IncomeTax

These Little-Noticed Tax Hikes Are Raiding Your Wallet

In a tough economy, the last thing many people can afford is for the government to take more of their money. Yet at least in some places, recent tax increases have already taken a big bite out of taxpayers' wallets, and the worst may be yet to come.

How Thousands of Wealthy People Pay No Taxes (It's Totally Legal)

Debate all you like about whether the rich pay their fair share in taxes, but this is certain: Some high earners pay no taxes at all. A recent IRS study found that 35,000 U.S. taxpayers earning $200,000 or more paid no income tax in 2009. Curious how they pulled it off? Read on...

How Cuts to State Taxes Could Hit Voters in the Wallet

Several states are currently weighing plans to phase out state income tax; the aftermath of similar policies in other states suggests that these initiatives could carry a very high price for some of the country's poorest citizens.

10 Everyday Things You're Probably Paying Too Much For

Given the way capitalism works, we're all bound to overpay sometimes. The key is to avoid making it a habit. Here are 10 common things you're most likely paying too much for, and tips for keeping more of that cash in your pocket.

Why Facebook Is Paying These People's Tax Bills

When the Facebook IPO arrives, many of its employees are almost certain to hit it rich -- and they're getting an extra benefit no one would have expected: The company will pay the taxes on their stock profits. Crazy? Recent history says not. Here's why:

How State Taxes Put a Bigger Pinch on the Poor

True, 47% of Americans pay no federal income tax. But, as a recent study points out, when all the other taxes we pay are factored in, the poor often pay a far greater percentage of their income in taxes than the rich.

Don't Get Audited! The IRS's Dirty Dozen Red Flags

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

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 Good News

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.

GOP Candidates: Whose Tax Plan Is Best for You?

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? We looked at how the four front-runners' proposals of would affect an average American family.

A Peek Inside the IRS's Suggestion Box

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.

Your tax questions answered

It's an annual rite of passage that almost every taxpayer goes through: Interpreting the latest and greatest IRS rules. Of course, that leads to lots...

New York busts shady tax preparers

When consumers think about tax fraud, they typically think about the individuals who fail to report all their income or who take bad deductions. Many...

You're not going to miss $5,000

If the federal government told you that they were going to take $5,000 of your money because you'd never miss it, how would you feel? I don't care...