Tax News

February 24, 2017 8:00 am

There are many tax breaks that you may take if you have a qualifying child. Unfortunately, there is no single definition for all of these tax breaks. Here are the different definitions; you may be eli...

December 30, 2016 10:37 am

In the course of a marital dissolution, spouses may divvy up their financial assets. Some may take the form of property settlements, which are tax-free events, or alimony, which is taxable to the reci...

November 18, 2016 8:30 am

The Affordable Care Act requires every individual not exempt from the law to have minimum essential health coverage or pay a penalty. The penalty amount for lacking coverage in 2016 is substantial and...

November 4, 2016 9:44 am

While the rate of home ownership is still down, the value of homes has improved. The real estate market in some areas is booming, due to a recovering economy, low mortgage rates, and other factors. Fr...

September 16, 2016 12:29 pm

As summer winds down, students head back to school.1. Check eligibility for an education creditIf you, your spouse, or dependent is attending college or graduate school starting this Fall, you...

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...

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...

January 29, 2016 10:23 am

If you are legally married, you must file a joint federal income tax return unless you choose to file separately. This rule applies to both opposite sex- and same-sex married persons. There are certai...

December 29, 2015 10:16 am

Under the Affordable Care Act, every individual must have minimum essential health coverage or face a tax penalty unless eligible for an exemption. Now is the time to get ready for 2016 by checking yo...

November 23, 2015 10:08 am

About three million postgraduate students were expected to enroll this year. As a rule, the cost of graduate school is very pricey. Some students can obtain fellowships and grants to defray some or al...

October 26, 2015 9:59 am

Congress recently passed two measures—the Trade Preferences Extension Act of 2015 and the Surface Transportation and Veterans Health Choice Improvement Act of 2015—that include a number of tax law...

September 28, 2015 12:32 pm

Stories abound about innocent taxpayers being hounded by the IRS and forced to incur extensive legal fees to fight back. A dispute can drag on for years and taxpayers may have to litigate before the I...

July 13, 2015 10:16 am

With summer vacation approaching and mortgage rates low, some taxpayers may be thinking of buying a second home. Others who already own a vacation home may be renting it out for part of the year. How ...

July 6, 2015 10:01 am

With spring in the air, many homeowners are fixing up their homes. Some projects may be minor; others are major. Homeowners do these activities to improve their living conditions and raise the value o...

June 29, 2015 9:14 am

While about half the states have laws requiring adult children to provide financial support for indigent parents, most adult children feel a moral obligation to provide needed support with or without ...

June 1, 2015 3:20 pm

There are many current needs—health care premiums; mortgage payments—that use up our hard-earned dollars, making it challenging for many people to save money for future needs. Fortunately, Uncle S...

May 22, 2015 2:58 pm

With the real estate market heating up in most locations across the United States, a personal residence is again an important tax shelter for homeowners. You can garner tax breaks when you buy, while ...

May 22, 2015 9:32 am

More than 50 tax breaks that expired at the end of 2013 were extended for 2014 and can be used on 2014 tax returns. Many of our readers have expressed confusion about which breaks have been extended, ...

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Tax Glossary

Deficiency

The excess of the tax assessed by the IRS over the amount reported on your return.

More terms