Tax News

April 7, 2017 8:10 am

You probably have been paying taxes throughout the year—through withholding on wages and certain other payments or with estimated taxes. However, when it comes time to file your return, you may find...

March 17, 2017 9:18 am

The U.S. Treasury may be holding tax dollars that are owed to you. Unless you file for a refund, you won't get the money; the government doesn't voluntarily send it to you. Here are some situations in...

February 10, 2017 9:00 am

While home ownership in the U.S. is at historic lows (only 63.5% in the third quarter of 2016), there are still millions of individuals who own their own homes. Well, they don't necessarily own them o...

January 27, 2017 9:00 am

As you file your 2016 return, there are some new considerations. Here are 5 things you need to know.1. Key dates for the filing seasonMark your calendar for important dates impacting your 2016...

December 16, 2016 1:00 pm

The stock market has been up for the year and the real estate market is solid in many parts of the country. Between now and New Year's Eve, you may want to take actions—buying and selling—to impro...

December 2, 2016 1:40 pm

Your 2015 and 2016 income tax returns have been filed, but you now discover an error. You forgot to take a write-off you were entitled to, made a math mistake, omitted an item of income, or failed to ...

October 14, 2016 11:08 am

Identity theft (ID) is rampant. Edith Ramirez, the chairwoman of the Federal Trade Commission (FTC), which is the lead federal agency combating identity theft, said earlier this year that tax refund f...

September 30, 2016 9:01 am

When married persons file joint tax returns, they are jointly and severally liable for the tax, interest, and penalties on that return. This means the IRS can seek recovery of the full amount from eit...

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...

June 10, 2016 11:59 am

Tax-related identity theft results when someone uses your Social Security number to file a tax return and obtain bogus refunds. When a return is filed under your name, the processing of your return is...

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...

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...

February 12, 2016 12:22 pm

Keeping good records makes tax preparation easier and ensures that you claim every tax break to which you are entitled. It's not too late to get your records in order and be prepared for tax season. ...

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...

January 13, 2016 9:32 am

The IRS is often painted as the bad guy taking advantage of taxpayers. For the most part, IRS personnel act professionally in dealing with taxpayers. However, from time to time there are some bad appl...

July 20, 2015 10:20 am

The bad news: it’s all too easy to trigger tax penalties. The good news: A number of penalties can be waived if you have a good excuse. Here are three common penalties and the excuses that can resul...

May 22, 2015 3:24 pm

Whether you prepare your return yourself (on paper or electronically) or use a paid preparer, you need information to input. Hopefully, you’ve kept great records throughout the year to simplify your...

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Tax Glossary

Tenancy by the entireties

A joint tenancy in real property in the name of both husband and wife. On the death of one tenant, the survivor receives entire interest.

More terms