income taxes

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 it could also create an opportunity to save or invest.

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...

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.

It'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 form 1040, Schedule A. This is because the deduction thresholds are fairly high. For 2010, the standard deduction for married couples filing a joint...

One 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, because the list is so lengthy. A much easier question would be, "What isn't taxable?" This is because our tax system is considered inclusive. In other...

By law, the thresholds for the marginal federal income tax brackets must change each year to keep pace with inflation. For 2010, those brackets are as follows: Individual Taxpayers 10% on taxable income between $0 and $8,375 15% on taxable income between $8,376 and $34,000 25% on...

Taxpayers love deductions and credits -- and why not? The deductions and credits in the Tax Code allow you to reduce your taxable income, and the amount of tax due. But what if you could deduct everything? What if your super-pricey home meant your home mortgage interest deduction was sky high? Or...

With Christmas trees up and holiday music playing 24/7, April 18 seems a world away. But it's never too early to start planning and getting your paperwork together for Income Tax time, say the experts. Besides making the most of your flexible spending account and taking advantage of changes with...

Common sense suggests that as home prices decline, the property taxes based on their valuations ought to as well. But property taxes nationally are clicking higher. Why is this occurring? Several factors are at work -- and they bode ill for state budgets.

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.