December is upon us and you know what that means. The impending end of the year is when languishing legislation finally begins to move.
The House passed an estate tax bill yesterday. The Senate is slouching toward debate of health care. And lawmakers swear they'll get around [...]
The House this afternoon approved, by a 225-to-220 vote, a measure to keep the current estate tax law in place permanently. That's a 45 percent tax on estates in excess of $3.5 million per individual ($7 million for married couples).
Of course, Congress doesn't always operate under the same definitional [...]
Do you use your vehicle for business? Then you'll want to jot down this number: 50.
That's how many pennies each mile of business-related travel is worth on your 2010 taxes.
Every fall, the IRS takes a look at inflation, crunches some numbers and issues the coming [...]I've been thinking about Charles Dickens today.
Not because it's December and he wrote the classic holiday story, A Christmas Carol. And not because it was on this day in 1867 that Dickens gave his first public reading in America, kicking off a four-month reading tour.
Rather, [...]
I know that as the year winds down, the only savings that most of y'all are interested in are what you can shave off the retail price of the presents on your Christmas list.
But I do want to take a few minutes to mention other savings, like those [...]
For a country that usually likes to stay under the radar, Switzerland continues to get a lot of attention when it comes to its banking laws and international taxes.
Yes, things are still shaking out, with the names of the "most-wanted" account holders at the giant Swiss bank UBS to [...]
No wonder Tareq and Michaele Salahi, the Virginia couple and "Real Housewives" wannabes that crashed Obama's first state dinner last week, are looking for big bucks to tell their story.
They apparently owe a lot of money to a lot of people.
CNN [...]
I've blogged repeatedly about the dire financial straits most states find themselves in nowadays.
If things don't change, and soon, some state officials might decide to follow Colorado's latest revenue-raising move: taxing medical marijuana.
Colorado's Attorney General John Suthers has informed Gov. Bill Ritter that, yes, the state does have the [...]
A few months ago, the possibility of a tax on investment transactions was floated.
It didn't go too far then. Treasury Secretary Timothy Geithner even noted that he "hadn't seen a version of the tax that'd make much sense."
It's nearing 10 a.m. on Black Friday. That means that for the last six or so hours all across America, shoppers have piled into stores looking for bargains.
In a couple of states, South Carolina and West Virginia, shoppers will get even better deals as certain purchases -- [...]
What a difference one little letter makes.
see more Epic Fails
Where's Vanna and her supply of vowels when you really need them?
Texas-sized thanks: On this Thanksgiving, I'm thankful for every chance to laugh, thrilled that I'm back home in Texas [...]
Taxpayers in 18 states and cities have a great reason this year to be thankful. Their revenue offices offered them tax amnesties.
These folks were given a chance to make things right with the tax man.
Even better, the programs typically waive some, if not all, of the penalties [...]
And since Turkey Day-related overeating or reckless wielding of a carving knife or straining your voice yelling for (or at) your favorite football team could result in [...]
"Obamacare" has been replaced as the current political catch phrase, at least momentarily, by "Pay as you fight."
That's the headline grabbing name (yeah, I went there, too) given to a proposal to impose a surtax on taxpayers to help fund the ever-growing Afghan war costs.
Officially dubbed the [...]
If your holiday gift list includes "dishwasher for Mom" or "deer rifle for Dad," then get ready for a tax-free bonus if you do your Black Friday bargain hunting in West Virginia or South Carolina.
These two states are offering shoppers a chance to pick up energy efficient appliances [...]
OK, you're right. The debate's been going on for years.
But the official, formal, legislative debate on Capitol Hill, specifically in the Senate, will go forward, thanks to Saturday night's vote.
The House passed its $1 trillion health bill two weeks ago. Senate leaders hope to get a [...]
Remember when Paris Hilton and Nicole Richie spent some time on a farm? That's OK. Not many folks do recall their ostensible reality show The Simple Life.
But being a vidiot, the chasm depicted on that TV program between the two rich girls and [...]
