Tax News

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:Disability Payment 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 ...

November 1, 2008 12:00 am

The stock market can be up 500 points one day and down a similar amount the next. The swings in the market make investment moves challenging. Here are the tax rules you need to know about your securi...

October 17, 2008 12:00 am

The IRS has announced cost-of-living adjustments to various limits for qualified retirement plans in 2009. There is a potential for greater contributions. Some key numbers to watch: For 401(k) plans,...

October 17, 2008 12:00 am

The largest increase in Social Security benefits since 1982 also means the largest hike in the wage base for Social Security taxes in 2009. The base will increase to $106,800 (up from $102,000 in 2008...

October 2, 2008 12:00 am

The Fostering Connections to Success and Increasing Adoptions Act of 2008 has passed both houses of Congress and has been sent to the White House for the President's signature, which is expected short...

September 8, 2008 12:00 am

In the coming weeks, it's back-to-school time. This can mean tax saving opportunities for you. The tax law provides a number of exclusions, deductions, and tax credits designed to encourage education...

September 2, 2008 12:00 am

Taxpayers may be subject to the alternative minimum tax (AMT) when they exercise incentive stock options (ISOs). The reason: The spread between the fair market value of the stock at the time it is ac...

What You Should Know If You Lose Your Job
August 27, 2008 12:00 am

In today's tough economy, practically no job is safe. At any time, you can receive a pink slip and be out of work. What does this mean for you and your family? Here are the tax implications for some a...

August 25, 2008 12:00 am

Your personal tax information is supposed to be private. Both the law (the Taxpayer Browsing Protection Act of 1997 and the Computer Fraud and Abuse Act) and IRS policy state that employees are allowe...

Tax Breaks for Disasters
August 11, 2008 12:00 am

The hurricane season is upon us and many taxpayers around the country have already experienced devastating property losses from tornadoes, floods, wildfires, and other natural disasters this year. The...

August 8, 2008 12:00 am

Recently released proposed regulations clarify what you must do to prove your charitable contributions. Without this substantiation, no deduction is allowed. Cash contributions The law requires tha...

July 30, 2008 12:00 am

Where you live is a big factor in determining the amount of alternative minimum tax (AMT) you may owe. Generally, taxpayers living in states with high income taxes are more likely to be subject to th...

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Tax Glossary

Foreign tax credit

A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?

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