Tax News

August 28, 2017 10:25 pm

Taxpayers who are under age 59½ and withdraw money in their retirement accounts to pay federal and state income taxes are liable for the 10% early distribution penalty. There is no penalty exception ...

August 28, 2017 10:23 pm

In some states, insurance companies sell the same policies on and off of the government marketplace. The Tax Court recently confirmed that a taxpayer can claim the premium tax credit only with respect...

July 13, 2017 4:23 pm

An insurance consultant’s clients are currently primarily accountants. Nonetheless, he prepared his own return for tax years before he had these clients. He admitted to the Tax Court that he made a ...

July 13, 2017 4:21 pm

The IRS has released the 2018 contribution limits for health savings accounts (HSAs), as well as the requirements for high-deductible health plans (HDHPs), since you can only contribute to an HSA if y...

July 13, 2017 4:09 pm

You can be taxed on “imputed interest” if you make an interest-free loan to a relative, or if you charge interest at less than the applicable federal rate (AFR) set by the IRS.  If you do not cha...

July 13, 2017 4:07 pm

The Fed is on course to raise short-term interest rates several times this year, but for the third quarter of 2017 (July 1 through September 30, 2017), the IRS interest rate for individual tax overpay...

July 13, 2017 4:05 pm

The IRS provides a wealth of preliminary tax data for tax year 2015 in the Spring 2017 Statistics of Income Bulletin (SOIB). The data is based on a sample of 257,083 individual income tax returns for ...

July 13, 2017 4:02 pm

Under estate tax rules, if a spouse dies and does not use up his/her entire exemption amount ($5.49 million if death is in 2017), the surviving spouse’s estate can use the balance. This is called th...

July 13, 2017 3:56 pm

A person who suffers job-related discrimination may be awarded back pay. Recently, a district court said that the award could be increased to account for the person’s tax bill on the recovery (Greg ...

July 13, 2017 3:54 pm

The IRS has long had a fast track settlement program for large and mid-sized businesses to resolve outstanding legal and factual issues in contention through mediation. The IRS had started a similar p...

July 13, 2017 3:52 pm

General partners are subject to self-employment tax on their distributive share of partnership interest (Code Sec. 1402(b)). In contrast, limited partners are not subject to self-employment tax on the...

July 13, 2017 3:50 pm

If you use a car, light truck or van for business, you can claim depreciation in addition to your vehicle operating costs (gasoline, oil, repairs, insurance, parking and tolls allocated to business us...

May 5, 2017 8:17 am

For many individuals, IRAs are significant assets that need to be protected. Last year it was reported that the average balance per IRA owner was $127,600, and many have even more squirreled away. Unf...

April 21, 2017 8:53 am

You work hard to put money into your IRA, 401(k), or other tax-advantaged retirement savings program. The tax law is designed to encourage savings by giving tax breaks—deductions or exclusion from i...

April 7, 2017 8:10 am

You probably have been paying taxes throughout the year—through withholding on wages and certain other payments or with estimated taxes. However, when it comes time to file your return, you may find...

March 17, 2017 9:18 am

The U.S. Treasury may be holding tax dollars that are owed to you. Unless you file for a refund, you won't get the money; the government doesn't voluntarily send it to you. Here are some situations in...

February 24, 2017 8:00 am

There are many tax breaks that you may take if you have a qualifying child. Unfortunately, there is no single definition for all of these tax breaks. Here are the different definitions; you may be eli...

February 10, 2017 9:00 am

While home ownership in the U.S. is at historic lows (only 63.5% in the third quarter of 2016), there are still millions of individuals who own their own homes. Well, they don't necessarily own them o...

January 27, 2017 9:00 am

As you file your 2016 return, there are some new considerations. Here are 5 things you need to know.1. Key dates for the filing seasonMark your calendar for important dates impacting your 2016...

December 30, 2016 10:37 am

In the course of a marital dissolution, spouses may divvy up their financial assets. Some may take the form of property settlements, which are tax-free events, or alimony, which is taxable to the reci...

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Tax Glossary

Wash sales

Sales on which losses are disallowed because you recover your market position within a 61-day period.

More terms