Tax News

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...

November 15, 2007 12:00 am

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...

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Tax Glossary

Adjusted basis

A statutory term describing the cost used to determine your profit or loss from a sale or exchange of property. It is generally your original cost, increased by capital improvements, and decreased by depreciation, depletion, and other capital write-offs.

More terms