August 19, 2016 12:06 pm

If your daughter will be under age 19 by the end of the year, you probably can claim a dependency exemption for her, even though she is on active duty and has gross income over the exemption amount ($...

August 19, 2016 12:02 pm

You don't have to file an amended return or contact the IRS. The IRS will contact you by mail and ask that you send the schedule. The IRS letter will have instructions on where to mail it....

August 19, 2016 11:59 am

It's summertime and many families are using vacation homes for relaxation. However, this isn't true for everyone. If you own a second home and are no longer content to use it only occasionally for you...

August 5, 2016 4:39 pm

The fact that you don't claim the exemption for a dependent child does not prevent you from using head of household status on your tax return. As long as you meet the other conditions for this status,...

August 5, 2016 4:12 pm

Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you'l...

More Stories
August 19, 2016 11:59 am

It's summertime and many families are using vacation homes for relaxation. However, this isn't true for everyone. If you own a second home and are no longer content to use it only occasionally for you...

August 5, 2016 4:04 pm

If you or your family has an illness or other medical condition, taxes are the last thing on your mind. However, you may be eligible for a number of tax breaks that may be helpful for your family....

July 22, 2016 3:48 pm

For federal estate tax purposes, an estate tax return is required to be filed if the value of the estate on the date of death exceeds the exclusion amount (e.g., $5.45 million for someone dying in 201...

July 8, 2016 9:32 am

Now that you've completed your 2015 tax return, take time to review the experience so you can improve your tax filing next year. Actions you take now can reduce your stress, minimize your tax payments...

June 24, 2016 10:59 am

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

More Stories
December 9, 2015 10:12 am

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

December 2, 2014 8:30 am

A new tax year is set to dawn shortly and recently released cost-of-living adjustments can help you plan for 2015. Due to low inflation, increases in the tax brackets and other tax items are minimal; ...

November 18, 2014 8:30 am

This year has been a bumpy ride on Wall Street, with dramatic swings up and down. Now is a good time to review your retirement account and your personal portfolio. While changes you make in your retir...

November 4, 2014 8:30 am

Medicare is a government health program primarily for the 49 million Americans age 65 and older. Those covered by Medicare are deemed to have minimum essential health coverage as required by the Affor...

October 21, 2014 8:30 am

Concerned about care if you should experience a chronic condition or just old age requiring assistance for your daily living activities? You should be, because the cost of long-term care—in your hom...

More Stories
August 19, 2016 12:06 pm

If your daughter will be under age 19 by the end of the year, you probably can claim a dependency exemption for her, even though she is on active duty and has gross income over the exemption amount ($...

August 19, 2016 12:02 pm

You don't have to file an amended return or contact the IRS. The IRS will contact you by mail and ask that you send the schedule. The IRS letter will have instructions on where to mail it....

August 5, 2016 4:39 pm

The fact that you don't claim the exemption for a dependent child does not prevent you from using head of household status on your tax return. As long as you meet the other conditions for this status,...

August 5, 2016 4:12 pm

Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you'l...

July 22, 2016 4:08 pm

Assuming your spouse died after 1981 and that your spouse was a U.S. citizen, you owned a "qualified joint interest" with your spouse. As such, your basis is 50% of the date-of-death fair market value...

More Stories
May 22, 2012 1:24 pm
IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12
April 23, 2012 10:21 am
Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12
April 18, 2012 10:17 am
What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12
April 17, 2012 10:48 am
Celebrities are often in debt to the tax man, From USA Today, 4/17/12
April 11, 2012 11:03 am
Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12
More Stories
advertisement
2016 Tax Supplements

The 2016 e-supplements for these titles are now available!

  • Your Income Tax 2016
  • 1001 Deductions and Tax Breaks 2016
  • Small Business Taxes 2016

Click here to download your FREE supplements.

View Prior Year Supplements.

advertisement
advertisement

“There are two systems of taxation in our country — one for the informed, and one for the uninformed.”— Judge Learned Hand, famous jurist