income tax
Even if you have nothing to hide, an IRS audit is no picnic. But have you ever wondered why some tax returns get intense scrutiny while most sail through the review process? Here are 12 red flags that could increase your chances of drawing unwanted IRS attention.
The 10 Worst States to Retire In: They're Frosty and Costly
2:55PM 1/13/2012
TopRetirements.com has named the 10 worst states in which to retire, based in factors such as taxes and climate. Every retirement is unique, but before you end up living out your golden years chilly and underfunded, check out this list.
Tax Refunds Are Shrinking -- and That's a Good Thing
6:30AM 1/12/2012
2011 wasn't a good year for those expecting big checks from the IRS. Not only were fewer refunds delivered, but the average refund was smaller. That's no surprise in this economy, but it's also a sign that Americans are getting smarter about how we handle our taxes.
Republican Presidential Candidates: Which One Is Best for Your Wallet?
12:45PM 10/18/2011
From Herman Cain's 9-9-9 plan to Ron Paul's proposal to nix the income tax, the GOP presidential candidates have floated a range of ideas for jump-starting the U.S. economy. But will any of them jump-start your home's economics?
Memos to the IRS: A Peek Inside Its Suggestion Box
2:00PM 7/08/2011
In the complicated, confusing, and confounding world of taxes, we citizens have a little-known ally within the IRS: the Office of the Taxpayer Advocate, Nina Olson. Olson welcomes your thoughts via a suggestion box on tax reform. So far, she's received roughly 1,500 submissions, and she's still asking for more.
You can't clip coupons or bargain shop for many of your biggest household expenses -- but what if there was a way to get a discount? There is: You can often take pretax deductions from your paycheck and allocate it for basic expenses like child care, transportation and tuition.
Male, single, age 45 and under.
Big spender.
Sounds like a dating ad from the classifieds, right? Not quite. That, according to a study by the advertising and marketing firm DDB Worldwide Communications Group, is the profile of the person most likely to cheat on a federal income tax return.
Some common income tax deductions that can lower your annual taxes include mortgage interest, state and local property taxes, charitable contributions, and non-reimbursed work expenses. Find deductions that you are eligible for in this video.
Taxpayer Rights: What You Need to Know If You Get Audited
6:00AM 2/22/2011
The three most intimidating letters of the alphabet for most Americans are I-R-S. Very few things strike more fear in a taxpayer's heart than the thought of being audited by the Internal Revenue Service.
For years, reports of abuse of power and poor treatment from the IRS ran rampant. That led...
With tax season 2010 already in full swing, it's easy to overlook some important tax changes for 2011. Here's some of what you can look forward to with respect to personal income taxes during the year:
Payroll Tax Holiday. As we reported earlier, there's a one-year payroll tax holiday in...
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