Tax News

February 26, 2016 10:40 am

Even though 2015 has ended, there are still some actions you can take to reduce your tax bill for 2015.1. Contribute to a traditional IRAIf you have earned income from a job or self-employment...

February 12, 2016 12:22 pm

Keeping good records makes tax preparation easier and ensures that you claim every tax break to which you are entitled. It's not too late to get your records in order and be prepared for tax season. ...

January 29, 2016 10:23 am

If you are legally married, you must file a joint federal income tax return unless you choose to file separately. This rule applies to both opposite sex- and same-sex married persons. There are certai...

January 15, 2016 10:17 am

When you sell stocks, bonds, and mutual fund shares, your gain or loss depends on your basis in the securities. Keep in mind that the higher the basis, the lower the gain or greater the loss. Tax rule...

January 13, 2016 9:32 am

The IRS is often painted as the bad guy taking advantage of taxpayers. For the most part, IRS personnel act professionally in dealing with taxpayers. However, from time to time there are some bad appl...

December 29, 2015 10:16 am

Under the Affordable Care Act, every individual must have minimum essential health coverage or face a tax penalty unless eligible for an exemption. Now is the time to get ready for 2016 by checking yo...

December 9, 2015 10:10 am

There are about $173 billion in U.S. savings bonds outstanding. This makes this type of investment one of the largest assets held by individuals. Savings bonds enjoy certain special tax treatment. Her...

November 23, 2015 10:08 am

About three million postgraduate students were expected to enroll this year. As a rule, the cost of graduate school is very pricey. Some students can obtain fellowships and grants to defray some or al...

November 9, 2015 10:01 am

The last quarter of the year is the time to think about charitable giving and the tax ramifications. Here are five tips to help you.1.     Check the organizationYou can make tax-deductible...

October 26, 2015 9:59 am

Congress recently passed two measures—the Trade Preferences Extension Act of 2015 and the Surface Transportation and Veterans Health Choice Improvement Act of 2015—that include a number of tax law...

October 12, 2015 12:36 pm

After years of stagnation due to poor economic times, companies are now starting to increase employees’ pay. If you get a raise, congratulations! Here are five actions to take so you can benefit—t...

September 28, 2015 12:32 pm

Stories abound about innocent taxpayers being hounded by the IRS and forced to incur extensive legal fees to fight back. A dispute can drag on for years and taxpayers may have to litigate before the I...

September 14, 2015 12:21 pm

When you receive a distribution from a qualified retirement plan or IRA, you have 60 days from receipt to deposit the funds into another qualified retirement plan or IRA. If you don’t, you will be t...

August 31, 2015 12:08 pm

While the Bernie Madoff scam came to light in 2008, there continues to be a seemingly unlimited number of fraudulent investment schemes afoot. Those promoting these schemes can be very convincing, and...

July 20, 2015 10:20 am

The bad news: it’s all too easy to trigger tax penalties. The good news: A number of penalties can be waived if you have a good excuse. Here are three common penalties and the excuses that can resul...

July 13, 2015 10:16 am

With summer vacation approaching and mortgage rates low, some taxpayers may be thinking of buying a second home. Others who already own a vacation home may be renting it out for part of the year. How ...

July 6, 2015 10:01 am

With spring in the air, many homeowners are fixing up their homes. Some projects may be minor; others are major. Homeowners do these activities to improve their living conditions and raise the value o...

June 29, 2015 9:14 am

While about half the states have laws requiring adult children to provide financial support for indigent parents, most adult children feel a moral obligation to provide needed support with or without ...

June 22, 2015 8:53 am

Crowdfunding is the practice of raising small amounts of money from a large number of people to fund specific projects or ventures. These activities can be personal, charitable, or business-related. A...

June 15, 2015 8:31 am

Americans are the most generous people on earth, giving $335.17 billion to charity in 2013 (the most recent year for statistics). Uncle Sam, however, doesn’t give you tax breaks for every good actio...

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Tax Glossary

Condemnation

The seizure of property by a public authority for a public purpose. Tax on gain realized on many conversions may be deferred.

More terms