Tax News

April 24, 2009 12:00 am

Now that tax filing season is over, millions of taxpayers are eagerly awaiting their tax refunds. The IRS says the average refund this year is about $2,700. Some measures you take now with your tax r...

April 16, 2009 12:00 am

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 2009. The limits for passenger cars are the same a...

April 14, 2009 12:00 am

Uncle Sam owes you money because you overpaid your federal income taxes. When will you receive your tax refund? It depends on how you filed your return and how you told the IRS to send your refund. F...

April 11, 2009 12:00 am

One way to pay outstanding federal income taxes is to charge them to a major credit/debit card. The IRS does not charge a fee for this payment option. There are two authorized processors that handle t...

March 27, 2009 12:00 am

The Bernard Madoff Ponzi scheme and other similar financial frauds in 2008 left thousands of investors without their money and with uncertainty about how to handle their losses for tax purposes. Now t...

March 18, 2009 12:00 am

“Small” sole proprietors (those with average annual gross receipts under $15 million in the prior 3 years) who had a net operating loss (NOL) in a tax year beginning or ending in 2008 can ...

March 17, 2009 12:00 am

By Leland B. Hevner, President of the National Association of Online InvestorsI don't have to tell you that 2008 was a disaster for individual investors. It was the worst year for stocks since 193...

March 5, 2009 12:00 am

Thinking of buying a home now? You may be able to cut your 2008 income taxes if you do. If you buy a primary residence after December 31, 2008, and before December 1, 2009, and you meet other eligibil...

March 4, 2009 12:00 am

Today, with high credit card balances, mortgages exceeding the value of many homes, and other debt problems, individuals may be able to work out some arrangement with lenders. If the arrangement resu...

March 3, 2009 12:00 am

While most expenditures you incur in business are tax deductible, self-employed individuals are forced to take some business-related write-offs as personal deductions rather than as business deductio...

March 3, 2009 12:00 am

When all is said and done, the bottom line on the return shows whether you owe taxes or are entitled to receive a refund. If you owe money, you may need some help; if you're owed money, you'll want t...

February 27, 2009 12:00 am

The American Recovery and Reinvestment Act of 2009, which was signed into law on February 17, creates a number of ways that you can save money now. Here’s how: Get Your Making Work Pay Credit Fo...

February 9, 2009 12:00 am

Tornadoes, fires, floods, accidents, and other unexpected events can change your life in the blink of an eye. The impact on your personal and financial life can be devastating. While the personal asp...

February 5, 2009 12:00 am

The $787 billion recovery package, called the American Recovery and Reinvestment Act of 2009, contains numerous tax breaks, primarily for low- and moderate-income taxpayers. Many of the breaks run fo...

February 4, 2009 12:00 am

Self-employed individuals who file Schedule C (or C-EZ) to report the income and expenses from their business activity should be aware that the IRS is on the lookout for those who underreport their i...

January 19, 2009 12:00 am

Usually, money in a 401(k) plan, a pension plan, or other qualified retirement plan is designed to provide retirement income and shouldn't be touched until retiring from the job. However, in these to...

January 15, 2009 12:00 am

Those under age 59½ are subject to a 10% early distribution penalty for withdrawals that do not meet any of these specified reasons:DisabilityPayment of first-time home-buying costs (up to $...

January 7, 2009 12:00 am

A kinder gentler IRS? Maybe? The IRS is providing help for taxpayers who owe taxes, with Commissioner Doug Shulman saying, “We want to go the extra mile to help taxpayers, especially those who&r...

January 6, 2009 12:00 am

As we ring in the New Year, there are three new tax changes to note for this year; two are favorable, but one is not. The sooner you know what they are, the sooner you can incorporate them into your ...

December 9, 2008 12:00 am

In this tough job market, many workers are taking courses or pursuing degrees to improve their skills so they can keep their jobs or find new ones in case they are laid off. Be sure to follow tax law ...

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Tax Glossary

Imputed interest

Interest deemed earned on seller-financed sales or low-interest loans, where the parties’ stated interest rate is below the applicable IRS federal rate.

More terms