- Days left

Pop Quiz! Who's Winning the Tax Game (and By How Much)?

Economy Quiz
As the presidential race heats up, one of the most contentious issues continues to be the economy. Whether the subject is the tax code, health care reform or unemployment, it's clear that November's battle will feature two very different visions of America -- and two very different ideas of how to cure the country's economic malaise. With that in mind, we've decided to look at some of America's biggest economic surprises.

Think you know the economy? Take our quiz and find out!

Bruce Watson is a senior features writer for DailyFinance. You can reach him by e-mail at bruce.watson@teamaol.com, or follow him on Twitter at@bruce1971.

Increase your money and finance knowledge from home

Economics 101

Intro to economics. But fun.

View Course »

Goal Setting

Want to succeed? Then you need goals!

View Course »

TurboTax Articles

Top 6 Tax Tips for Sharing Economy Freelancers

It's never been easier to earn a few extra dollars: Whether you drive for a ride-share company like Uber, rent out a room through a rental service such as Airbnb, or work for a company like TaskRabbit that outsources small jobs, errands and tasks?being a freelancer in the sharing economy means you may have one or more micro-enterprises or small businesses going on. And, just as your full-time job does, these endeavors often result in tax obligations people often overlook.

Claiming Property Taxes on Your Tax Return

If you pay taxes on your personal property and owned real estate, they may be deductible from your federal income tax bill. Most state and local tax authorities calculate property taxes based on the value of the homes located within their areas, and some agencies also tax personal property. If you pay either type of property tax, claiming the tax deduction is a simple matter of itemizing your personal deductions on Schedule A of Form 1040.

Side-Giggers: Tax Tips for Side Jobs

Having a side gig can help you make ends meet or build your rainy day fund. Income from freelance work, running your own small business or working at a second job brings in extra income without requiring you to quit your day job. But, like your main source of income, a second job or side gig must be reported on Form 1040 at tax time.

Tax Aspects of Home Ownership: Selling a Home

Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, factoring in your basis, home improvements and more.

Add a Comment

*0 / 3000 Character Maximum


Filter by:

Pop quiz:

Who is the worst communist (Obama) propagandist at AOL/HuffPuff?

July 26 2012 at 2:46 AM Report abuse +1 rate up rate down Reply

bruce don't try this fake class warfare stuff. let's talk about the economy and jobs. tell me again how great a job obama , nancy , and harry did!

July 23 2012 at 2:14 PM Report abuse +1 rate up rate down Reply
hi chet

Anyone out there every play Monopoly? The great game of capitalism. When one person has ALL the money and ALL the property, THE GAME IS OVER. The game is over because CAPITALISM CAN NO LONGER FUNCTION. Right now in this country the ULTRA RICH own everything on the board except Baltic and Mediterranean Avenues. Those belong to the rest of us. They have Hotels on all there properties we have ours mortgaged to the hilt. Sorry folks the game is over. Capitalism has failed. It is time to quit the game and start over. We must redistribute the wealth. History has shown us this. We can either do it quietly or the winners are going to end up in the guillotine.

July 22 2012 at 10:21 PM Report abuse -1 rate up rate down Reply


July 22 2012 at 10:14 PM Report abuse rate up rate down Reply

The Liberals and Tea Party are extremists. Thank God for the bell-curve where most of us fall. It is the moderates on both sides of the aisle that have kept this great country together. Compassionate Republicans and Conservative Democrats, yes, they do exist, are the ones holding it together for all of us. Don’t fall for the extremist mentality that so much of the media loves to feed. There are good journalists, but the enemy has penetrated their ranks and would love to destroy us from within. Wake up America.

We all died together on that fateful September 11. Blacks, whites, male, female, Hispanic, Jews, Christians, Muslims, atheists. We have enough enemies. We don’t need to fight each other. All is forgiven. The only thing we cannot forgive is hate. Forgive yourself for your bias. Open your minds and judge the facts, not people. Nobody has the right to judge anyone.

I know that I have bounced all over the place with this post, but I am so concerned for our great country. Have people lost their minds? There is still a lot of hate, racism and intolerance. It is so easy to blame others. We got the power, let’s use it to do good and build. The only thing we need to destroy is hate terrorists. I am willing to lay my life down for this great land. I am willing to die for those who agree with me and those who don’t, those who love me and those who don’t, because all of you give me the motivation, drive and determination to keep, keeping on. Let’s pray together America!

July 22 2012 at 9:56 PM Report abuse rate up rate down Reply
1 reply to knighted75's comment
hi chet

Sorry, but that bell curve is turning into a knife point. You are simply NOT ALLOWED TO BE MODERATE ANYMORE. Have you seen what happens if Romney even suggests moving toward the center? Have you seen what happens if Obama tries to cooperate with the right? The right wing conservatives in this country are quickly turning into the American Nazi party. It is their way, or NO WAY. You don't have the RIGHT to think differently then they do. To them the center is the FAR LEFT. To them to be moderate borders on TREASON.
We need a new party dedicated to the center. Not conservative, not liberal, but pragmatic. One that steers the ship of state either right or left depending on the obstacles before it. One that can bring the people back to where they are supposed to be, not where they are.

Ya have a few million lying around that ya don't need?

