8 Types of Taxable Income That Might Surprise You
There's nothing simple when it comes to tax laws, so it's important to know which sources of income are taxable -- and some may surprise you.
taxable income
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.
Year-End Tips to Trim Your 2012 Tax Tab
Year-end tax planning is trickier this time around: Unless Congress compromises, all the Bush tax cuts will expire when 2013 arrives, and many popular tax breaks that expired at the end of 2011 may not get revived. Here's how you can lower what you owe the IRS, regardless of what happens in Washington next month.
Tax Cheat Whistleblower Who Got $104 Million from IRS Will Owe Millions ... to the IRS
Bradley Birkenfeld just got some good news and some bad news. The good news was that he got a $104 million payment from the IRS for his role in catching tax evaders. The bad news: His reward isn't tax exempt.
Last-Minute Tax Tips: How to Chose the Right Form to File
With just a week to go before April 17, it's crunch time for getting your taxes filed. If you're just now getting started, the first question you have to answer is which form you should use to file. Here's how to figure it out.
Tax Tips: How to Make the Most of a Bad Investment
It happens to even the best investors: Sometimes, what seems like a smart investment turns out to be a big loser. But even if you suffer a complete loss, you can still salvage something from your experience when you file your tax return.
Afraid of an IRS Audit? It's Not As Bad As You Think
No one is claiming that an IRS audit is a cakewalk. But a tax audit is probably less likely -- and less gruesome -- than most people fear. And the IRS isn't allowed to swoop down upon you just any old time: Their clock is ticking.
3 Simple Tax Terms That Have Been Redefined to Confuse Us
Is the U.S. tax code designed to be confusing? At more than 70,000 pages, its complexity is hard to overstate. But forget its size: Even in its most basic terms, the IRS seems determined to muddy the waters. To help you out, we've unpacked a few of the most weaselly weasel words.
Which Credit Card Rewards Does the IRS Care About?
Citibank recently sent recipients of a special frequent flier mile promotion an unwelcome surprise: a 1099 tax form indicating those miles are taxable income. Wondering if your other credit card rewards might be taxable too? Well, stop worrying.
Advice on Juggling Higher Bills, New Business
Cassandra and her husband have seen major life changes in the past few months: A new house in the NYC suburbs, bills that suddenly exceed his salary, and a new business for her. But though her consulting firm is thriving, now she's got a different problem: how to properly take money out of it. DailyFinance drafted an expert to help.
Why Dividend Hunters Have MLPs in Their Sights
The big attraction of master limited partnerships is tax-favored dividends. MLPs can be generous -- now around 6% to 10% -- because they don't have to pay federal income taxes if they pay out most of their cash flow to shareholders. But, alas, they're not for everyone.