Income taxes

Happy 100th Birthday, Income Tax!

On Sunday, the 16th Amendment -- the one that laid the groundwork for a permanent federal income tax -- celebrated its 100th birthday. Needless to say, not everybody was lining up to celebrate.

Higher Taxes in 2013? You're Already Paying Them for 2012

More than 70 tax breaks enjoyed by individuals and businesses expired at the end of 2011. If Congress doesn't extend them retroactively back to the beginning of this year, a typical middle-class family could face a $4,000 tax increase when it files its 2012 return.

What Will You Do With Your Tax Refund?

For more than three-quarters of U.S. taxpayers, the silver lining of tax season is the refund check. This year, the IRS says the average refund is just under $3,000, and many people will use theirs to pay off debt or cover expenses. But for others, the arrival of that money will mean an opportunity to save or invest.

Tax Changes You Need to Know for 2011

Get ready for these tax changes in 2011With 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...

Getting to Zero: How Congress Could Balance the Federal Budget

It took about 10 years of decisions for the federal budget to get more than a trillion dollars out of whack, and it's going to take at least five years to balance it again. The only way to do it is piece-by-piece, with equal sacrifices from both Republicans and Democrats.

Five Most Common Tax Deductions

Don't miss out on these five most common tax deductionsIt's rare that the decision to itemize or take the standard deduction hinges on some of the smaller deductions that you can claim on your federal...

Taxable Income: How is it Determined?

How to determine your taxable incomeOne of the most common questions I'm asked as a tax attorney is, "What's taxable?" Believe it or not, that's a pretty difficult question to answer,...

Tax Brackets for 2010 Income

Quick way to determine your tax bracketsBy law, the thresholds for the marginal federal income tax brackets must change each year to keep pace with inflation. For 2010, those brackets are...

Income Inequality on Course to Hit Record Levels

With a tax bill tilted to benefit the wealthiest Americans poised to pass Congress this week, U.S. income inequality is poised to set new records. One key to that shift -- a change in the tax rules that lets the rich pass their wealth on to their heirs at the lowest tax rates in decades.

Budget Deficit Unexpectedly Narrowed in October

The U.S. government started the new fiscal year on the right foot, posting $140.4 billion deficit in October, the first month of the new fiscal year. That was substantially lower than the $148 billion deficit that had been forecast.

2010 U.S. Budget Deficit Comes in Below Expectations

Investors received another sign Friday that the U.S. economy is continuing to heal: The 2010 U.S. budget deficit came in at a smaller-than-predicted $1.29 trillion. Though it was still the second-highest deficit on record, the numbers reflect growth in tax revenues, and thus in the economy.

Budget Deficit Dips More Than Expected

Investors received another slice of good news Monday about the U.S. economy: The federal budget deficit for August totaled a smaller than expected $90.5 billion, thanks to rising government revenues due to higher tax receipts from stronger corporate profits.