Tax News

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...

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...

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...

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...

April 16, 2014 12:03 pm

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...

April 8, 2014 2:35 pm

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...

December 10, 2013 4:33 pm

IRS interest rates are unchanged for the first quarter of 2014 (January 1, 2014, through March 31, 2014). These are the rates changed on underpayments and overpayments:3% for overpayments (2% for...

December 2, 2013 11:36 am

If you need more time or other help in paying your taxes, it will cost you more now. Starting December 2, 2013, the fee for obtaining an installment payment agreement from the IRS is $120, up from $10...

November 1, 2013 11:48 am

Cost-of-living adjustments, or COLAs, apply to nearly four dozen tax rules, and the IRS has announced these adjustments for 2014. With inflation running low, the adjustments are modest. They impact su...

June 12, 2013 4:14 pm

The costs you pay to get to and from work every day usually aren’t tax deductible. Commuting costs are treated as a nondeductible personal expense. This rule doesn’t change because the commute is ...

May 14, 2013 1:48 pm

Employer payments for your health coverage are fully tax free. This rule does not change in 2014 when the health care mandates go into effect. But are cash payments that an employer pays to an employe...

April 22, 2013 12:17 pm

Are your personal and business emails private? Last week the IRS indicated to members of Congress that it had the authority to read them. In a statement issued on April 22, 2013, the IRS clarified the...

April 11, 2013 11:19 am

As part of President Obama’s 2014 budget, there are proposals to increase federal taxes and fees by more than $1 trillion over 10 years. The increases would result from:Capping all itemized ded...

March 21, 2013 9:38 pm

Usually, a filing extension does not give you more time to pay your taxes. But this is a different year. Because the American Taxpayer Relief Act of 2012, enacted on January 2, 2013, delayed the issua...

March 13, 2013 6:53 pm

Are your taxes going up or down? It depends on which tax plan you read. Both sides of the political aisle have proposed sweeping but dramatically different tax reform packages for Congress to consider...

March 1, 2013 12:23 pm

The interest rate that individuals will pay on underpayments remains at 3% for the second quarter of 2013. The interest rate that the IRS will pay on overpayments (tax refunds) will also be 3%. These ...

February 13, 2013 11:21 am

In his annual State of the Union Address on February 12, 2013, President Obama called for tax reform. In particular, he urged corporate tax reform and simplification to help small businesses. And he m...

January 23, 2013 12:12 pm

Social Security benefits paid to retirees may be fully tax free or included in gross income at 50% or 85%, depending on the amount of benefits, tax-free interest, and overall income. But what about So...

January 2, 2013 5:04 pm

It took until January 1, but both the House and Senate finally approved and sent to the President a fiscal cliff agreement that extends the Bush-era tax cuts beyond 2012 for the vast majority of taxpa...

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Tax Glossary

Involuntary conversion

Forced disposition of property due to condemnation, theft, or casualty. Tax on gain from involuntary conversions may be deferred if replacement property is purchased.

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