money section
You’ve just scored a killer deal on the power tool set your husband has been asking for all year. You click to check out, feeling pretty good about how much you’ve saved. Then for the rude awakening: The shipping cost …
Maybe they move a lot. Or maybe they’re just forgetful. Whatever the case, the IRS finds itself trying to track down thousands of taxpayers every year who fail to collect their refund checks. In 2011 alone, the agency reported that 99,123 …
Getting ripped off by a financial scammer can be a devastating and humiliating experience. But at least you won’t get fleeced twice at tax time. New IRS rules issued in the wake of the multi-billion dollar Bernie Madoff investment scam …
Be forewarned. Even the Internal Revenue Service concedes that the gift taxes are “considered to be some of the most complicated in the Internal Revenue Code,” particularly if you plan to use gifts as an estate planning tool. However, if …
Money is just money if you’re trying to buy a cup of coffee. But to the IRS, not all dollars look alike. Capital gains – the dollars you make by selling assets for more than you paid for them – …
If you joined the federally subsidized fun back in 2008 and pocketed a tax credit for buying your first home, it’s time to pay the piper. Again. Buyers who used the credit in 2008 – unlike those who used it …
Brace yourself. Despite the 2 percent reduction you got in your Social Security and Medicare taxes last year, your federal income tax refund is likely to be several hundred dollars lighter this year, all things remaining equal. The reason: The …
Even losing a job can have a silver lining: The IRS may give you a tax break on your job search expenses, as long as you look for work in your current occupation. Granted, the deduction is limited to the …
The tax filing process is a complicated nuisance for most people. If your identity is stolen, it can become a nightmare. According to the U.S. Government Accountability Office, the IRS reported 248,357 incidents of tax-related identity fraud in 2010, …
You went to college. You borrowed from the bank. The bank is hounding you for the payments. You can’t afford to pay. What are your options and how can you get the bank off your back? Student loan debt is …
Bring home a new baby in 2011? Congratulations! Collect your income tax refund. We’re talking about collecting a tax credit for an adopted child. You’ll earn a tax credit whether you adopt domestically or internationally, but the process is different. …
Do you deserve a $500 tax credit? Depends. Did you make any energy-saving home improvements in 2011? Replace drafty windows or doors with energy efficient ones? Install a high-efficiency shower head? Swap an old wood-burning furnace for a new Energy …
We get it, we do. You don’t love idea of paying your taxes. Only a handful of Americans do: accountants, those banking on big returns, a few politicians, Warren Buffett. The rest of us aren’t really psyched about tax season. …
There’s good news and there’s bad news. Since it’s tax-related, let’s rip the bandage off quickly and begin with the bad: the IRS is economically profiling Americans, subjecting 84% more tax returns to audits in 2007. While auditees might grumble, …
So what if the trade convention you attended was held in New Orleans, during Mardi Gras and ordered breakfast in bed everyday? It’s still a business expense, as long as you can document your claims. What would the IRS …
