The numbers are out and they’re not comforting. Taxpayers spend an exorbitant amount of time and money filing their federal income tax returns each year, and this filing season had been no different...

Tax Freedom Day is April 21, which is three days later than last year. This is the day that the Tax Foundation computes as the time when the entire nation has paid enough to satisfy tax obligations fo...

The IRS is holding refunds totaling $760 billion for about 918,600 taxpayers who did not file their 2010 returns. The last day to file and claim the outstanding refunds related to these returns is Apr...

The president’s budget proposal for the government’s 2015 fiscal year contains a measure to expand the earned income tax credit (EITC). This credit is fully refundable, so low- and moderate-income...

The IRS’s annual list of the Dirty Dozen Tax Scams has been released. Taxpayers who use or fall victim to these scams expose themselves to additional taxes, penalties, and in some cases, criminal pr...

If you eagerly filed your 2013 income tax return but have more information or concerns now and need or want to amend it, determine whether to do so and how.Must you file an amended return? If you ...

Higher education pays off in greater lifetime earnings, says the U.S. Census Bureau (https://www.census.gov/prod/2002pubs/p23-210.pdf). But higher education isn’t cheap, and most students and their ...

If you turned age 701/2 in 2013 and did not take any required minimum distribution (RMD) from your IRA and/or qualified retirement plan, you must do so no later than April 1, 2014, in order to avoid a...

Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to...

There are two personal tax-advantaged ways to save for retirement: an IRA, which may be deductible or nondeductible (“traditional IRA”), and a Roth IRA, which is made with after-tax dollars. These...

No. This lump-sum death payment is tax free....

A capital loss must be applied in a set order at a set time. In the year in which it is realized, it offsets capital gains and, if there is any excess loss, up to $3,000 of ordinary income (such as sa...

If the CD is in a tax-deferred or tax-free account, such as an IRA or Roth IRA, interest on the CD is not currently taxed; the rollover of the CD when it matures is not a taxable event. If the CD is i...

Uniform Transfers to Minors Act (UTMA) accounts are owned by a minor, even though a parent or other adult acts as custodian. Once the minor reaches the age of majority (18 in most states), the funds b...

The above-the-line deduction for tuition and fees for higher education can be claimed by a taxpayer only for him/herself, spouse, or dependent. If your grandchild is your dependent, then you qualify f...