Tax News

March 31, 2010 12:00 am

As a supplement to the Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, Congress has made a few tweaks, including:A tax of 3.8% of the lesser of the individua...

March 25, 2010 12:00 am

The House passed the Patient Protection and Affordable Care Act. The act contains numerous tax law changes that take effect over the next several years. Here are some of the highlights of tax changes ...

March 25, 2010 12:00 am

The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18, 2010, contains tax incentives for businesses to hire new workers and other tax breaks. Hiring Incentives...

March 25, 2010 12:00 am

Because of fiscal problems, a handful of states have announced a delay in sending taxpayer refunds. The refunds will eventually be paid, but those expecting to have the funds soon may be disappointed....

March 24, 2010 12:00 am

If you have a large tax bill outstanding and are currently in a tough financial situation, you may be able to negotiate a settlement with the IRS to pay less than the full amount owed. This is done by...

March 17, 2010 12:00 am

April 15, 2010, is not only the filing deadline for 2009 income tax returns. It's also the last day that taxpayers who are owed refunds on their 2006 return can file for them. And it's the deadline fo...

March 7, 2010 12:00 am

If you take a distribution from your IRA and want to avoid any tax on it, you must roll it over-to the same IRA, a new IRA, or a qualified retirement plan-within 60 days. The 60 days is fixed by law. ...

March 3, 2010 12:00 am

In today's tough economy, many people are looking to sideline activities to supplement their income. Unfortunately, unless you do things right, expenses related to the sideline activity won't be deduc...

February 18, 2010 12:00 am

The IRS has a program to reward individuals who provide information that enables the IRS to collect more revenue. Specifically, the IRS Whistleblower Office pays a reward if you bring "specific and cr...

February 3, 2010 12:00 am

In the past couple of years, the stock market has decimated the retirement accounts of many people. Others who lost jobs were forced to tap into retirement savings for living expenses. All in all, the...

February 3, 2010 12:00 am

The Tax Court, in a lengthy opinion, for the first time has decided that gender identity disorder (GID) is a disease, so that treatment of that disease (reassignment surgery) is a deductible medical e...

February 2, 2010 12:00 am

One of the most basic tax rules is also one of the most confusing and misunderstood. On tax returns for 2009 and 2010, each dependency exemption is a deduction of $3,650. In 2010, there is no longer a...

January 26, 2010 12:00 am

Tax refunds are paid to you by Uncle Sam when you've overpaid your tax bill or when you are entitled to amounts in excess of your tax bill because of the earned income credit or other refundable tax c...

January 19, 2010 12:00 am

Damages received from lawsuits and settlements are excludable from gross income only if they are based on a tort or tort-type right and are received on account of physical personal injury or illness. ...

January 18, 2010 12:00 am

Employees have their tax obligations met largely by income tax withholding from each paycheck. If you are working as a self-employed individual so that you're not on the payroll as an employee, you do...

January 15, 2010 12:00 am

The next time you receive an IRS notice in the mail, it may be easier to understand. That's because the IRS has a program to redesign taxpayer notices so they are simpler. Within the next 12 to 18 mon...

January 4, 2010 12:00 am

You may be thinking about filing your 2009 tax return in the coming weeks or months. It's also a good idea to take note of new tax rules for 2010 so you can begin strategies for saving taxes this year...

January 4, 2010 12:00 am

To be deductible alimony, payments must be made in cash under a divorce decree or separation agreement that designates the payments as alimony. In one recent case, a divorce decree required a husband ...

December 18, 2009 12:00 am

Usually, you have until October 15 of the year following the year to recharacterize Roth IRA conversion. Thus, if you convert a traditional IRA to a Roth IRA in April 2009, you have until October 15, ...

December 17, 2009 12:00 am

Starting in 2010, millions of Americans previously barred from converting a traditional IRA to a Roth IRA because of the income limitation are now eligible to do so. The $100,000 modified adjusted gro...

Page 20 of 26« First...10...1819202122...Last »
advertisement
Tax Glossary

Away from home

A tax requirement for deducting travel expenses on a business trip. Sleeping arrangements are required for at least one night before returning home.

More terms