The write-off of interest paid on a home loan, one of the most popular tax breaks out there, actually sort of sneaked into the tax code.
That's the word from Dennis J. Ventry Jr., acting professor of law at the University of California, Davis, School of Law. Ventry examines this [...]
No, you are not caught in a time warp. Another candidate tapped by President Obama for federal office has a bit of tax trouble.
Lael Brainard has been nominated to serve as Treasury undersecretary for international affairs. Her confirmation hearing finally got [...]
Looking for a way to get your weekend off to a taxalicous start? Sure you are!
Then you've got to check out The Wandering Tax Pro's WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’.
It's a regular Saturday (and Wednesday) feature from my tax blogging colleague.
And I [...]
One more quick hit on the topic of excess Making Work Pay credit payments.
I wrote a piece for Bankrate.com on some steps you can take now if you fear you might be one of the folks who will have to pay back the credit next filing season.
Related posts: Making [...]Is it just coincidence that this morning a federal judge, who
reportedly is a movie buff, heard the tax conviction appeal of an
actor who played a vampire hunter on the very day that the second installment of the pop culture
phenomenon Twilight film series hit theaters?
Who's paying taxes and just how much, relatively speaking, are they handing over to the Treasury?
That's been the topic of debate since several groups released income tax studies this year.
First, the Tax Foundation reported that the tax burden of the top 1 percent of taxpayers now [...]
Do you have a flexible savings account? Are you planning on claiming medical expenses as an itemized deduction? What about your workplace insurance plan; is it relatively expensive coverage?
Then you'll face some costs in the Senate's humongous health care reform bill.
I'm not kidding about the size, both [...]
H&H
Bagels, bakers of what Zagat once called iconic bagels, now has a new, and
unwelcome, claim to fame (or infamy).
New York City alleges that the bagel company's owner, Helmer Toro, is a tax cheat.
Manhattan District Attorney Robert Morgenthau has charged Toro with [...]
Federal investigators are feeling pretty darn good about themselves right now.
After a persistent effort to get info on taxpayers they believe hid money subject to U.S. taxes in offshore accounts, the Department of Justice and IRS announced yesterday that more than 14,700 taxpayers have 'fessed up about their [...]
It's Tax Twitter Tuesday time again! Sorry I'm a bit tardy. This Tuesday had me in a real tizzy!
But I'm finally here, and glad you are, too.
For first-timers, on the third Tuesday of each month I sift through the gazillion tax Tweets and [...]
The year is winding down. You're trying to gather of all your receipts. (Yeah, I know, next year you'll institute that record-keeping system). But some paperwork is missing.
What can you do?
You might want to check out a 79-year-old rule regarding the estimation of tax deductions.
In 1930, [...]
Earlier this year, a pay-per-mile federal driving tax was floated.
Even the Secretary of Transportation expressed some interest in a VMT, or vehicle mileage tax.
As you might suspect, any even remote idea to make Americans pay more on anything related to [...]
Taxpayers often complain that the IRS seems to want an arm and a leg from them.
Well, it turns out that a pound of flesh (although usually much less) might one day literally be considered when it comes to taxation.
"Transfers of human body materials are [...]
It's no secret that celebrities get into tax trouble as often, if not more so, that we regular folks.
And it's definitely true that when famous folk run afoul of the IRS or state revenue offices, the unpaid tax amounts are pretty impressive.
So it make sense that the [...]
It's no secret that celebrities get into tax trouble as often, if not more so, that we regular folks.
And it's definitely true that when famous folk run afoul of the IRS or state revenue offices, the unpaid tax amounts are pretty impressive.
So it make sense that the [...]
Another Friday the 13th is upon us, the third one this year.
Are you superstitious? That's OK, most of us are.
But for real terror, April 15 is probably the day that frightens most Americans.
Yep, that annual income tax filing deadline can be pretty [...]
It does if your name is on one of the 107,831 refund checks that bounced back to the agency as undeliverable mail.
