly tornadoes in Alabama and Georgia. The most devastating was the giant super-cell twister that plowed through Tuscaloosa, Ala. I have friends in > read more

Weekly Tax Tip, now available every Wednesday

Published on 2011-04-27 17:16:15

Have you missed me giving you the finger? Hey! Don't even go there. I'm talking about the friendly index finger to the right directing you to a helpful tax tip. Yes, during the recent high tax-filing season that same hand and digit pointed to the Dai > read more

High state tax rates encourage residents to move away ... or not

Published on 2011-04-27 12:10:42

Do you like where you live? Did you choose your location because of its tax system? Would a change in how you're taxed at the state and/or local level be enough to make you call a moving company? Anti-tax politicians tend to argue that their jurisdic > read more

Defense of Marriage Act loses a defender

Published on 2011-04-26 18:00:06

The Defense of Marriage Act, the 1996 law under which the federal government -- including the IRS in processing tax returns -- only recognizes as legal marriages those between a man and a woman, has produced a couple of splits of its own. King & > read more

Happy birthday John James Audubon

Published on 2011-04-26 09:43:17

Regular readers know that in our precious free time, the hubby and I go birding. We started following birds recreationally when we lived in Maryland, and most of our vacations are a combination of attending some sporting event and visiting a bird hab > read more

Obamas, Bidens release 2010 tax returns

Published on 2011-04-25 17:47:36

While doing some seemingly endless post-Tax Day clean-up, I realized I never posted info on the Executive Branch occupants' tax returns. So here's the deal. The Obamas were much poorer in 2010 than in 2009. Of course, poor is a relative term. Barack > read more

45 percent of Americans don't owe <br>federal income taxes

Published on 2011-04-25 14:49:55

Most of America's taxpayers finished up their federal tax returns on April 18. But a Washington, D.C., tax think tank says that for tax year 2010 almost half of us don't owe the federal government any income taxes. Around 45 percent of U.S. household > read more

Tax filing clock ticking again <br>By the Numbers: 176

Published on 2011-04-24 18:49:14

If you got an extension to file your 2010 tax return, you essentially hit the snooze button on the tax alarm clock. It started ticking again on April 19. And if you've checked the tax countdown clock there in the left column of the ol' blog, you'll s > read more

NHL Beard-A-Thon: Grow one for the team and yes, your whisker-inspired donations are tax deductible

Published on 2011-04-24 13:59:14

I attended my first professional hockey game in 1981. The hubby and I were living in Washington, D.C. (yes, the city proper, a basement apartment near Capitol Hill) and he wanted to introduce me to another sports first. Thirty years ago that summer I > read more

Estate tax bonanza for D.C.

Published on 2011-04-23 07:09:00

What a difference a year makes. The nation's capital has collected $29 million so far this year in estate taxes. Actually, that's just money taken in through February. And it's already very close to District of Columbia chief financial officer's proj > read more

Tax credits to help celebrate Earth Day

Published on 2011-04-22 13:22:52

Earth Day was created 41 years ago as a day to inspire awareness of and appreciation for our planet's natural resources. Earth Day Network says that Earth Day is now observed on April 22 in almost every country across the world. U.S. lawmakers in rec > read more

D.C. looking to impose a jock tax

Published on 2011-04-21 14:20:37

Like its counterparts in the 50 states, the District of Columbia is scrambling for money. And what better source than the rich athletes that show up to play inside the federal enclave's boundaries? However, the imposition of a jock tax in D.C. will t > read more

N.C. storm victims get state and federal <br>tax relief, extended deadlines

Published on 2011-04-20 17:43:57

The spring storm season is upon us with a vengeance. Last night, another round of tornadoes and severe storms lashed the Midwest and South. The one bit of good news is that there were no fatalities. Sadly, that wasn't the case last weekend. The sever > read more

Missed the filing deadline? <br>Send in your tax return ASAP

Published on 2011-04-20 12:54:11

I admit it. I didn't do much of anything yesterday. I was glad April 18 was over, even though I filed for an extension and will be working on our 1040 in the coming weeks. What about you? Did you get your return (or Form 4868 extension request) filed > read more

Where does your tax money go? White House offers its own taxpayer receipt

Published on 2011-04-19 14:25:32

I hope all y'all came through Tax Day relatively unscathed. Even though most people get refunds when they file their returns, it's still no fun to fill out the forms detailing how much of our money goes to Uncle Sam. Exactly how that money is and wil > read more

Tips for snail mail tax filers

Published on 2011-04-18 16:35:43

Feeling left out because the whole tax world seems to have gone electronic? Don't. There are still some taxpayers who rely on old-school snail mail filing. Some folks refuse to e-file for a variety of reasons. They don't trust the system when it come > read more

IRS sets e-filing record, expects more electronic returns later today

Published on 2011-04-18 16:18:20

With the tax filing (and paying) deadline just hours away, the IRS seems to be channeling, at least via its announcements, the annual Jerry Lewis fundraising telethon. Case in point, word from the Washington tax headquarters that taxpayers set a reco > read more

Estimated tax payment #1 for 2011 <br>also is due today, April 18

Published on 2011-04-18 11:32:58

Some of us have a double date with Uncle Sam today. We pay estimated taxes and the due day for the tax year's first of four extra filings is the same day as the regular tax filing, tax payment deadline. For 2011, that means estimated tax payment for > read more

Ultimate tax procrastinators <br>By the Numbers: 7% file extensions

Published on 2011-04-17 18:26:32

If you're working on your tax return today, the eve of this year's April 18 filing deadline, you are not alone. The IRS says between 20 percent and 25 percent of taxpayers put off their tax tasks until the last two weeks of the filing season. But the > read more

Owe the IRS? You might be able to get 120 extra days to pay your tax bill

Published on 2011-04-17 12:52:04

Most of America's 141 million tax return filers have submitted their 1040s to the IRS. The late filers, including yours truly, tend to be people who owe Uncle Sam. Many of us on April 18 will be sending the IRS an extension to file Form 4868. Remembe > read more

Top 10 tax tips from CPAs, also known as Letterman's annual spoofing of taxes

Published on 2011-04-16 07:19:00

As the annual tax-filing deadline nears, David Letterman recruits New York area accountants to deliver a list of Top 10 Tax Tips. I recommend watching the tax pros present the tips. The delivery of a couple of the numbers crunchers isn't too bad. But > read more

Don't forget your state taxes

Published on 2011-04-15 16:43:05

Only a relatively few taxpayers don't thave to worry about state tax filings this time of year. There is no income tax collected on wages here in Texas, as well as in Alaska, Florida, Nevada, South Dakota, Washington and Wyoming. In the other 43 stat > read more

Final tax weekend tasks

Published on 2011-04-15 06:07:00

Thanks to Emancipation Day falling on April 15 this year, the filing deadline for 2010 returns is bumped to Monday, April 18. And thanks to Congress agreeing to another continuing resolution to keep federal offices open through Sept. 30, all procrast > read more

Form 1099 enhanced reporting by businesses is repealed

Published on 2011-04-15 04:22:00

It's finally official. Enhanced 1099 reporting is dead. On April 14 President Obama signed into law H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This erases from the tax code the enhan > read more

Ozzy Osbourne won't lose home to IRS

Published on 2011-04-14 16:57:34

All is right in the musical Prince of Darkness' world. The $1.7 million federal tax bill owed by heavy metal rocker Ozzy Osbourne and his daytime TV talk show host wife Sharon has been paid. The lien that was was placed in connection with the overdue > read more

Tax cheating young men and other potential tax audit red flags

Published on 2011-04-14 13:52:24

Have you ever cheated on your taxes? If you're an unmarried man younger than 45, chances are you have at one time stiffed Uncle Sam. The latest DDB Life Style Study found that while only 15 percent of Americans admit that they are likely to cheat on > read more

