Tax News

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

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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,...

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...

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...

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...

You may have a generous spirit and the means to help your favorite nonprofit organization, but unless you follow tax rules you won't enjoy tax breaks to which you might otherwise be entitled.Ca...