April 2, 2018 2:26 am

The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2018-66). These tax scams are:Phishing: Taxpayers should be alert to potential fake emails or website...

April 2, 2018 2:22 am

Individuals with foreign financial accounts over certain thresholds must include the earnings as income on their tax returns and report the accounts annually or face serious tax penalties. In 2009, th...

April 2, 2018 2:18 am

That’s what one taxpayer learned from the Tax Court (Toni Harris, TC Summary Opinion 2018-12). The taxpayer was a Walmart employee enrolled as an undergraduate student at a state college. She regist...

March 23, 2018 2:05 am

In order to add the cost of capital improvements (an addition on the home, a new furnace or roof) to your basis, you need documentation. If you don’t have receipts for your expenditures, try getting...

March 23, 2018 2:03 am

You can claim your child as a dependent, regardless of age, as long as you meet all of the requirements. For example, you child can’t have gross income in 2017 of more than $4,050 and you must furni...

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April 2, 2018 2:26 am

The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2018-66). These tax scams are:Phishing: Taxpayers should be alert to potential fake emails or website...

April 2, 2018 2:22 am

Individuals with foreign financial accounts over certain thresholds must include the earnings as income on their tax returns and report the accounts annually or face serious tax penalties. In 2009, th...

April 2, 2018 2:18 am

That’s what one taxpayer learned from the Tax Court (Toni Harris, TC Summary Opinion 2018-12). The taxpayer was a Walmart employee enrolled as an undergraduate student at a state college. She regist...

March 15, 2018 3:21 am

Time is running out for taxpayers who are owed refunds for 2014 to claim them. They must file a 2014 income tax return no later than April 17, 2018, in order to obtain a refund. The IRS points out tha...

March 15, 2018 3:15 am

A divorce decree required a spouse to continuing paying the expenses on a home in which his ex-spouse lived. And when the home was sold, he was required to pay her half the net proceeds, which he did....

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March 23, 2018 2:02 am

You may be entitled to claim various deductions and credits, but unless you follow the rules you’ll lose out. Here are a number of recent cases that highlight what you should or shouldn’t do if yo...

March 23, 2018 1:48 am

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various write-offs that can be claimed without itemizing. Most of the changes in deductions from gross income affect 2018 retu...

February 25, 2018 8:54 pm

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various itemized deductions. Most of these changes affect 2018 returns (and in many cases, returns through 2025), but a few as...

February 6, 2018 8:55 pm

The child tax credit first appeared on tax returns for 1998 as a $400 nonrefundable credit. Over the years, the credit amount has increased and part of it has become refundable (i.e., payable even if ...

January 15, 2018 12:20 am

Attorney’s fees you pay to help you right a wrong can be very costly. Whether the fees are charged hourly or a flat amount, you may or may not be able to deduct them. Here’s a roundup of the situa...

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March 23, 2018 2:05 am

In order to add the cost of capital improvements (an addition on the home, a new furnace or roof) to your basis, you need documentation. If you don’t have receipts for your expenditures, try getting...

March 23, 2018 2:03 am

You can claim your child as a dependent, regardless of age, as long as you meet all of the requirements. For example, you child can’t have gross income in 2017 of more than $4,050 and you must furni...

February 25, 2018 9:00 pm

The IRS ruled that bitcoins and other cryptocurrencies are property, not currency. As such, you determine gain or loss in the same was as any other type of property. Compare what you paid for the bitc...

February 25, 2018 8:59 pm

A taxpayer who converted an IRA funded by deductible contributions to a Roth IRA in 2017 has until October 15, 2018, to undo it. This means recharacterizing the new account as a traditional IRA. Howev...

February 25, 2018 8:57 pm

The Tax Cuts and Jobs Act of 2017 repealed the shared responsibility payment, which is a penalty for not having minimum essential health coverage (and not being exempt from this requirement). But the ...

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May 22, 2012 1:24 pm
IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12
April 23, 2012 10:21 am
Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12
April 18, 2012 10:17 am
What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12
April 17, 2012 10:48 am
Celebrities are often in debt to the tax man, From USA Today, 4/17/12
April 11, 2012 11:03 am
Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12
More Stories
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2018 Tax Supplements

The 2018 e-supplements for these titles are now available!

  • Your Income Tax 2018
  • 1001 Deductions and Tax Breaks 2018
  • Small Business Taxes 2018

Click here to download your FREE supplements.

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“Few of us ever test our powers of deduction, except when filling out an income tax form.”— —Laurence J. Peter, author