Free tax filing of federal and state returns

Published on 2011-04-13 15:36:09

Around 70 percent of us e-file our federal tax returns. And since most states expect tax returns this time of year, too, most folks also e-file their state taxes. The IRS' Free File program makes it possible for taxpayers whose 2010 adjusted gross in > read more

GE tax refund payback is a hoax

Published on 2011-04-13 11:19:43

Did you hear about General Electric deciding to pay back the $3.2 billion tax refund it got in 2010? It was a hoax. But the fake news release was good enough to fool the Associated Press, which received the email announcement of GE's supposed change > read more

Ways and Means tackles tax reform

Published on 2011-04-13 10:26:39

Tired of working on your 2010 taxes? Take a break and check out the testimony being presented today at the House Ways and Means hearing on How the Tax Code’s Burdens on Individuals and Families Demonstrate the Need for Comprehensive Tax Reform. Con > read more

Don't fall for the 'Dirty Dozen' tax scams

Published on 2011-04-13 00:39:35

I know I blogged about tax scams a couple of weeks ago, but since criminals work 24/7 trying to get your money, another scam warning bears repeating for a couple of reasons. First, tax season offers new ways for scam artists to get creative. Second, > read more

TurboTax giveaway for procrastinators

Published on 2011-04-12 14:59:53

If you still haven't filed your taxes, I've got a deal for you. The folks at Intuit have given me four access codes for TurboTax Online tax preparation and e-filing, two for its Online Premier package and two for its Online Deluxe services. You can r > read more

Tax Freedom Day 2011: 4/12 for the U.S., later 'celebrations' for some states

Published on 2011-04-12 10:22:23

You might still be working on your 2010 tax return, but your earnings so far this year have been going to pay your 2011 tax bill. So put down your Form 1040 instruction book and take a minute to celebrate. Today is America's Tax Freedom Day. That mea > read more

Tax Carnival #85: Countdown to Tax Day

Published on 2011-04-11 17:14:27

Tax Day is a week away. That's right, we procrastinators have just seven days to fill out our forms and get them, and any tax we owe, on the way to the IRS. As we head down the tax filing stretch, Tax Carnival #85: Countdown to Tax Day offers some la > read more

Tax trouble for rock's 'Prince of Darkness' Ozzy Osborne and his daughter Kelly

Published on 2011-04-11 13:51:55

Kelly Osbourne, daughter of one-time outrageous rock and roller Ozzy, apparently is a bad girl herself, at least when it comes to taxes. She allegedly owes more than $30,000 in unpaid California taxes. Singer and actress Kelly Osbourne arrives at the > read more

7-day tax filing plan

Published on 2011-04-11 09:36:49

Still haven't filed your 2010 taxes? Welcome to the club. The IRS says it expects almost 10 million taxpayers to request an extension to file their returns. But you don't have to be one of them. Check out my 7-day tax filing plan. It breaks down the > read more

Free File use in fiscal year 2010 <br>By the Numbers: 2.9 million

Published on 2011-04-10 22:05:09

For the last decade, the Internal Revenue Service has offered most taxpayers access to Free File, a way to prepare tax returns online and e-file them without charge. The services is a public-private partnership with around 20 software companies parti > read more

Common tax filing errors to avoid

Published on 2011-04-10 11:57:53

Nobody's perfect. That's very evident every tax filing season. The IRS keeps tracks of mistakes, by individual taxpayers and the tax professionals they hire to help them. The agency also tracks the errors based on the filing method, that is, electron > read more

'The Pale King,' novel set in IRS office

Published on 2011-04-09 17:15:54

Thanks to favorable reviews and widespread reader interest, David Foster Wallace's poshumous novel "The Pale King" is available in advance of its scheduled April 15 release date. Yep, the traditional Tax Day (it's April 18 this year because > read more

Tax code growth, circa 2011

Published on 2011-04-09 12:04:51

Could we finally be hitting the wall when it comes to the growth of the U.S. tax code? Now I"m not saying get your hopes up, but the latest CCH graphic depiction of how unwieldy the tax code is seems to indicate that things have slowed somewhat > read more

How to pay no taxes

Published on 2011-04-08 18:18:18

That got your attention, didn't it? That's why the series on 11 perfectly legal tax shelters, dodges and rolls used by America's wealthiest people is the April 11 cover at Bloomberg Businsessweek. The magazine says that April 18 could be the best Tax > read more

State and local tax breaks are not necessarily the best business lure

Published on 2011-04-08 12:31:55

Uncle Sam is on the verge of locking most of his doors, but many states also are struggling with their budgets. Here in Texas, where schools are about to lose $7.8 billion, the legislature is looking for additional revenue sources. That's prompted on > read more

Golfers Goosen, Garcia teed off at IRS

Published on 2011-04-07 16:51:58

Retief Goosen and Sergio Garcia are going about their business at Augusta National, hoping to don a Masters' green jacket on Sunday. Both were doing pretty well in today's first round. Meanwhile, the professional golfers' tax attorneys are doing thei > read more

The IRS is not a loan operation

Published on 2011-04-07 13:03:25

That headline doesn't refer to the millions of folks who get refunds each year, essentially providing Uncle Sam with a no-interest loan of their money, which, by the way, he thanks you for in this era of deficit spending. The statement is from Intern > read more

April 18 filing deadline is firm even if the federal government is forced to close

Published on 2011-04-06 14:14:18

A possible federal government shutdown is coming at exactly the worst time for both procrastinating taxpayers and the Internal Revenue Service. The April 18 deadline to get your tax return or extension-to-file request (Form 4868) and, more importantl > read more

Bill to end expanded Form 1099 <br>business reporting clears Congress

Published on 2011-04-06 05:09:00

The Senate voted on Tuesday, April 5, to eliminate the controversial Form 1099 reporting rule that has bedeviled businesses even though it never came close to taking effect. The provision was part of last year's health care reform law. It would have > read more

One more take on G.E., corporate taxes and the GOP budget plan

Published on 2011-04-05 14:52:40

Not to harp on General Electric's ability to erase its 2010 tax bill, but Joe Nocera in today's New York Times echoed my earlier assessment that the company was only doing what we all wish we could do at tax time. Nocera also links (as I and other fo > read more

Shopping for tax deductions

Published on 2011-04-04 13:46:06

No, I'm not advocating that you spend money to save on your taxes. While that technically might be true in some cases, excessive shopping can cause many more financial problems. But all of us do shop some. And the sales taxes, both state and local, t > read more

Taxpayer Advocacy Panel seeks new members to improve the IRS

Published on 2011-04-04 12:48:20

Want to work up close with the IRS to improve the taxpayer experience? Join the Taxpayer Advocacy Panel (TAP). TAP is a federal advisory committee created to get input from taxpayers, identify key tax system issues and make recommendations to people > read more

Don't fall for tax scams

Published on 2011-04-03 18:10:07

Criminals work 24/7 but tax season offers them special opportunities. Hackers take advantage of people's concern about taxes, sending phishing emails in attempts to capture personal financial information. Sometimes the con artists ask for the data di > read more

By the Numbers: 10 million <br>Itemized medical deduction claims

Published on 2011-04-03 13:11:49

Today is the 119th birthday of the ice cream sundae. On April 3, 1892, in Ithaca, N.Y., John M. Scott and Chester Platt invented the first ice cream sundae. The two men originally called their creation the Cherry Sunday and tried to trademark the ter > read more

Tax refunds: Spending tips, <br>payroll withholding effects

Published on 2011-04-02 13:11:22

IRS data show that most taxpayers get refunds. Yes, even some filers who procrastinate will eventually get money back from the Internal Revenue Service. As of March 18, the IRS had delivered 64.6 million refunds totalling $193 billion. That's an aver > read more

