April 22, 2016 11:55 am

There are various strategies that can be used by someone with a job to avoid paying estimated taxes with respect to income not subject to withholding. Some strategies include:Increasing withholdi...

April 22, 2016 11:52 am

Yes. Making the conversion requires you to report all the income in the account, so determine whether you want or can afford to do this. You can opt to convert only a portion of the account....

April 22, 2016 11:07 am

As you file your 2015 income tax return, you may find that the government owes you money. Last year (2014 returns filed in 2015), the average refund amount was more than $2,800. Here's what you shoul...

April 11, 2016 12:51 pm

Things don't always go as expected. Storms, thefts, injuries, and other unexpected events wreak havoc with financial plans. Fortunately, the tax law provides some relief in the form of deductions, exc...

April 11, 2016 12:19 pm

Because your income is too high, your contribution is treated as an excess contribution subject to a 6% penalty. The 6% penalty applies each year unless you take corrective action. You can withdraw th...

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April 22, 2016 11:07 am

As you file your 2015 income tax return, you may find that the government owes you money. Last year (2014 returns filed in 2015), the average refund amount was more than $2,800. Here's what you shoul...

April 11, 2016 12:51 pm

Things don't always go as expected. Storms, thefts, injuries, and other unexpected events wreak havoc with financial plans. Fortunately, the tax law provides some relief in the form of deductions, exc...

March 25, 2016 12:45 pm

It is often said that timing is everything. When it comes to the submission of tax returns, Tax Court petitions, and other time-sensitive tax actions, this statement is true because they must be compl...

March 11, 2016 12:37 pm

The Protecting Americans from Tax Hikes (PATH) Act of 2015, which extended permanently or temporarily dozens of tax rules, impacts various breaks for education and educators. The changes affect 2015 r...

February 26, 2016 10:40 am

Even though 2015 has ended, there are still some actions you can take to reduce your tax bill for 2015.1. Contribute to a traditional IRAIf you have earned income from a job or self-employment...

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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...

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April 22, 2016 11:55 am

There are various strategies that can be used by someone with a job to avoid paying estimated taxes with respect to income not subject to withholding. Some strategies include:Increasing withholdi...

April 22, 2016 11:52 am

Yes. Making the conversion requires you to report all the income in the account, so determine whether you want or can afford to do this. You can opt to convert only a portion of the account....

April 11, 2016 12:19 pm

Because your income is too high, your contribution is treated as an excess contribution subject to a 6% penalty. The 6% penalty applies each year unless you take corrective action. You can withdraw th...

April 11, 2016 12:14 pm

You can deduct the unpaid principal if you can show that the debt is fully worthless. The fact that the borrower filed for bankruptcy does not automatically establish worthlessness. However, even if y...

March 25, 2016 12:14 pm

To determine her loss, she needs to know her tax basis. When you give property, such as stock, the recipient's tax basis used for determining gain or loss is usually your basis. More specifically, sin...

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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
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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.

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“Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?”— Peg Bracken, author of humorous books on cooking and other topics