Tax News

January 15, 2013 11:05 am

According to the National Taxpayer Advocate’s Annual Report released on January 9, 2013, the number one problem with taxes is complexity. The report recommended that the current Tax Code be scrapped...

January 14, 2013 12:46 pm

Your take-home pay this year is smaller because of the expiration of the payroll tax holiday. But you can increase your spendable dollars by taking advantage of certain fringe benefits. For example, i...

January 9, 2013 1:03 pm

The IRS announced that it will begin to process 2012 income tax returns on January 30, 2013. Why not January 1? Numerous tax breaks had expired at the end of 2011, so the IRS could not properly prepar...

January 5, 2013 1:35 pm

Most of the talk about the American Taxpayer Relief Act of 2012, the fiscal cliff legislation just signed into law, has been about how it extends the Bush-era tax cuts to 2013 and beyond for most tax...

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...

December 18, 2012 12:00 pm

Taxpayers owed a refund can check the status of it online. The IRS has made easier than ever to do so for returns filed in 2013. The IRS says that refunds usually will be issued within 21 days and tha...

December 11, 2012 12:00 pm

If you are considered to be an “active participant” in your company’s qualified retirement plan, you can make deductible IRA contributions only if your modified adjusted gross income is below se...

November 29, 2012 1:00 pm

If you use your car, truck, or van for certain purposes other than personal reasons, you can deduct the related costs or use an IRS-set mileage rate. The mileage rate for 2013 is:56.5 cents per m...

November 29, 2012 12:45 pm

As a general rule, all income “from whatever source derived” is taxable. Some taxpayers, however, fail to report some or even all of their income. Some taxpayers do so because of an oversight or m...

November 20, 2012 2:18 pm

As a general rule, all income “from whatever source derived” is taxable. Some taxpayers, however, fail to report some or even all of their income. Some taxpayers do so because of an oversight or m...

November 14, 2012 7:32 am

There’s good news about IRAs for 2013. The contribution limit has increased, and more people will be able make deductible IRAs and Roth IRA contributions. Contribution limitStarting...

November 8, 2012 2:42 pm

Employees who can opt to donate their unused leave to organizations helping these victims will not be taxed on what would otherwise be taxable compensation. However, they cannot take a charitable cont...

October 17, 2012 11:31 am

The Social Security Administration announced changes for 2013. While Social Security beneficiaries will receive only 1.7% more in benefits in 2013, the wage base for purposes of the Social Security po...

September 16, 2012 4:44 pm

Bradley Birkenfeld is now a very wealthy man, having just received $104 million from the IRS as a whistleblower award. He provided key information about tax fraud by the Swiss bank UBS AG. The IRS exp...

September 7, 2012 1:01 pm

It comes as no surprise following the devastating rains and flooding that resulted in the Gulf Coast from Hurricane Isaac that the IRS has granted tax relief. The relief is in the form of extensions f...

September 6, 2012 7:52 am

When you self-prepare a tax return using software or a web-based program such as TurboTax, you continue to be responsible for the output on the return. You cannot claim that mistakes are the results o...

September 2, 2012 11:50 am

Social Security benefits can be paid to disabled workers. Such benefits are taxable in the same manner as Social Security benefits paid to retirees. In some cases, the benefits received are reduced by...

August 3, 2012 11:54 am

It’s not great to learn that your hard-earned tax dollars are being sent by the government to scamsters. The Inspector General for Tax Administration reports that the IRS has paid out billions of do...

August 2, 2012 11:21 am

Olympic medal winners may be able to cash in on their victories for commercial gains. Certainly, Michael Phelps, the 19-time medal winner in swimming, stands to earn millions as the world record holde...

July 18, 2012 11:39 am

If you are self-employed, or a more-than-2% S corporation shareholder, and obtain your health insurance through Medicare, you can treat your monthly premiums as a deduction from gross income. You don...

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Tax Glossary

Refundable tax credit

A credit that entitles you to a refund even if you owe no tax for the year.

More terms