Texas has the most tax-procrastinating cities in the U.S.; Houston is #1

Published on 2011-04-01 07:51:00

April has arrived, meaning millions of taxpayers are scrambling to finish their 2010 tax returns. Except, if this tax filing season is like previous ones, in Houston. For the fifth time in 10 years, Houston has claimed top honors, if you want to call > read more

Tax moves to make in April 2011

Published on 2011-04-01 03:35:32

April is finally here. In just 17 more days most taxpayers will have completed their 2010 tax-filing tasks. For those of you who filed earlier, go ahead and be smug. You're entitled. But don't forget about 2011 tax strategies that can help you keep t > read more

Some retirement distributions due today

Published on 2011-04-01 00:57:26

Just a quick reminder to the older readers of the ol' blog: Today is the required minimum distribution, or RMD, deadline for some IRA owners. No, it's not a perverse April Fool's tax joke. If you turned 70½ last year and didn't take out this require > read more

Tax deductions you should avoid

Published on 2011-03-31 16:27:17

I know you're frantically looking for ways to reduce your tax bill. But sometimes you just need to be reminded, don't deduct that! Related posts: Deductions for nonitemizers Overlooked tax deductions, credits Bunch your deductions When deducting work > read more

GE and 14 other tax dodging companies

Published on 2011-03-31 11:18:14

It's been a week since we all learned about General Electric's innovation in the corporate tax realm. The company's vice president for communications and public affairs, Gary Sheffer, responded to the New York Times' story breaking the GE's tax savin > read more

IRA time!

Published on 2011-03-30 16:09:30

As the annual tax-filing deadline nears, folks tend to pay extra attention to their individual retirement accounts. Part of the reason is that contributing to an IRA is the only thing you can do now that still applies to the tax year that ended on De > read more

Corporate taxes: time to cut the tax rate or to make sure companies pay at all?

Published on 2011-03-30 12:13:18

Talk of U.S. tax reform has begun with an examination of the country's corporate tax rate. The loudest voices have been from companies complaining that the U.S. rate of 35 percent is among the highest in the world, second only to Japan. That, say adv > read more

When deducting work expenses, ask your boss for reimbursement first

Published on 2011-03-29 14:03:44

When it comes to padding deductions, unreimbursed employee expenses might seem to be an easy one. You picked up some office supplies here. You attended a work-related conference there. Your boss never paid you for those out-of-pocket costs. So you si > read more

Tax Carnival #84: Spring Tax Time

Published on 2011-03-28 23:25:54

Ah Spring. Warmer weather (with apologies to those getting one last blast of Winter). Longer days. Impending tax-filing time. We celebrate all that in Tax Carnival #84: Spring Tax Time. Photo by hatman12 via iStock OK, so maybe not all that, just the > read more

April tax madness continues: <br>Tax Bracketology's Final Four

Published on 2011-03-28 14:05:20

Basketball fans tell me there's some important college hoops tournament entering its final stages this week. I don't care about that. But I am jazzed about Robert G. Nassau's tax bracketology. You might remember that a couple of weeks ago Nassau, dir > read more

Free File now open to taxpayers abroad

Published on 2011-03-28 06:51:00

Living abroad offers a lot of exciting experiences. But you'll still share one thing with all of us you left here in the United States: tax filing. If you are a U.S. citizen or resident alien, the rules for filing income, estate and gift tax returns > read more

By the Numbers: $15.6 billion <br>in FY2010 first-time homebuyer claims

Published on 2011-03-27 17:36:31

The first-time homebuyer credit has been in the news lately because of a computer glitch that slowed processing of some returns on which the original 2008 version was being paid back. As we all are painfully aware, this boondoggle tax credit was crea > read more

It's EFTPS time

Published on 2011-03-27 12:25:55

If you'll owe the IRS this filing season and would like to pay your tax bill electronically, consider EFTPS. The IRS and users of this electronic payment program pronounce the acronym "Eff-Tips." The official long name is Electronic Federal > read more

$1.1 billion in tax refunds waiting to be claimed, but only until April 18

Published on 2011-03-26 13:24:27

About a month ago, the IRS announced that millions of people didn't file a 2007 tax return. By neglecting this tax task, they left behind $1.1 billion in unclaimed tax refund money. Some taxpayers in every state are owed refunds they didn't claim thr > read more

Federal toilet paper tax proposed

Published on 2011-03-25 12:05:06

If Washington, D.C., is going to demand that local governments upgrade their sewer systems, then Washington, D.C., should help pay for the improvements. And what better way than a federal excise tax on toilet paper. The extra 10 cents on every roll o > read more

Overcoming tax fears

Published on 2011-03-25 09:36:15

Tax time evokes a lot of emotions. Anger. Frustration. Despair. Then there's fear. Being afraid of filing holds back a lot folks when it comes to accomplishing their annual required tax tasks. I'm no psychologist and I've never played one on TV. But > read more

Delayed homebuyer credit returns to be processed, refunds issued by April 5

Published on 2011-03-24 15:38:01

Good news for filers who've been in tax refund limbo because of their repayment of the 2008 faux first-time homebuyer credit. The IRS says it has beefed up its staff to manually input the problematic returns that confused its computer system. Once th > read more

Free tax help

Published on 2011-03-24 14:05:57

Today is Harry Houdini's birthday. If the master escape artist had been able to free himself from the restraints of mortality, he would have been 137 today. But even the few among us who are as slippery as Harry was still can't escape taxes. We can, > read more

Required IRA distribution deadlines, charitable rollover alternative

Published on 2011-03-23 12:06:36

Some people say they want to work forever. Not me. I'm looking to retire as soon as possible. To that end, I've been contributing as much as I can afford to as many retirement savings plans as I can and can. One of those retirement vehicles is a trad > read more

IRS computer glitches, delays mar 2011 tax filing season

Published on 2011-03-23 06:20:00

This has not been a good filing season for the Internal Revenue Service. First, Congress screwed around into December before passing tax laws that apply to 2010 returns. That forced the IRS to push back the start of the 2011 filing season for many ta > read more

Missouri Senator owes nearly $300,000 in private plane property taxes

Published on 2011-03-22 12:22:14

Sen. Claire McCaskill admitted Monday that she owes four years of back taxes totaling nearly $300,000 on a private airplane. The Missouri Democrat said she would pay the personal property tax bill immediately. More importantly, she has told her husba > read more

Terrible tax surprises

Published on 2011-03-22 09:46:00

There's only one good tax surprise: Getting an unforeseen, or larger than expected, tax refund. But there are plenty of bad tax surprises. Missing forms. Wrong statements. A computer crash just as you're about to hit "enter" to e-file your > read more

IRS double bills some taxpayers

Published on 2011-03-21 15:42:03

We've all gotten those dunning letters that include the statement, "If you've already sent in your payment, thank you and disregard this statement." Even the IRS includes that line on its CP-14 notices, the forms it sends to taxpayers whom > read more

By the Numbers: 5 tests a child must meet to be claimed as a tax dependent

Published on 2011-03-20 20:20:58

One of the easiest ways to help reduce your annual tax liability is to claim dependents on your tax return. For most filers, dependents are children. While it's usually not a problem when Mom and Dad list Jenny and Johnny as dependents, there still a > read more

Small business tax searches, tax breaks

Published on 2011-03-20 11:25:00

In January, tax professionals were searching in about equal amounts for business and individual tax terms. That changed in February. Last month Intuit ProLine Tax Research revealed (thanks to AccountingWEB) that users of Intuit ProLine tax products w > read more

Another attempt to raise taxes on the rich

Published on 2011-03-20 06:47:00

As the debate about the deficit continues, some lawmakers are again talking about raising the income tax rate on the wealthy. The latest proposal is the Fairness in Taxation Act, introduced by Rep. Jan Schakowsky, D-Ill. The measure would significant > read more

No tax refund donation, no communion?

