Tax News

After more than 30 years, the opportunity for low-income workers to receive the earned income credit on an advanced basis has ended. Effective after 2010, eligible workers will have to wait until they...

According to one study, about 71% of employees have access to a 401(k) or similar plan at work, of which 77% currently contribute or have money invested in the plan. For many individuals, this is a pr...

The cost of vehicles purchased for business can be recovered by expensing (limits may apply), which provides a greater up-front write-off than depreciation claimed over a number of years. In one recen...

According to the U.S. Census Bureau (www.census.gov/newsroom/releases/pdf/cb10ff-14_school.pdf), 27% of the population over the age of 3 is enrolled in school. In a few short weeks, children will be r...

Tax return preparers who prepare returns after December 31, 2010, will have to obtain a preparer tax identification number (PTIN) each year from the IRS, as provided by proposed regulations. The IRS a...

The Affordable Care and Patient Protection Act of 2010 and the Health Care and Education Reconciliation Act of 2010 comprise the historic health care reform package that will overhaul health care in A...

If you are affected by the BP oil spill in the Gulf, you may be dealing with serious financial and personal concerns, and taxes may be the last thing on your mind. However, it is helpful to know that ...

It looks like Wesley Snipes is going to jail. An appellate court has upheld his conviction on tax evasion and his sentence of 36 months in prison. The case involved three years in which the actor f...

A federal law, called the Defense of Marriage Act of 1996, until now has barred same sex couples from filing joint federal income tax returns even where they are legally married under state law. Howev...

Those who were in contract by April 30, 2010, to purchase a home that would qualify them for a tax credit as a first-time buyer or long-term resident now have more time to complete the sale. Originall...

Gain on the sale of a principal residence can be excluded up to $250,000 ($500,000 for joint filers). This exclusion applies only if the homeowner has owned and used the residence for at least 2 of th...

Receiving cash or property at no cost to you is a good thing. But not all of the bounties you receive in this way are tax free. Here are some gifts or other no-cost items that you may receive that wil...

When things go bad, causing personal injury or even death, there often is monetary compensation from some source. Fortunately, the receipt of certain types of compensation arising from bad events is t...

Each year, more and more individuals use tax preparation software to complete and file their tax returns. However, a recent case demonstrates that failing to properly report taxes is not necessarily e...

When you withdraw funds from a time-deposit savings account or similar deposit account before the maturity date, the bank penalty imposed on the withdrawal is deductible from gross income. This penalt...

The gambling industry in the United States generates more than $92 billion in revenue. The revenue comes from such activities as commercial casinos operating in 12 states, casinos on Indian tribal lan...

Gain on the sale of a principal residence can be excluded up to $250,000 if single, or $500,000 on a joint return as long as the seller has owned and used the home as his or her principal residence fo...

Summertime for many people means vacation time and travel opportunities. As summer rapidly approaches, recognize that the type of vacation you schedule can produce favorable tax results. Combine Busin...

If you send your child to camp or summer school, can you obtain a tax benefit? It depends on your child's age and other factors. For Children under Age 13 If your child is under age 13 and you work, l...

Identity theft results when someone uses another person's name, Social Security number, or other identifying information without permission, to commit fraud or other crimes. It can take a victim month...