Tax News

Beware of Credit Card Settlements
April 1, 2008 12:00 am

If you have a high outstanding balance on your credit card, you may be able to negotiate with the credit card company for a reduced settlement. While such a settlement can save you thousands of dollar...

The Income Tax Then and Now
March 11, 2008 12:00 am

The 13th Amendment to the U.S. Constitution was ratified in 1913, making the income tax a permanent feature of the tax law. The IRS (formerly the Internal Revenue Bureau) started publishing income tax...

401(k) Participants Can Sue Plan Administrators
March 6, 2008 12:00 am

When you invest your contributions to a 401(k) plan, you take a risk that you can make or lose money, depending upon your investment choices and market performance. The responsibility is yours and you...

How Low-Income Filers Get Stimulus Checks
March 6, 2008 12:00 am

Certain taxpayers who are not otherwise required to file a tax return because their income is below the filing threshold must do so this year in order to receive a rebate check under the Economic Stim...

Parents as Dependents
February 26, 2008 12:00 am

Call it role reversal, but a growing number of children are caring for their parents. According to a 2007 USA TODAY/ABC News/Gallup poll of baby boomers, 41% who had a living parent were providing fin...

What You Need to Know about Your Tax Rebate Check
February 20, 2008 12:00 am

If you call the IRS's toll-free number, you'll hear an automatic phone message telling you that rebate checks will begin to be sent in May. Most of the 130 million taxpayers who are eligible for rebat...

January 30, 2008 12:00 am

On January 24, 2008, President Bush and leaders of the House agreed to a $150 billion tax package intended to put money into the economy quickly. The winners Singles with adjusted gross income (AGI...

Supreme Court Limits Deduction for Trust’s Investment Advisory Fees
January 22, 2008 12:00 am

It's rare for the U.S. Supreme Court to take on a tax case, but it just handed down a unanimous decision that affects income tax deductions for trusts. Background A trust for the family of Pepperidg...

Tax Filing Season Has Begun
January 17, 2008 12:00 am

If you have your necessary information, you can now file your 2007 income tax return with the IRS. As of January 11, the IRS had begun to accept 2007 income tax returns, including those filed electron...

AMT Patch at Last
January 7, 2008 12:00 am

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

January 3, 2008 12:00 am

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...

January 3, 2008 12:00 am

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...

January 3, 2008 12:00 am

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...

December 21, 2007 12:00 am

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...

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 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 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...

The J.K. Lasser Interview with John C. Bogle
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...

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Tax Glossary

Testamentary trust

A trust established under a will.

More terms