Published on 2011-03-19 13:26:00

A Texas pastor has been accused by his congregation of holding communion hostage in return for their tax money. Pastor Calls Flock Devils, Demons: MyFoxHOUSTON.com Parishioners at Houston Unity Baptist church say that the Rev. John Goodman told them > read more

Enron tax whistleblower nets $1.1 million

Published on 2011-03-18 06:36:00

A whistleblower who exposed a tax fraud scheme by Enron and Wall Street firms has been awarded a $1.1 million reward by the Internal Revenue Service. The payout came from the new IRS Whistleblower Office, but was made under prior, less generous guide > read more

Tax credits for going green

Published on 2011-03-17 17:40:52

You knew I couldn't let St. Patrick's Day slip by without reminding you of the many green tax breaks out there that could be almost as valuable as a leprechaun's pot of gold at the end of a rainbow. Let's start at home. If you made energy home improv > read more

Saving of the green via budget cuts: Short-term gain vs. long-term rewards

Published on 2011-03-17 11:34:20

Happy St. Patrick's Day! On this day of celebrating all things Irish, NASA's Aqua satellite brings us this out-of-this-world view of the truly Emerald Isle. NASA image of Ireland courtesy Jeff Schmaltz, MODIS Rapid Response Team, Goddard Space Flight > read more

Education tax credits comparison table

Published on 2011-03-16 09:44:58

If you've looked in the upper right corned of the ol' blog, you've seen that Today's Tax Tip deals with education tax credits. In connection with that tip, I thought it would be helpful to put the high points of the American Opportunity and Lifetime > read more

Taxpayer receipt detailing where our federal dollars go is getting more support

Published on 2011-03-16 06:29:00

Third Way, a left-to-center think tank in Washington, D.C., has long touted the benefits of a taxpayer receipt. Now with the change in Congressional makeup, general public concerns about government spending and the growing federal deficit, the idea o > read more

Tax delinquents include IRS contractors, federal employees

Published on 2011-03-15 06:05:00

Everybody is looking for more tax money to cover ginormous budget gaps. At the federal level, it looks like the search for additional revenue should start at home. The Treasury Inspector General for Tax Administration, or TIGTA, says existing practic > read more

Tax Carnival #83: March Tax Madness

Published on 2011-03-14 22:03:50

It's a crazy fun time for college basketball fans. Why shouldn't tax folks enjoy the same thrills? We can! We started the Big Dance with the tax code tournament. And now we have Tax Carnival #83: March Tax Madness. There's no big trophy for just one > read more

Tax code tournament brackets

Published on 2011-03-14 13:46:41

I am not a basketball fan, pro or college, so I just muddle through NCAA March Madness, flipping around to channels showing late-season hockey matches and Major League Baseball spring training games. But Robert G. Nassau has come up with a way that e > read more

Patriots' Day extends Massachusetts, Maine state tax deadline, but not federal tax return due date

Published on 2011-03-14 06:25:00

Experts on both taxes and American history were quick to note that my By the Numbers post on states tax filing deadlines that diverge from the IRS due date neglected to discuss the locales that recognize Patriots' Day. This legal holiday in Maine and > read more

By the Numbers: 12 <br>States that don't follow the 4/15 deadline

Published on 2011-03-13 19:21:35

The annual tax filing deadline is five weeks away. Most taxpayers also have to meet that same timetable for their state tax returns. But residents of 12 states don't have to worry about double duty on April 15 -- or April 18 this filing season, thank > read more

Rental real estate tips, audit outlook

Published on 2011-03-13 12:37:35

Is it just a coincidence that the IRS issued an information sheet about rental income and expenses just as the office that oversees the IRS put out a report saying some landlords were skating when it comes to taxes? I don't think so. Here's what prob > read more

Survivor winner and convicted tax evader Richard Hatch headed back to jail

Published on 2011-03-12 07:28:00

Not to spoil the ending of this season's Celebrity Apprentice, but it looks like Richard Hatch won't be Donald Trump's new right-hand man. Hatch, the "fat, naked guy" from the first season of the CBS television reality show Survivor, was or > read more

Texting Japan earthquake donations

Published on 2011-03-11 16:58:26

In January 2010, phone technology and philanthropy came together, with millions donated via texts to help survivors of the Haiti earthquake. That new-style contribution infrastructure is being put to use again in the wake of the 8.9 earthquake and en > read more

Japanese earthquake relief: tax rules for international donation deductions

Published on 2011-03-11 10:41:25

I grew up in tornado country. I lived six years where hurricanes regularly hit (Frances and Jeanne did slam us in 2004). But earthquakes scare the devil out of me. No warning. Your world just starts rocking and not in a good way. My heart goes out to > read more

Medical marijuana subject to new LA tax

Published on 2011-03-10 15:09:42

The voters of Los Angeles have spoken and they've overwhelmingly said tax medical marijuana. If only it were that easy. Sure, the March 8 vote easily approved Measure M, which will let the city collect a 5 percent tax on gross reimbursements from med > read more

FSA final 2010 deadline is March 15

Published on 2011-03-10 13:06:42

When 2010 ended, did you leave some money unspent in your medical flexible spending account, usually referred to as an FSA? Well, you might have a second chance at using that pretax cash. If your company allows you the IRS-approved two and a half mon > read more

Tom Cruise plays part of Colorado rancher to net minimal property tax bill

Published on 2011-03-09 12:32:35

Want a lower property tax bill in Colorado? Get yourself a couple of sheep. Or grow a little hay. That's all it takes to earn an agricultural designation by the state. You don't really have to be a farmer or a rancher, just play one and that will get > read more

Renting out your house: Tax-free income for short-term landlords

Published on 2011-03-08 13:58:46

It's about to get weirder and crazier than usual here in Austin. The annual South by Southwest festival, popularly known by its acronym SXSW, begins this Friday. This mashup of tech geeks, music fans and film aficionados brings tens of thousands of v > read more

Marijuana tax to be decided by L.A. voters

Published on 2011-03-07 13:03:01

Marijuana continues to be a burning issue for Californians. Voters across the state last November rejected Proposition 19, which would have legalized, and taxed, recreational use of the wacky weed. But medical marijuana is OK in the state and some ju > read more

By the Numbers: 23 million <br>2008's noncash donation claims

Published on 2011-03-06 17:44:40

My mother recently moved to the Austin area. So for the last couple of months, I've been indulging my inner interior designer, helping her furnish her new place. Since Mom's a frugal sort, we've been shopping consignment and thrift shops. As in any r > read more

Grocery prices, inflation and food taxes

Published on 2011-03-05 16:25:08

Ben Bernanke and his crew at the Federal Reserve Board, aka the Fed, swear that inflation is low. Such assertions make those of us buying gasoline and groceries shake our heads in wonder. Maybe the differing perceptions come because we motoring food > read more

Wesley Snipes takes his tax case <br>to the U.S. Supreme Court

Published on 2011-03-04 14:03:00

You've got to give Wesley Snipes props for persistence. The action film star is serving his three-year federal prison sentence for failure to file federal tax returns, but he's still trying to get out of jail. This week his attorneys filed a 49-page > read more

Tax refund money from 2007 waiting to be claimed, but time is running out

Published on 2011-03-04 07:07:00

Did you file a return for the 2007 tax year? If not, then a portion of $1.3 billion in unclaimed refund money could belong to you. In what is an annual spring rite, the IRS announces how many people didn't file returns three years ago and how much in > read more

Gas prices are rising. Will the IRS hike its standard mileage rate to match them?

