Whether you think of yourself as wealthy, the tax law might, and this has important consequences for you. Starting on 2013 returns, high-income taxpayers have new tax rates, additional taxes, and spec...

If you have a housekeeper, au pair, babysitter, driver, yard worker, private nurse, or personal attendant working for you and your family in your home, you may be an employer. Here’s what you need t...

April 15th is fast approaching. If you¹re not ready to file and pay your taxes, Barbara Weltman can explain how to get an automatic extension for six months and how you can make those payments....

So your tax bill is large and seems more than you’ll ever be able to pay. You’ve seen the commercials: Pay only pennies on the dollars of your tax liability. Are they true? It depends on whether y...

Congress finally passed a deal saving us from the “fiscal cliff” at the beginning of the year. But what does that mean for you and your taxes? Let Contributing Editor Barbara Weltman explain what ...

A hundred years ago (on February 3, 1913), the 16th Amendment to the U.S. Constitution became law. This permitted the federal government to legally levy an income tax. Since the first income tax retur...

The IRS began to process personal income tax returns for most filers on January 30. If you were not in the initial onslaught of filers, here are some differences to note from last year: Tax forms Th...

With Labor Day upon us, now is the time that workers should be thinking about the tax-deductible expenses they incur for their job. Retaining appropriate receipts and other records can support write-o...

With half of 2012 behind you, now is a great time to position yourself for tax savings when you file your 2012 next year. Here are some key actions you can take at this time that will pay off on April...

The federal government largely operates on revenues from personal income taxes. For the government’s 2010 fiscal year (ending September 30, 2010), personal income taxes accounted for 26% of federal ...

Missed the Tax Filing Deadline? If you didn’t file your 2011 income tax return by April 17, it’s too late to ask for a filing extension. However, you can minimize late-filing penalties by getting...

You’ve completed your return and see you that you owe taxes. If you don’t have the money on hand to pay this amount, here’s what to do.File your return on time. Don’t let your inability to...

Whether you do your return yourself or use a paid professional, you surely want to take advantage of every tax break you’re entitled to. Here are 5 things you can do to see that this happens:Ch...

Celebrities must pay taxes too! Being a celebrity does not relieve you from tax responsibilities. That’s the lesson that some in Hollywood have learned the hard way. Celebrities who have gone to j...

Barbara Weltman, contributing editor and author of books from The J.K. Lasser Tax Institute, gives tips to simplify your year-end tax planning and maximize your refund....

Soon, you'll be focusing on your 2011 tax return. But before you do, start thinking ahead to 2012 so you can take advantage of opportunities for this year. Here are some of the changes to know so that...

As a general rule, gambling winnings are subject to withholding at the rate of 25% (special withholding rules apply to winnings payable to a nonresident alien). Withholding applies to the entire amoun...

Distributions from qualified retirement plans are subject to a mandatory 20% withholding unless the funds are directly transferred to another retirement plan or IRA. However, other types of retirement...

If you are self-employed or have substantial investment income, you probably need to pay quarterly estimated taxes to cover your tax obligations for the year. You cannot simply wait until you file you...

You can opt for voluntary withholding on certain government benefits:Social Security and Railroad Retirement benefits Unemployment benefits Crop damage payments Commodity credit loansTh...