July 22 2012 at 10:36 PM Report abuse +1 rate up rate down Reply

I have nothing against Roe v. Wade, but the problem I see with Roe v. Wade is that it makes it so easy for women and men to be irresponsible. Don’t get me wrong. I love women. My mother was a woman. My wife is a woman. My daughter is a woman. But if you do not want to get pregnant, there are so many ways of birth control that there is no need for unwanted pregnancies. Take your pick, condoms, birth control pills, morning after pills, spermecides, or just plain keep your knees together. Only in extreme cases of rape or incest would the killing of unborn human beings could be remotely acceptable. That is what Planned Parenthood did. There are many other organizations that help women with cancer. Support them. We don’t need Planned Parenthood. End of story.
Planned Parenthood and organizations like it make it easy for women and men to be irresponsible. Why should taxpayers have to pay thousands of dollars for an abortion when a $4.00 condom would have done the job. Mitt Romney has nothing against women. What is wrong with expecting our citizenry to behave in a respectful and dignified manner? Liberty does not mean a free for all, people. But that is what the liberals believe. All is fair in love and war. Wrong. All is not fair in love and war. By any means necessary. Wrong. By any means necessary is not the answer either. There are eternal values upon which this great country was built, and mankind has passed on from generation to generation since the written history of mankind. Thou shalt not kill. Thou shalt not steal. In order for us to survive as a nation and not perish like so many other great civilizations, we must make a clear line in the sand of what is fair and what is necessary, what is valued and respected.

July 22 2012 at 9:54 PM Report abuse rate up rate down Reply

God bless the 1%. I make less than 50K but they pay my salary. Poor people don't hire!

July 22 2012 at 9:52 PM Report abuse -1 rate up rate down Reply
1 reply to jumpinjohn's comment
hi chet

Yes, I'm sure the slaves felt the same about their masters. And the surfs about their lords. And when the lord comes and takes your daughter for the night you will be proud to turn her over to him, right?

You make me sick.

July 22 2012 at 10:40 PM Report abuse -1 rate up rate down Reply
1 reply to hi chet's comment

magus you be disgusting!

July 26 2012 at 2:48 AM Report abuse rate up rate down

Don’t tell me you can’t get ahead because of the great 1% Oppressors. Did the 1% keep Steve Jobs down? Did the 1% keep Bill Gates down? Did the 1% keep Ophra Winfrey down, and did we need to have a Black President for Ophra to have a chance? People, the power is a God given one and you have it in you all the time (Luke 10, 21-24). I am a proud card-carrying Republican who voted for Obama. I voted for him because I knew that there needed to be a change, but that change that needed to occur was not in Washington. Granted, there are some things wrong with Washington, but hey, we are still the best in the world. America still is and will always be the greatest country in the world. Viva U.S.A! I voted for Obama because the change that needed to take place, needed to take place in the hearts and minds of individuals who needed to believe what my family and I have always believed, that they are just as deserving, they are just as worthy, they are just as beautiful, they are just as intelligent, they are just as valued, they are just as American, as the rest of us. That is the change I voted for in 2008. John McCain was much more deserving and had done more for our country, but the Honorable President Barack Obama is what our country needed at that time, and who was best for our country at that time. Now, I am not so sure and am undecided. What I don’t want to see, and what will turn me off, is the negative hateful campaigning. We are better than that. Let’s debate the issues and not engage in personal acts. Both sides are guilty of that.

July 22 2012 at 9:49 PM Report abuse rate up rate down Reply


The socialist ideology is based on the arrogance and hidden rage of those who, in order to climb up in the world, pretend to be frantic defenders of the helpless so as to have shoulders on which to stand. Jose Marti.

The one social class socialist experiment is a complete and total failure. Fidel Castro, the new 1%. Hugo Chavez, the new 1%. Evo Morales, the new 1%. Rafael Correa, the new 1%. Daniel Ortega, the new 1%. The Soviet Union eliminated the Czars, and Putin and his crew are now the new Czars. The liberals keep blaming the previous administration for the economic failures when it is clear that the Clinton administration fell for the bankers hook, line and sinker. The bankers created a large economic surplus to get the regulations that were in place to protect the economy since the great depression lifted. Look it up. We removed the safeguards and look what happened. Don’t blame the Honorable President Bush or the Republicans. Troubled Assets Relief Program (TARP) was bipartisan. I remember seeing President Obama, the Honorable Nancy Pelosi, the Honorable President Bush all together in the White House working on the bailout. The mistake was to bail out Goldman Sacs and then telling the rest of the banks to figure it out on their own. We should have never bailed out Goldman Sacs. That was the first domino that sent the rest falling. We owe that great piece of failed logic to the Secretary of the Treasury and the head of the Federal Reserve. They got spooked and fell for it. It is called the Chicken Little “Sky is Falling” mentality. Cowards.

Message to the 99%. I am not part of the 1%, but I am also not part of your 99%. I am part of the 53% that works for a living and pays taxes. If you want to occupy something, why don’t you occupy a job. And don’t tell me that you can’t because there aren’t any jobs out there. Create one for yourself. My father worked 3 jobs for thirteen straight years before he had a vacation. He became a self-made man and so have I.

July 22 2012 at 9:49 PM Report abuse -2 rate up rate down Reply
1 reply to knighted75's comment

You are or were military, weren't you? :)

July 23 2012 at 3:53 PM Report abuse rate up rate down Reply
Papa Hunk

Most people do not understand the IRS code enough to reduce the tax they pay. Not even do most professionals. The code is not so complex that anyone who looks into it deeply enough couldn't gain by doing so. It's not that complicated gang!! These high wage earners got that way because they are pretty smart as well as determined to succeed.

July 22 2012 at 9:27 PM Report abuse rate up rate down Reply