Published on 2011-03-03 15:31:43

Earlier this year, my mother moved nearer to me. The good news is that she's now just about an hour away. But with gas prices shooting up, I'm going to have start measuring the distance between us by gallons. It's no secret that gasoline would cost m > read more

Visualize how your taxes are spent and win $5,000 (yes, it's taxable income)

Published on 2011-03-02 13:02:07

We're in the heart of tax-filing -- and tax-paying -- season. This is the time of year more than any other (save for maybe election days) that we want to know where our tax money goes. To help answer that question, the Data Viz Challenge is giving gr > read more

Celebrating Texas Independence Day

Published on 2011-03-02 00:48:52

Today is special here in my home state. On March 2, 1836, Texas became Texas. Delegates from the 17 Mexican municipalities of Texas and the settlement of Pecan Point had met on March 1, 1836, at Washington-on-the-Brazos to consider their future. In t > read more

Old tax breaks don't die

Published on 2011-03-01 12:26:00

That's it. There's no "but" or "fade away" tacked onto that headline. Most tax breaks already on the books simply stick around. Of the 128 tax expenditures reported in 1987 for fiscal year 1988, 100 remained in effect in fiscal ye > read more

Tax moves to make in March 2011

Published on 2011-03-01 06:54:00

Welcome to March. It's the month that brings us spring and gets us to the doorstep of our annual federal tax filing. That's right, we're just about six weeks away from the April 18 IRS deadline. But the 31 days of March leave us plenty of time to mak > read more

Tax Carnival #82: The Tax Awards

Published on 2011-02-28 23:37:38

Have you recovered from your Oscars party? Good. Now you can party down with Tax Carnival #82: The Tax Awards. Unlike the glitzier Hollywood event, there's no gold statuette to hand out. But we don't need no stinking trophies. Here everyone's a winne > read more

Tax note to Charlie Sheen: rehab costs are a deductible medical expense

Published on 2011-02-28 14:45:08

Charlie Sheen, star of the popular CBS sitcom Two and a Half Men, continues to speak out from what has been described as at-home rehab. Two pieces of advice. First, shut up Charlie. We all have run-ins with our bosses from time to time, but burned br > read more

By the Numbers: $75,000 <br>The value of a 2011 Oscars swag bag

Published on 2011-02-27 14:15:26

The Academy Awards will be presented tonight. You know what that means. Swag bags! These bags -- sometimes actual totes, other times just a general reference to the loot -- represent a tradition of giving goodies to people who don't really need it. T > read more

Deducting special clothing costs

Published on 2011-02-26 15:09:31

Sometimes when folks are desperately seeking tax deductions, they take allowable write-offs a little too far. Case in point, the tax returns of Anietra Y. Hamper. When Hamper was an anchor for morning and noon news programs at WBNS, Channel 10, in Co > read more

'Grow your own' means tax savings <br>for cigarette smoking gardener

Published on 2011-02-25 13:03:13

Sin taxes have always been a popular way to raise money. They tend to adversely affect a relatively small group, which makes the legislators enacting the taxes, and the majority of folks who don't have to pay them, more comfortable. They are usually > read more

We're paying less state taxes

Published on 2011-02-24 14:42:28

News coverage of late is full of stories of state lawmakers confronting taxpayers over ways to close huge budget deficits. Most of the attention in state capitals lately has been on cutting services and, as evidenced by the daily videos of teacher pr > read more

Deductions without itemizing

Published on 2011-02-23 09:59:36

As I mentioned earlier this week, tax filing season is like a big scavenger hunt for tax deductions. Most of the time, when people hear the word "deduction" they associate it with itemizing expenses on Schedule A. But there are more than a > read more

'Can you hear me now?' Your cell phone's state and local taxes are huge!

Published on 2011-02-22 15:31:39

Just how much do we love our cell phones? So much so that, in most places across the United State, we're willing to put up with astronomical taxes to stay connected. An analysis of cell phone taxes by the Tax Foundation finds that the levies on the d > read more

Overlooked tax deductions and credits

Published on 2011-02-21 11:26:54

I file our tax returns (that's my working method pictured below, and yes, the television remote is critical to the process), but the hubby contributes to the annual task. Every year as I slog through our 1040, he periodically stops by to look over my > read more

By the Numbers: $13.3 billion

Published on 2011-02-20 17:11:54

President Obama released his fiscal year 2012 budget earlier this month. For every president, the annual budget is like a kid's long Christmas wish list. It's what an Administration would like for Congress to OK. And just like how Mom and Dad Santa p > read more

Don't be the tax client from hell

Published on 2011-02-20 09:24:56

I've posted recently about the importance of selecting the type of tax pro that meets your financial and tax-filing needs. I've also talked about ways to check out your tax preparer, regardless of which type your choose, to make sure he or she is com > read more

Calling out Congressmen who sleep in

Published on 2011-02-19 07:41:00

Did you sleep in this Saturday morning? If you did (and good for you!), you probably awoke in your house or apartment bedroom, not sacked out in your office. A lot of U.S. Representatives, however, are literally calling their offices home. And a Wash > read more

When's my refund?

Published on 2011-02-18 10:38:25

By now, every taxpayer knows that the IRS offers ways to check on tax refund status. There's the old-fashioned telephone. Just call 1-800-829-1954. For folks who spend most of their time online, IRS.gov offer its popular Where's My Refund? tracking t > read more

IRS to e-filers: Slow down!

Published on 2011-02-17 14:48:05

As planned, the IRS on Monday, Feb. 14, began accepting tax returns that had been delayed while the agency got its computer system up to speed with tax law changes enacted in December. Now, however, the IRS is asking for one more favor from e-filers. > read more

What tax terms are accountants -- <br>and you! -- searching for?

Published on 2011-02-16 13:20:32

The recent purchase of The Huffington Post by AOL prompted renewed attention to online searching. While much of the world is looking for celebrity-focused material or directions or a movie review (two out of three of those are me!), accountants have > read more

Tax service in liquor store sure makes toasting the end of tax season easy

Published on 2011-02-16 09:56:36

Just when you think you've seen everything, something like this listing for an out of the ordinary tax filing service shows up: Yep, Steve certainly has the bases covered. If taxes are driving you to drink, then head on over to his Wilmington, Del., > read more

State issues with estate taxes

Published on 2011-02-15 14:23:11

If you've been flipping through Obama's fiscal year 2012 budget -- Admit it. You're a tax geek. You've at least given it a glance. -- you've noticed that it's essentially a rehash of prior tax law proposals. Given the make-up of the 112th Congress, t > read more

Tax Carnival #81: We ♥ Heart ♥ Taxes

Published on 2011-02-14 17:31:30

It's Valentine's Day. It's also the day that the Internal Revenue Service starts processing tax returns that have been on hold with the tax agency upgraded its computers to reflect the tax law changes enacted back in December. So of course today's Ta > read more

Obama's budget, or how Washington took all the romance out of Valentine's Day

Published on 2011-02-14 14:04:39

It's official. The nation's capital is heartless. OK, I know that Washington, D.C., will never have a reputation for romance, like, say Paris or Venice. But really, guys. You can't take Valentine's Day off? Not only does the IRS choose today to start > read more

TurboTax software winners

Published on 2011-02-14 11:42:31

Happy Valentine's and Tax Filing Day! To coincide with the IRS finally processing tax returns that have been on hold, three folks today won prepaid cards to access TurboTax Deluxe Online. Congratulations to Mary, Huning and Joe. I'll be sending you a > read more

By the Numbers: 56,372,881

Published on 2011-02-13 16:08:45

Valentine's Day is tomorrow. This year will be the the 32nd Feb. 14th that the hubby and I have spent together, 30 of those as a married couple. So I got to wondering, especially in light of recent surveys that say marriage is no longer the relations > read more

Making Congressmen do their own taxes

Published on 2011-02-13 14:09:23

It's a common refrain every tax season. If Representatives and Senators had to fill outhteir own 1040s, the tax code would be much simpler. The unlikely possibility of those who write tax laws actually dealing with them gets another look in Could You > read more

Check out your tax preparer

Published on 2011-02-13 10:51:36

You've decided to hire someone to file your taxes this year. You've looked at your tax pro options and decided which kind of paid preparer fits your needs. Now the next step: Thoroughly vetting the tax professional. Remember, regardless of who fills > read more

A chink in the mortgage interest deduction armor?

