Tax News

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...

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...

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...

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...

“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 ...

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

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 $...

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...

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 ...

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 ...

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...