Tax News

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...

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...

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...

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 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...

October 3, 2014 10:15 am

The IRS reports that 13 million taxpayers are on extension for filing their 2013 returns. If you are one of them, don’t miss the filing deadline of October 15, 2014; returns filed after this date ar...

May 22, 2014 1:50 pm

For the past 5 years, taxpayers with adjusted gross income up to a certain amount ($58,000 in 2013) have been able to prepare their federal income tax returns and file them electronically at no cost. ...

February 20, 2014 10:43 am

The IRS’s annual list of the Dirty Dozen Tax Scams has been released. Taxpayers who use or fall victim to these scams expose themselves to additional taxes, penalties, and in some cases, criminal pr...

January 23, 2014 11:24 am

With tax seasons comes the advent of tax scams by email and phone, including text messages. The IRS cautions taxpayers to be wary at this time of the year. Here are some pointers to help you:The ...

January 16, 2014 12:09 pm

FreeFile is a no-cost way to figure your taxes online and submit your federal return electronically. FreeFile for 2013 returns opens on January 17, 2014 (although the IRS will not begin to process ind...

January 10, 2014 3:29 pm

The National Taxpayer Advocate is an independent organization within the IRS to help taxpayers resolve problems with the IRS as well as to recommend changes that will prevent problems. Nina Olsen, the...

December 23, 2013 2:14 pm

The U.S. Senate confirmed the appointment of John Koskinen as the next IRS commissioner. He starts his job during the week of December 23. He becomes the first commissioner since Douglas Shulman left ...

December 19, 2013 1:58 pm

The IRS announced that the filing season for 2013 income tax returns will begin on January 31, 2014. This is about a week or two later than usual. The government shutdown in October limited IRS work o...

December 4, 2013 10:59 am

Final statistics for the 2013 filing season (for 2012 income tax returns) show that e-filings increased by 2.5%. A total of more than 122 million returns were e-filed by tax professionals or by taxpay...

November 1, 2013 11:31 am

The Social Security Administration announced the 2014 wage base used for figuring the Social Security tax portion of FICA and self-employment tax. For 2014, this wage base is $117,000, up from $113,70...

October 23, 2013 3:11 pm

As a result of the government’s 16-day shutdown in October, the IRS has announced a delay in the start of the 2014 tax filing season. How much of a delay has yet to be determined. The original start...

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Tax Glossary

Amended return

On Form 1040X, you may file an amended return within a three-year period to claim a refund or correct a mistake made on an original or previously amended return.

More terms