Published on 2011-02-12 15:59:34

The Treasury Department on Friday delivered a report to Congress that it says "provides a path forward for reforming America's housing finance market." Reforming America's Housing Finance Market, a joint effort by the Departments of Treasur > read more

No Schedule L for 2010 property taxes

Published on 2011-02-12 06:42:00

I'm getting some e-mails from folks asking where on the 2010 Schedule L they should enter their property tax payments to increase their standard deduction amount. I hate to be the bearer of bad news, but the answer is nowhere. It's not an option for > read more

Win TurboTax online software

Published on 2011-02-12 01:22:04

As we get ready for the IRS to start processing all tax returns on Monday, Feb. 14, one more tax software giveaway only seemed fitting. This time I've got three TurboTax Deluxe Online cards that will get you access to exactly what the name says. Now > read more

New sales tax to benefit Super Bowl champion Green Bay Packers?

Published on 2011-02-11 10:26:31

The Green Bay Packers wrapped up their 2011 NFL championship season last Sunday with a thrilling victory over the Pittsburgh Steelers. Now the Super Bowl XLV victors are part of a tax battle. Tax Analysts reports that the Packers are interested in a > read more

Final TaxACT software winners

Published on 2011-02-11 09:20:04

Congratulations to Chrystie, Bill, Joe D., Pat and Kara. They get the last five TaxACT Online Ultimate Bundle links in my current tax software giveaway. Thanks to all who entered. If you didn't win this time, you'll get one more chance. Later today I > read more

Breast pumps are tax deductible and allowable FSA expenses

Published on 2011-02-10 11:44:41

Anyone with a mom knows that they usually get their way. The IRS now has learned that lesson, too. Last fall, the IRS issued rules on what is and isn't deductible as a medical expense. That compilation also set the rules on what expenses can be reimb > read more

Tax software winners are ...

Published on 2011-02-10 10:28:43

Congratulations to Mark, Jessica, Bob, Brad, Chris and Sym. Y'all are the winners of our first batch of TaxACT Online Ultimate Bundle. Your link to acces the tax preparation and e-filign software will be on the way to you shortly. I still have five s > read more

Tax amnesties for foreign account holders and Washington state businesses

Published on 2011-02-09 15:15:39

While most of us are focusing on our annual personal income tax filing tasks, Uncle Sam and Washington State officials are offering some other taxpayers deals with regard to other taxes. Let's start on the state level. Washington doesn't levy a perso > read more

Tax software giveaway, take two

Published on 2011-02-09 09:59:51

You know what's coming up, right? No, not Valentine's Day. OK, Cupid's holiday is almost upon us. But Feb. 14 this year also is special for taxpayers who've been waiting for the IRS to process their returns. To mark the convergence of the most romant > read more

Tax pro time

Published on 2011-02-08 14:03:53

You didn't file your return in January because you knew you weren't getting a refund or you just didn't care. There was way too much going on in your life as 2011 got underway. Now, however, you've decided to look at all that tax material stacked up > read more

Order your tax transcripts online

Published on 2011-02-07 16:12:40

Everyone's hoping that the housing market will at least begin to recover in 2011. And it looks like that might just happen. Sales of existing homes in December 2010 grew at their fastest pace since May 2010. Where home prices are still dropping, Hous > read more

Green Bay Packers, 2011 NFL champions

Published on 2011-02-07 09:56:19

Super Bowl XLV started out like it would be a Green Bay Packers rout of the Pittsburgh Steelers, but it actually turned out to be an exciting game. As a life-long Dallas Cowboys fan I don't have a lot of love for either team that made to this year's > read more

By the Numbers: $27.197 billion

Published on 2011-02-06 14:04:48

Are you ready for some football? Or I guess the more appropriate question today should be have you placed your Super Bowl bets yet? The Super Bowl is the most gambled-on sporting event in the United States. Super Bowl XLV features the closest betting > read more

Property tax add-on to standard deduction is gone

Published on 2011-02-06 12:35:42

One of the best homeowner tax breaks is the ability to deduct your annual real estate taxes. For many homeowners, property taxes are second only to interest paid. That's especially true during the early years of a mortgage when most of your monthly p > read more

Driving privileges could be denied Marylanders who owe state taxes

Published on 2011-02-05 07:33:00

Maryland Gov. Martin O'Malley's search for ways to close his state's $1.3 billion budget gap has driven him to propose making driver's licenses and vehicle registrations contingent on motorists' tax compliance. Photo by Gabriel Boone/iStock The gover > read more

Super Bowl is prime time for advertisers, betting and, yes, taxes

Published on 2011-02-04 10:05:17

Placed your Super Bowl bets yet? There's still plenty of time. If you're in Las Vegas or some other Nevada locale -- the Silver State is the only one in which sports betting is legal -- sports book operators will be taking your money throughout the w > read more

1099 expanded reporting halfway gone

Published on 2011-02-03 11:50:46

They did it! They really did it! Democratic and Republican Senators actually worked through the 1099 repeal issue yesterday afternoon, agreeing to scrap the expanded reporting version and go back to the way the system operated pre-health care reform. > read more

Cold, cold go away!

Published on 2011-02-03 08:46:22

After the third consecutive night of our heater apparently running nonstop (I do hope it cut off at least a bit while we dozed), I've had it with this cold spell. The storm blasted into Austin early Tuesday morning, rattling our front door and the gl > read more

Senate trying to repeal expanded business 1099 reporting ... again

Published on 2011-02-02 14:31:29

I don't want to get your hopes up too high, but the Senate finally might get around to voting today on repeal of the 1099 reporting requirement that was expanded as part of the health care reform law. What timing. Groundhog Day is perfect. I'm talkin > read more

Tax prep company smackdown!

Published on 2011-02-01 15:42:25

H&R Block has been hitting the airwaves this filing season touting the ability of its offices to get taxpayers money back that they overpaid in earlier tax years. Dubbed the Second Look Review, the Kansas City, Mo.-based tax preparation giant says th > read more

Tax moves to make in February 2011

Published on 2011-02-01 12:27:15

Can you believe it? A month has already flown by and we're now into February 2011. Time sure flies when you're having tax fun! While February is the shortest month of the year, there still are plenty of tax moves you can make in the next 28 days. You > read more

Put your payroll tax cut to work

Published on 2011-01-31 12:17:21

The hubby gets a real paycheck, that is, regular money from a company as opposed to my periodic payments from various clients. The much-ballyhooed payroll tax cut showed up in the paycheck he received last week. So now we get to decide what to do wit > read more

Tax Carnival #80: Tax Horror Stories

Published on 2011-01-31 09:52:30

Tax filing time is full of tales of woe. But you don't have to add your tax troubles to the list. Jacob at My Personal Finance Journey has combined the best and worst of tax season in Tax Carnival #80: Tax Horror Stories. As host for this edition of > read more

By the Numbers: 98.74 million

Published on 2011-01-30 15:27:34

Last year, the Internal Revenue Service processed more than 142 million tax returns. Almost 70 percent of those Form 1040s (and 1040As and 1040EZs, plus attached forms and schedules) arrived at IRS centers electronically. The precise number of e-file > read more

Take your taxes electronic

Published on 2011-01-30 13:25:19

I ordered a bedskirt online a couple of weeks ago. Or I tried to. The company's website order process screwed up and didn't provide me with a confirmation page. So I called the customer service line and placed the order by phone. On Friday I got the > read more

NHRA faces possible federal tax inquiry

Published on 2011-01-30 07:39:00

The National Hot Rod Association's tax-exempt status could soon be under IRS scrutiny. An anonymous complaint was filed with the agency's Exempt Organizations Division contending that the drag racing group's activities are identical to those organize > read more

IRA charitable rollover Jan. 31 deadline

Published on 2011-01-29 22:28:28

IRA owners age 70½ got a tax benefit back when the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law last Dec. 17. They once again could transfer money, up to $100,000 a year, from their tax-deferre > read more

