Tax News

June 27, 2012 1:49 pm

If you receive stock from your employer in connection with the performance of services and such stock is not vested or subject to risk of forfeiture, you can make a special election. This election, ca...

June 26, 2012 7:11 pm

If you lend money and fail to charge interest at a rate at least equal to the applicable federal rate (AFR) for the term of the loan, you may be subject to below-market loan rules. These rules require...

June 21, 2012 10:30 am

When you move more than a set distance because of a new job or business, you are entitled to deduct certain moving expenses. These costs are deductible regardless of whether you itemize your other per...

June 11, 2012 10:46 am

The federal Defense of Marriage Act (DOMA), which was enacted in 1996, defines marriage for federal law purposes as between a man and a woman. Recently, a federal appellate court said that DOMA is unc...

May 22, 2012 9:46 am

An offer in compromise (OIC) is an arrangement with the IRS to pay less than the full tax amount owed for those suffering certain financial hardships. The IRS announced an expansion of the program to ...

May 18, 2012 11:00 am

Even a 15% capital gains tax is too much for some people.  At least that’s the view in Congress where a new law, called the Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore...

April 30, 2012 12:00 pm

More than 11 million people have health coverage through a combination of a high-deductible health plan and a health savings account (HSA). The number of people with HSAs continues to grow annually. T...

April 26, 2012 1:27 pm

The U.S. Supreme Court has laid to rest an ongoing controversy over whether a taxpayer’s understatement of basis, which causes less gain to be reported, amounts to an omission of gross income. The r...

April 18, 2012 11:44 am

Distributions from qualified retirement plans and IRAs before age 591/2 are not only taxable but also subject to a 10% early distribution penalty. However, there are a number of exceptions that a taxp...

April 12, 2012 4:08 pm

Certainty used to be defined as death and taxes. Now that definition takes on a whole new meaning. According to a study, car accidents increase on the tax filing deadline by about 6%. This translates ...

April 3, 2012 12:00 pm

The Tax Foundation reports that Tax Freedom Day comes 4 days later than last year. Tax Freedom Day, April 17 this year, is the date on which you have earned enough money to pay your taxes. In other wo...

April 2, 2012 11:23 am

You can’t claim your pet as a dependent, no matter how much a part of the family your pet is. You can’t treat veterinary bills as deductible medical expenses. And you can’t take an adoption cred...

March 30, 2012 1:19 pm

The current federal individual income tax rates are set to expire at the end of 2012. Should Congress raise or lower the tax rates next year or keep them the same? That’s the debate that has begun. ...

March 29, 2012 3:44 pm

The Senate Finance Committee learned that the number of identity theft cases that the IRS received between 2009 and 2011 nearly tripled. To better protect taxpayers, one senator introduced the Identit...

March 27, 2012 10:43 am

The U.S. Supreme Court is determining whether the personal mandate for every individual to carry health coverage is constitutional. This personal mandate is set to take effect in 2014; those who refus...

March 21, 2012 6:43 pm

When a property owner receives a settlement from the government for taking his property under eminent domain, the settlement may be paid out over time, with interest on the installments. In one recent...

March 19, 2012 10:43 am

Before you make any donations to a charity, it’s helpful to check on its tax-exempt status. Unless the organization is IRS approved, you cannot claim any tax deduction for contribution to it. The IR...

March 14, 2012 1:04 pm

The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met:Payments are made pursuant to a foster care prog...

March 7, 2012 8:46 pm

If you’ve been griping about IRS service, put your money where your mouth is! The Treasury is now accepting nominations for volunteers to serve a 3-year term on the National Taxpayer Advisory Panel ...

March 6, 2012 12:20 pm

The IRS has announced the dollar limits on depreciation that can be claimed for cars and light trucks purchased for business and placed in service in 2012. The limits are slightly higher than those in...

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Tax Glossary

Exemption

A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.

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