The Pros and Cons of Getting a Tax Extension
Getting a six-month extension to file your taxes is easy to do and gives you some clear advantages if you're feeling crunched on time.
Internal Revenue Service
Don't Get Burned by Your Charitable Deductions
Making a charitable donation is one way many Americans help to reduce their overall tax liability, but if not done properly, you could lose that cherished deduction.
Fewer U.S. Taxpayers Expecting Refunds This Year
Fewer Americans are expecting the financial boost of a tax refund this year, an American Express survey shows.
Tips to Help You Finish Your 2012 Tax Return Now
If you've been putting off the onerous task of finishing your tax returns, these tips for filing your 2012 return will help you breathe easier.
IRS Audit Triggers: Six Red Flags
The IRS only audits about 1 percent of individual tax returns, so the odds are pretty low that yours will be picked --unless you have one of these 12 red flags.
Ready for Your Tax Refund? The IRS Is Ready for Your Return
Millions of Americans count on getting their tax refunds as soon as possible, but thanks to Congress, ASAP hasn't been all that soon this year. However, the IRS has worked through all the changes from the long-delayed fiscal cliff deal and is ready to start taking all of our tax returns.
Tax Bills for the Rich Approach 30-Year High
With Washington gridlocked again over whether to raise their taxes, it turns out wealthy families already are paying some of their biggest federal tax bills in decades even as the rest of the population continues to pay at historically low rates.
IRS 'Where's My Refund?' Website Flooded by Eager Taxpayers
The Internal Revenue Service has a message for taxpayers eager to learn the status of their tax refund: Please don't check the IRS "Where's my refund?" website and smartphone app every five minutes. Once a day is enough.
Your Tax Refund: What to Expect
The big question on the mind of everyone who expects to get money back from the IRS is when they'll receive their tax refund. But it's not just when you file your return that control that answer: The steps you take beforehand can make a big difference.
Identity Theft's Taxing New Trend: Scammers Are After Your Refund
Beware the hottest trend in identity theft: tax identity theft. This year, the IRS expects upwards of 1 million fraudulent tax returns will be filed by scammers stealing refunds. And while the IRS can't protect you, you can protect yourself.
Meet the 'Voice of the Taxpayer': Nina Olson Speaks for You
Think you're on your own if you want your tax-related concerns heard in Washington? Well, you're not. Since 1979 there's been an official advocate who has the ear of Congress, regularly making a stink on taxpayers' behalf, aiming for a fairer, simpler, system.
New Year's Reprieve: Senate Passes Fiscal Cliff Deal in Post-Midnight Vote
The Senate passed legislation early New Year's Day to neutralize a fiscal cliff combination of tax increases and spending cuts that kicked in at midnight. The pre-dawn 89-to-8 vote set the stage for a final showdown in the House, where a vote was expected later Tuesday or perhaps Wednesday.
Fiscal Cliff: 100 Million Taxpayers Could Face Delays, IRS Says
The IRS warned that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if law makers' "fiscal cliff" negotiations fail to fix the alternative minimum tax (AMT) before year-end.
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.
Are American Shoppers About to Lose a Big Tax Break?
With Black Friday just a few days away, shoppers across the nation are getting their wallets and pocketbooks ready to rumble. What many don't realize, though, is that the federal deduction on sales tax that was part of the shopping equation for them in previous years may disappear come January.
IRS Internet Scams: If the Tax Man Emails You, It's Fraud
When the IRS sends you an email that it owes you some cash, and all you need to do to collect it is click through to their website, it's naturally tempting. Don't bite: No matter how convincing that email is, you can rest assured that it's a scam.
Home Damaged by Hurricane Sandy? Get Some Tax Relief
If Hurricane Sandy damaged your home, you may face months of waiting for much-needed repairs and insurance reimbursements. But you might find some relief from an unlikely source - the IRS.
IRS to GOP: We Won't Be Enforcers of the Health Insurance Mandate
The IRS assured GOP lawmakers Tuesday that agents would play no role in enforcing the requirement that Americans buy insurance under President Obama's health care overhaul. "IRS revenue agents will not be involved. There will not be audits," IRS Deputy Commissioner Steven Miller said.
Tax Breaks Every College Student (and Parent) Should Know About
Despite the fact that tens of millions of Americans are still struggling to make ends meet in our slowly rebounding economy, the cost of college keeps rising higher. Fortunately, one institution is offering some relief from high tuition: the IRS.
Here's a Corporate Tax Loophole a Porsche Could Drive Through
America used to stand alone among Western nations when it came to corporate tax-dodging. No more: Just as we've exported Hollywood and fast food to the world, we're apparently exporting that aspect of our culture too: Witness how Volkswagen and Porsche are beating one big tax bill.
IRS To-Dos Before You Say 'I Do'
In many cases, getting married can mean big changes in your tax situation, and the sooner you start planning, the more likely it is you'll avoid some huge pitfalls that snare many newlyweds.
Lottery Logic: There Is None When It Comes to Paying Taxes
After the taxman takes his share of a big lottery jackpot, it's not nearly so big as it was advertised. And even a lot of people who favor raising taxes on the rich think that's not quite fair.
Tax Tips for Procrastinators: The Top 8 Last-Minute Filing Blunders
In their mad dash toward the Form 1040 finish line, late taxpayers often make costly errors. If you're among those last-minute tax filers, first, take a breath. Then take note of these common filing mistakes to avoid.
Celebrity Tax Blunders: What You Can Learn from How Fame Mishandles Fortune
For whatever reason, celebrities often end up crossing paths with the IRS, and surprisingly, most of the problems they have with the tax man are traps anyone could fall into. Here are some common mistakes of the stars, and what you can do to avoid them.
Price of Procrastination: Late Filers Pay More to Get Taxes Done
Doing your taxes done is never fun, so it's no surprise that many people postpone it. But there's a price to pay for delay: Procrastinators tend to spend more on the process.
More Crazy Tax Deductions: What Worked, What Didn't
From hip replacements to pole dancing classes, here are some of the most outlandish deductions taxpayers have ever attempted to claim. You won't believe what these people tried that their accountants said wouldn't fly -- and you really won't believe what did (literally).
Singing Tax Lady Brings Soul to Your Form 1040 Blues
When you're dealing with the soulless bureaucracy that is the Internal Revenue Service, it helps to have a little extra "soul" on your side. And Anita Majors, the Singing Tax Lady, can provide it.
Don't Fall Into This Painful Tax Trap
If you have to write the IRS a check every year, there's a chance you could get even worse news from the tax man: an extra bill for interest and penalties. How can you avoid that? Welcome to the nerve-wracking world of estimated tax payments.
Taxing Cinema: The IRS Goes to Hollywood
Every year, tax season inspires Americans ... to gripe and complain. But rather than focus on the depressing side of your yearly ordeal, why not consider the more enjoyable things that taxes have inspired -- namely, a long list of films. On Oscar weekend, there's no better time to recall these taxing classics.
5 Ways to Save Your Tax Refund (and 1 to Spend It)
Chalk it up to the nation's lingering economic malaise: More Americans this year plan to sock some of their tax refund away in savings. If you're among them, here are a few smart ways to stash that cash.