2011 pension contribution amounts stay at 2010 levels thanks to low inflation rate

Published on 2011-01-29 12:26:19

If the weekend break from your usual 9-to-5 grind has you thinking about your eventual retirement, you need to be putting as much as you can into your IRA and workplace retirement account now. Contributing to a traditional IRA is one of the few tax b > read more

Tax refund debit card pilot program raises Congressional questions

Published on 2011-01-28 10:53:59

January is a busy month at the IRS because most people get tax refunds and they file early to get their money ASAP. The IRS has for years been pushing direct deposit of refunds and those efforts have paid off. Last year, 68 percent of taxpayers had t > read more

Tax documents are on their way

Published on 2011-01-27 10:54:01

I've become a big fan of handling my finances online. But there are two issues with which I continually wrestle. First is all those log-in IDs and passwords. I try to be secure and use different ones to stymie identity thieves. Most of the time, howe > read more

State of Union light on tax talk

Published on 2011-01-26 12:51:10

Given the empty seat set aside for Rep. Gabrielle Giffords, the Arizona Democrat recovering from a head wound suffered a few weeks ago, Obama's calls during last night's State of the Union for national unity and optimism were not surprising. If the v > read more

New tax laws and your 2010 return

Published on 2011-01-26 09:36:48

Did you claim the first-time homebuyer tax credit? What year? It could make a difference as to whether you owe the IRS more on your 2010 return or get back some money from Uncle Sam. Those are just two tax law changes that could affect your filing th > read more

And the Oscar, and tax break, goes to...

Published on 2011-01-25 12:52:09

I love movies and I love the Oscars. As with most awards programs, the choices of not only winners, but of the nominees themselves are baffling. But this year, there aren't too many things to quibble about. OK, a little quibbling. That's part of the > read more

IRS launches smartphone app

Published on 2011-01-24 12:51:18

You've found the perfect pair of shoes but aren't sure you can afford them. You're waiting for your tax refund to show up in your account before you use your debit card. No worries! Whip out your smartphone, click on the new IRS2Go app to find out th > read more

Taking care of mom with some help <br>from the tax code

Published on 2011-01-24 10:17:40

I am officially old. OK, dear hubby who's a year older than I, how's this? Time is marching on at bit more rapid pace. I've become more aware of this temporal inevitability over the last couple of months as I've helped my mom relocate. Since I've bee > read more

By the Numbers: $3,003

Published on 2011-01-23 16:52:41

More than three grand is a nice chunk of change. That's the average refund check -- $3,303 to be precise -- that the Internal Revenue Service issued last year. Taxpayers who opted in 2010 for direct deposit of their refund money got even more. The av > read more

2010 and 2011 tax rates, income brackets

Published on 2011-01-23 11:07:37

When we file our taxes, we want the bottom line: Just what do we owe? That amount depends upon into which tax bracket our taxable income falls. Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that became > read more

Taxes? There are apps for that

Published on 2011-01-22 08:09:46

Once upon a time, the IRS let folks who filed 1040-EZ returns do so by telephone. Then came the Internet and TeleFile was axed. But, as the saying goes, if you live long enough, you'll see the old become new again. That happened last week when Intuit > read more

4 ways to receive your tax refund

Published on 2011-01-21 15:14:09

I know you probably already saw today's tax tip there in the upper right corner of the ol' blog (or at the complete Daily Tax Tips page) on ways the IRS can deliver your tax refund. But since most folks who file early do so because they're getting a > read more

Legislative Rx for 1099 ailment

Published on 2011-01-21 06:10:00

The health care law is safe despite the House of Representative's repeal of the measure on Wednesday. But a reporting regulation created as part of the Patient Protection and Affordable Care Act is now closer to being eliminated. I'm talking, of cour > read more

Filing Valentine from the IRS

Published on 2011-01-20 15:03:16

If you itemize deductions and have been wondering when the Internal Revenue Service will get to your tax return, put a big red circle around Feb. 14 on your calendar. Yep, the tax man has a Valentine's Day gift for those folks whose returns are on pr > read more

Health care reform is dead. <br>Long live health care reform.

Published on 2011-01-20 06:17:00

The House voted yesterday evening to repeal what the the Republicans have deemed the job-killing health care reform law. Big whoop. Three Democrats -- Dan Boren of Oklahoma, Mike Ross of Arkansas and Mike McIntyre of North Carolina -- joined 242 GOP > read more

IRS making it harder to file paper returns

Published on 2011-01-19 06:26:00

The IRS has a message for folks who prefer to file the old-fashioned way: "See ya!" OK, it's not filers of paper tax returns that the IRS is bidding goodbye. Those folks still can file that way if they insist. But this year the IRS is not g > read more

A complex tax code works for me

Published on 2011-01-18 17:37:50

The old saying in Washington, D.C., is that every tax bill should have the subtitle "Tax Professionals' Employment for Life Act." We tax journalists also benefit. I've made a quite decent living for more than a decade scribbling about the e > read more

Estimated taxes due today!

Published on 2011-01-18 09:24:44

The long holiday weekend is over! Not that I want to nag or anything, but it's time to file your final estimated tax payment for 2010. Pay electronically if you have an account already set up (EFTPS is in the process of grabbing my money as I type) o > read more

IRS has role in TV boxing show plot

Published on 2011-01-18 05:55:00

Did you catch the premiere of FX television's boxing drama Lights Out last Tuesday? Probably not. Not too many folks did. I was one of the few watching (albeit later via DVR) even though I'm not a big boxing fan. But I really like the movies Raging B > read more

Tax Carnival #79: Filing season begins

Published on 2011-01-17 16:53:57

The new tax law is in place. The IRS is working to get all forms and computer systems updated. And electronic filing began on Friday, Jan. 14. To mark the official start of tax filing season 2011, today my fellow tax and personal finance bloggers pre > read more

MLK Day 2011

Published on 2011-01-17 07:40:00

2011 marks the 25th anniversary of the Martin Luther King, Jr., federal holiday. To commemorate the holiday's quarter century mark and encourage ongoing service throughout the year, the Corporation for National and Community Service has launched the > read more

By the Numbers: 2%

Published on 2011-01-16 13:53:29

Welcome to By the Numbers, a new feature here on the ol' blog. Each Sunday a figure -- a percentage, dollar amount, raw number and the like -- with a tax connection will the highlighted. I've planned numerical posts through this filing season, but if > read more

Payroll tax cut won't benefit all

Published on 2011-01-16 10:46:20

Paychecks must have come out (although we're still waiting on hubby's) last week since I'm hearing a lot of grumbling about how the highly touted 2 percent payroll tax cut is not working. Some companies may not have yet instituted the new payroll tax > read more

Estimated tax payment #4 for 2010 <br>is due Tuesday, Jan. 18, 2011

Published on 2011-01-15 10:45:20

The end of last week was so crazy, what with the Treasury tax refund debit cards and the beginning of the 2011 e-file and Free File season, that this annual tax deadline almost slipped right past me, both from blogging and personal tax perspectives! > read more

Free File is open for 2011 tax business

Published on 2011-01-14 16:58:18

If your adjusted gross income for 2010 is $58,000 or less, you can prepare and file your taxes at no cost at Free File. This partnership between the IRS and tax software manufacturers who are members of the Free File Alliance kicked off its ninth yea > read more

E-file, Free File 2011 are now available

Published on 2011-01-14 10:44:11

It's electronic tax day! Today, Friday, Jan. 14, 2011, marks the beginning of the annual electronic tax return filing season. The IRS is now accepting e-filed returns. Of course, as I mentioned in my tax software contest post earlier today, some folk > read more

