Taxes
Doing your tax return by yourself—even if you use tax preparation software—can still be a challenge. We all know the tax code is complex and constantly changing. And that creates a great deal of anxiety and apprehension for some filers. “They know they don’t understand it and they’re not sure they can handle it,” said …
When it comes to tax refunds, many Americans say they plan to do something virtuous with the money they get back from Uncle Sam, like pay down debt or put it in the rainy day fund. We’re not completely fooling ourselves: Experts say people who plan to save their refund or use it to pay …
House Republicans are preparing to unveil a new plan to simplify the nation’s tax code.
Marriage can be a wonderful thing, but for some couples it can also be a costly institution come tax time. In general, many couples enjoy what’s called a marriage bonus—they actually get a tax break for being married. But others are subject to a marriage penalty, meaning that they pay more in taxes than if …
Think New York City is the most burdensome place to live in America? Or maybe Los Angeles? Forget it, not even close. The office of the chief financial officer of the District of Columbia produces an annual report looking at combined tax burdens (income, property, sales and auto) at five different household income levels for …
Tax season is high season for crooks who want to steal your identity and claim your refund.
Tim Maurer, Director of Personal Finance for the BAM Alliance, has some advice that may help you with your taxes.
Since the housing crisis, mortgage debt forgiveness has helped millions of borrowers avoid foreclosure, but that help may be in jeopardy.
This year’s new health care law means change is on the way for your taxes. Brian Haile, Senior Vice President for Health Policy with Jackson Hewitt, says you’d better take action now to avoid a big surprise later.
As the clock ticks towards tax day, there are some tax changes that have gone into effect this year that you need to know about.
Sharon Epperson explains what you need to know to avoid any big surprises this tax season.
It could have been worse, but 2013 ushered in the most significant changes in the tax code for more than a decade. For most American taxpayers, the resolution of the fiscal-cliff drama early last year was good news. The Bush-era tax cuts were made permanent for people in all but the top income-tax bracket; ditto …
The 2013 calendar year may be over, but opportunities to lower last year’s tax liability are not. Indeed, while many of the most common tax-planning strategies used to accelerate income or defer deductions—including tax-loss harvesting, prepaying medical expenses and managing your year-end bonus—had to be implemented by Dec. 31, others remain ripe for the picking. …
Never let tax tails wag investment dogs. Financial advisors generally counsel their clients not to invest for the sole purpose of reducing their tax liabilities. It can end badly. “When people make investments primarily for tax reasons, they usually end up making a lot less than they otherwise would,” said Ric Edelman, a registered investment advisor …
