Tax News

December 16, 2016 1:00 pm

The stock market has been up for the year and the real estate market is solid in many parts of the country. Between now and New Year's Eve, you may want to take actions—buying and selling—to impro...

December 2, 2016 1:40 pm

Your 2015 and 2016 income tax returns have been filed, but you now discover an error. You forgot to take a write-off you were entitled to, made a math mistake, omitted an item of income, or failed to ...

November 18, 2016 8:30 am

The Affordable Care Act requires every individual not exempt from the law to have minimum essential health coverage or pay a penalty. The penalty amount for lacking coverage in 2016 is substantial and...

November 4, 2016 9:44 am

While the rate of home ownership is still down, the value of homes has improved. The real estate market in some areas is booming, due to a recovering economy, low mortgage rates, and other factors. Fr...

October 14, 2016 11:08 am

Identity theft (ID) is rampant. Edith Ramirez, the chairwoman of the Federal Trade Commission (FTC), which is the lead federal agency combating identity theft, said earlier this year that tax refund f...

September 30, 2016 9:01 am

When married persons file joint tax returns, they are jointly and severally liable for the tax, interest, and penalties on that return. This means the IRS can seek recovery of the full amount from eit...

September 16, 2016 12:29 pm

As summer winds down, students head back to school.1. Check eligibility for an education creditIf you, your spouse, or dependent is attending college or graduate school starting this Fall, you...

September 2, 2016 12:07 pm

If you need money, turning first to those you know is a common practice. You don't have to fill out forms or pass credit tests to obtain the funds you need if your family and friends can afford to hel...

August 19, 2016 11:59 am

It's summertime and many families are using vacation homes for relaxation. However, this isn't true for everyone. If you own a second home and are no longer content to use it only occasionally for you...

August 5, 2016 4:04 pm

If you or your family has an illness or other medical condition, taxes are the last thing on your mind. However, you may be eligible for a number of tax breaks that may be helpful for your family....

July 22, 2016 3:48 pm

For federal estate tax purposes, an estate tax return is required to be filed if the value of the estate on the date of death exceeds the exclusion amount (e.g., $5.45 million for someone dying in 201...

July 8, 2016 9:32 am

Now that you've completed your 2015 tax return, take time to review the experience so you can improve your tax filing next year. Actions you take now can reduce your stress, minimize your tax payments...

June 24, 2016 10:59 am

Your federal income taxes are the basis on which you can obtain student loans, get a mortgage, or obtain financing for a small business. Depending on the reason for the information, you may need to fu...

June 10, 2016 11:59 am

Tax-related identity theft results when someone uses your Social Security number to file a tax return and obtain bogus refunds. When a return is filed under your name, the processing of your return is...

May 26, 2016 11:43 am

Gambling—legal and illegal—is widespread. For example, according to the Fantasy Sports Trade Association, it is estimated that 56.8 million people in the U.S. and Canada participated in fantasy fo...

May 17, 2016 11:23 am

If you work, you can contribute to a Roth IRA, but only if your modified adjusted gross income is below set limits. What happens if you contributed to a Roth IRA during 2015 (for the 2016 tax year) bu...

April 22, 2016 11:07 am

As you file your 2015 income tax return, you may find that the government owes you money. Last year (2014 returns filed in 2015), the average refund amount was more than $2,800. Here's what you shoul...

April 11, 2016 12:51 pm

Things don't always go as expected. Storms, thefts, injuries, and other unexpected events wreak havoc with financial plans. Fortunately, the tax law provides some relief in the form of deductions, exc...

March 25, 2016 12:45 pm

It is often said that timing is everything. When it comes to the submission of tax returns, Tax Court petitions, and other time-sensitive tax actions, this statement is true because they must be compl...

March 11, 2016 12:37 pm

The Protecting Americans from Tax Hikes (PATH) Act of 2015, which extended permanently or temporarily dozens of tax rules, impacts various breaks for education and educators. The changes affect 2015 r...

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Tax Glossary

Self-employment tax

Tax paid by self-employed persons to finance Social Security coverage. In 2007, there are two rates. A 12.4% rate applies to a taxable earnings base of $95,700 or less and a 2.9% rate applies to all net earnings.

More terms