Free tax software to help you <br>take advantage of e-filing season

Published on 2011-01-14 09:53:38

The IRS starts accepting e-filed returns today. Remember, if you itemize or file some specific forms or claim a couple of special deductions, you'll have to wait until next month to file. Most folks, however, can start hitting that "send" b > read more

New federal tax refund debit cards for taxpayers without bank accounts

Published on 2011-01-13 12:38:15

No bank account, no problem. That's the U.S. Treasury Department's new mantra. Treasury officials today launched a pilot program offering low-cost, prepaid debit cards to taxpayers who may not have a bank account, just in time to have their 2010 fede > read more

Tax software giveaway gets social

Published on 2011-01-13 09:36:48

I'm probably one of the few people who hasn't seen The Social Network. But I don't need to sit through two hours in a movie theater to know that the website has a lot of fans. So I'm taking advantage of its popularity. Today's edition of our tax soft > read more

Haiti earthquake anniversary and charitable deduction reminder

Published on 2011-01-12 12:15:49

A year ago today, a horrified world watched as Haitians struggled to survive a massive 7.0 earthquake. In the following days, there was a massive outpouring of assistance. Charitable donations flowed into relief groups. The concern led to the creatio > read more

Twitter your way to tax software

Published on 2011-01-12 07:00:00

Welcome to round two of our tax software giveaway to kick off filing season 2011. Yesterday, five readers each won an access code to CompleteTax's Premium MVP online tax preparation program. Now they can each file one free 2010 federal and state tax > read more

10 tax forms that will delay filing <br>of your 2010 return

Published on 2011-01-11 10:55:28

Following the passage (finally!) in December 2010 of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that continued the current income tax rates (which just happens to be Today's Tax Tip) for the next two years and > read more

We have our first five winners!

Published on 2011-01-11 09:35:58

Well, that didn't take long. Congrats to Julie, Ryan, Travis, Janine and Don for being so quick to respond this morning to the first 2011 CompleteTax contest. I'll be sending you your access codes via e-mail later today. Five more access codes to the > read more

Win tax software!

Published on 2011-01-11 08:00:00

It's that time of year again -- tax giveaways! On Friday, Jan. 14, the IRS will begin accepting e-filed returns. So the ol' blog is kicking off filing season with tax software. The nice folks at CCH have provided me with 20 access codes to CompleteTa > read more

College football playoff proponents file tax complaint against major bowls

Published on 2011-01-10 12:37:43

Got your guacamole ready for tonight's BCS title game? It is, after all, the Tostitos championship bowl from Glendale, Ariz. (FYI, I'm not getting any remuneration, in cash or product, from the avocado industry or Frito-Lay, dang it!) Befitting a big > read more

House postpones health care repeal vote

Published on 2011-01-10 09:40:36

In the wake of the weekend shooting of Arizona Rep. Gabrielle Giffords at a constituent rally and the deaths of several of the event's attendees, House Speaker John Boehner has postponed the scheduled vote to repeal the health care reform law. " > read more

TVs and boats aren't allowable <br>retirement plan hardship purchases

Published on 2011-01-09 06:37:00

I ran across an interesting item on the IRS website about how you can, or rather can't, spend money you pull out of a workplace retirement plan early. "Expenses for the purchase of a boat or television would generally not qualify for a hardship > read more

Mileage tax deduction rates <br>for tax years 2010 and 2011

Published on 2011-01-09 01:17:48

If you use a vehicle for business travel, moving, to go to medical treatments or to help out a charity, those miles might be deductible. IRS standard mileage deduction rates per mile for 2010 and 2011 tax years Business Medical Moving Charity 2010 ce > read more

Pet trusts are now OK in Massachusetts

Published on 2011-01-08 15:54:40

Rejoice Bay State pet owners! Massachusetts Gov. Deval Patrick on Friday, Jan. 7, signed legislation that authorizes the creation of a trust to provide for the care of one or more pets if the owner becomes disabled or dies. The bill, An Act Relative > read more

Comparing federal tax expenditures

Published on 2011-01-07 06:00:00

Want to find out more about specific tax expenditures? Then check out Subsidyscope, a new online tool from the Pew Charitable Trusts. It provides federal tax expenditure estimates from the Department of Treasury and the Joint Committee on Taxation an > read more

National Taxpayer Advocate is a fan of major tax system overhaul

Published on 2011-01-06 13:13:51

The list of folks supporting a major overhaul of the U.S. tax system got a little longer this week. In her annual report to Congress, National Taxpayer Advocate Nina E. Olson cited tax reform as the number one priority in tax administration. Research > read more

Get your Daily Tax Tip here!

Published on 2011-01-06 11:17:36

Be sure to check the Daily Tax Tip for ways to cut your tax bill, ease your 2010 filing tasks and/or make 2011 tax year planning moves. And if you miss a day, you can visit the continually updated complete list of 2011 tips. > read more

Romanian witches face curse of taxes

Published on 2011-01-06 01:54:29

Romanian lawmakers might be a bit on edge right now. Witches who must pay an income tax for the very first time are planning to use cat excrement and dead dogs to cast spells on the president and government officials. The Eastern European nation, hom > read more

'Lost' numbers yield found money

Published on 2011-01-05 17:09:29

Obviously, my Mega Millions numbers didn't come up. If they had, I wouldn't be sitting at my desk typing. I'd be out test driving a Bugatti Veyron. Two gamblers, one in Idaho and the other in Washington state, are going to split the $380 million priz > read more

Daily Tax Tip: Get ready to file your taxes

Published on 2011-01-05 11:39:15

Welcome to tax filing season 2011! I know all y'all are as excited about this time of year as I am. OK, so maybe not as excited. But if you're expecting a refund, you'll probably want to file your 2010 return as soon as possible. The ol' blog wants t > read more

Health care reform: The law's effective dates and repeal prospects

Published on 2011-01-04 09:52:09

In the closing days of the 111th Congress, lame duck lawmakers finally passed major tax legislation. Now some newly-elected Representatives say they plan to repeal another huge bill, the health care reform act. House Republicans have scheduled a vote > read more

Tax Carnival #78: Happy Tax New Year!

Published on 2011-01-03 13:48:00

Can you believe that another new year is already here? fotoglif862556 More to the ol' blog's point, can you believe that it's already another tax filing season? I know that some of you are still recovering from some serious ringing in of 2011, so I'l > read more

Important 2011 tax filing deadlines: <br>Jan. 14, mid-February, April 18, Oct. 17

Published on 2011-01-03 06:58:00

Mark your calendars, fellow taxpayers. 2011 is an interesting year when it come to filing dates. The most notable tax timing issue primarily affects folks who itemize using Schedule A. The IRS says these taxpayers, as well as those who claim some spe > read more

IRS tax lien forces Val Kilmer to put his New Mexico ranch back on the market

Published on 2011-01-02 11:55:45

Looking for a nice, secluded getaway in the wilds of northern New Mexico? Val Kilmer has a deal for you. The actor, most recently seen in the Saturday Night Live movie spinoff "MacGruber" and who has portrayed Batman and a Navy fighter pilo > read more

Tax tips for 2011

Published on 2011-01-01 14:01:38

Keeping with today's tax tips theme, I have a story on Bankrate.com that offers 10 tasty tax tips for 2011. They're a good side dish to the blackeyed peas and greens you're having today to ensure your financial success this year. Enjoy! And Happy and > read more

Tax moves to makes in January 2011

Published on 2011-01-01 10:17:55

Happy New Tax Year! What? Oh, I'm sorry. I didn't mean to be that loud. I didn't realize you partied so hearty last night. I realize you might have a bit of a post-celebration headache (OK, a major headache) right now. But if you don't start thinking > read more

Volunteering is laudable, but it's not <br>tax deductible

Published on 2010-12-31 10:59:25

This is the last day to make a charitable contribution if you want to deduct it on your 2010 tax return. If you're dropping off actual goods, you have a few things to remember. Get them to your selected charity today so the gift counts for 2010. Make > read more