Tax News

February 20, 2008 12:00 am

If you call the IRS's toll-free number, you'll hear an automatic phone message telling you that rebate checks will begin to be sent in May. Most of the 130 million taxpayers who are eligible for rebat...

January 30, 2008 12:00 am

On January 24, 2008, President Bush and leaders of the House agreed to a $150 billion tax package intended to put money into the economy quickly.The winnersSingles with adjusted gross income (AGI...

January 22, 2008 12:00 am

It's rare for the U.S. Supreme Court to take on a tax case, but it just handed down a unanimous decision that affects income tax deductions for trusts. Background A trust for the family of Pepperidg...

January 17, 2008 12:00 am

If you have your necessary information, you can now file your 2007 income tax return with the IRS. As of January 11, the IRS had begun to accept 2007 income tax returns, including those filed electron...

January 7, 2008 12:00 am

Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem...

January 3, 2008 12:00 am

The IRS will begin processing 2007 income tax returns by mid-January, the usual time for the start of tax season. However, for about 13 million taxpayers who file certain forms impacted by the altern...

January 3, 2008 12:00 am

The wash sale rule in the tax law prevents you from recognizing the economic loss you've experienced on the sale of securities when you reacquire substantially identical securities within 30 days...

January 3, 2008 12:00 am

Homeowners caught in sub-prime lending may now be eligible for certain tax relief. Under the Mortgage Forgiveness Debt Relief Act of 2007, if they can work out a refinance that entails some debt forg...

December 21, 2007 12:00 am

Those who report suspected tax cheats to the IRS may be rewarded for their actions. In December 2006, the Whistleblower Office was set up to process information and make decisions on whether to grant...

December 18, 2007 12:00 am

While most work-related payments are taxable, there are some exceptions. Early in 2007, the Tax Court said that payments to disabled veterans under the Veterans Administration's work therapy prog...

December 18, 2007 12:00 am

Individuals can claim an itemized medical deduction for costs related to the diagnosis, mitigation, treatment, cure or prevention of disease, or any condition affecting any structure or function of t...

December 17, 2007 12:00 am

The average cost of one year of education (tuition, fees, room and board) is $13,589 for 2007–2008 at a public school for in-state students and $32,307 at a private school. Fortunately, your Un...

November 27, 2007 12:00 am

Make Index Investing Work for You The Vanguard founder offers investment insights to Lasser readers in this exclusive interview with Wiley Business and Finance book editor, Bill Falloon.John C. B...

November 21, 2007 12:00 am

The severe Southern California wildfires that ravaged homes and businesses in October 2007 affected thousands of individuals. Those living in the Presidential Disaster Area, comprised of Los Angeles,...

November 20, 2007 12:00 am

As December comes to a close, so too do the possibilities for cutting your 2007 tax bill and planning ahead for 2008 for job-related benefits. Take time to assess your current selections and how to u...

November 19, 2007 12:00 am

After paying bills, it's hard for most people to find money to set aside for retirement. Fortunately, the tax law can help you save for the future. The tax law allows you to:Contribute to a com...

November 19, 2007 12:00 am

Homeowners can exclude gain on the sale of their principal residence up to $250,000 ($500,000 on a joint return); for many homeowners this means tax-free sales proceeds. However, to claim this break,...

November 19, 2007 12:00 am

Even if your income is no higher in 2008 than it was in 2007, you can expect your tax bill to be lower. Why? Every year, cost of living adjustments to various tax items means you'll pay less than...

November 19, 2007 12:00 am

You have a unique opportunity to shelter your business profits in a retirement plan and save money for your future. The tax law encourages this by allowing you to deduct contributions, defer tax on e...

November 15, 2007 12:00 am

If you use your car for deductible moving or medical purposes, you can add the cost of driving based on a standard mileage rate. For 2008, the rate is 19...

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Tax Glossary

Amortizable bond premium

The additional amount paid over the face amount of an obligation that may be deducted.

More terms