The IRS said 10%, or more than 600,000, of the 6.6 million returns claiming education credits it has received so far this tax season were improperly filed by tax software providers. As a result, those refunds could be delayed for as long as six weeks.
After months of lead-up, America finally went over the fiscal cliff -- for about 34 hours, before a bipartisan compromise was reached. So, with an eye toward the bright side, here's are six things that you no longer need to worry about now that the fiscal cliff has been averted.
In Wednesday's much-hyped debate between Barack Obama and Mitt Romney, few topics will loom larger than taxes -- a subject about which the two parties and their standard-bearers are fundamentally, philosophically divided. Here's what you're likely to hear.
In the debate over how to keep Social Security afloat, two proposals dominate: Either raise taxes or cut benefits. Neither is an attractive option, but one there is little-mentioned solution that could fix Social Security almost painlessly: Make more cute little Americans.
Nobody likes paying the IRS, and we all wish there were just a few more deductions we could swing without arousing the taxman's ire. And there are: Here are a few deductions that, while they might seem to be a little out of bounds, are totally legal.
There's a popular tax break out there that paid more than 26 million workers a total of nearly $59 billion last year. Yet as many as 1 in 4 of those who qualify for this tax credit failed to claim it, missing out on hundreds, or even thousands, of dollars. That break is the earned income tax credit.
For many households, it's a personal fiance dilemma: Should they try to pay down debt first, or build up savings? In the aftermath of the Great Recession, opinions have clearly tipped toward the ditch-your-debt side. But that's not always the right answer.
It has become clear to politicians and scientists that corn-based ethanol isn't the solution for creating a home-grown fuel source. Enter "cellulosic ethanol," made from wood chips, weeds or algae. Could it be the fuel of the future?
The automaker has licensed technology from the Energy Department's Argonne National Laboratory that will boost the performance of lithium-ion battery cells for its electric Chevy Volt. The next-generation power packs will be made at a new plant in Michigan by Korea's LG Chem.
The tax cut compromise between Obama and the GOP is now being touted as a back-door stimulus plan, one that some economists predict will create or save 3.1 million jobs. Unfortunately, the model on which those forecasts are based makes some flawed assumptions.
Speaking in Cleveland, President Obama laid out the details of his plan to boost the economic recovery: $50 billion for infrastructure spending; a $100 billion R&D tax credit; and $200 billion to induce U.S. companies to make capital improvements now rather than later.
President Barack Obama plans to propose billions of dollars worth of tax breaks for businesses, several of which are similar to proposals that previously enjoyed strong Republican support.