While the number of checks is tiny compared to the millions who file returns and get refunds, the amount that's in a holding pattern is huge.
The [...]
As a long-time birder and a bit of an opera buff, I got a kick out of the story that a U.K. woman who shared my interests had left most of her sizable fortune to New [...]
Veterans Day this year is particularly poignant due to the tragedy at Fort Hood.
Please keep those who lost family and friends at the Texas base in your thoughts today, along with all our veterans who [...]
Baseball great Satchel Paige once said, "Don't look back, something might be gaining on you."
That comment immediately came to mind today when I read about New York State's latest effort to get as much tax money as possible.
New York Gov. David A. Paterson told a [...]
Is a little truth in the naming of legislation too much to ask for? Apparently so.
It seems that when it comes to titling a bill, Representatives and Senators get creative. Why? Because giving a legislative proposal an appealing name (references to patriotism and family seem to pop up the most often) can go [...]
What a weird hurricane season. Here in the waning days, we're getting some action in the Gulf of Mexico.
I hope that forecasts are correct and Ida will make landfall as a tropical storm instead of a hurricane. Still, the [...]
Lost in all the hoopla about the just-extended first-time home buyer tax credit is the fact that the clock is ticking down on another stimulus-created tax break.
In addition to tweaking the home buyer credit, the American Recovery and Reinvestment Act included a deduction for state and local [...]
Last week while voters in some states were making ballot choices about taxes, Californians were dealing with a tax decision that had already been made for them.
As part of the budget deal struck months ago to keep the Golden State operating, lawmakers approved a 10 percent increase in [...]
That's right! Politics trumps tax and economic policy yet again!
Obama put pen to paper this morning and signed the Worker, Homeownership, and Business Assistance Bill of 2009 into law.
Don't get me wrong, I'm happy for folks who can use this to buy a house. Despite the [...]
UPDATE: On Nov. 6, Obama signed the bill
extending and expanding the first-time home buyer credit. Read more on the final tax credit in
The home buyer credit's three E's
The House just voted to approve the Senate's latest changes to the first-time home buyer credit. Since the [...]
UPDATE: On Nov. 5, the House passed
the Senate's first-time home buyer credit provisions discussed in this post. Obama is expected to sign the bill, possibly as soon as Friday, Nov. 6.
Read more on the final tax credit in
Home buyer credit new definitions, limits
The Senate [...]
Tuesday's final votes in those two states highlight a tax conundrum. We love to complain about taxes, but often we decide to keep them or refuse to limit them because we like the services the revenue pays for.
Did [...]
I know Halloween is over, but at the Capital of Texas Enrolled Agents (CTEA) meeting I attended this morning, I heard a few more first-time home buyer credit horror stories I thought you might find of interest.
Many of the cases that the Austin Taxpayer [...]
It looks like the Roaming Gnome will be booking an appeals court appearance.
A San Antonio jury has returned a $20 million verdict against online hotel booking companies for failing to pay occupancy taxes. The award money eventually will be split among 170 [...]
Actually, Virginians don't have to be reminded that it's election day. The Old Dominion has one of the most-watched off-year races, its battle for governor.
The other hot races are in New Jersey, also the governor's spot, and the 23rd District of New York, where the Conservative Party's vanquishing of [...]
Are you all rested, what with one big extra hour of sleep? Good! Then you're ready for Tax Carnival #59: Standard Tax Time.
I'm still finding timepieces that need to be adjusted. And my personal body clock is going to be off-kilter for [...]
I hope all y'all got a good night's sleep after Halloween festivities. It sure helped to have the extra hour we got from "falling back" into Standard Time overnight, didn't it?
So what are you going to do with that precious bit of extra time? If you've got nothing [...]
When should you teach your children about taxes?
Comedian Tim Slagle says Halloween is the perfect time. The sweets that the youngsters rake in on Oct. 31 can help you illustrate just how our tax system works.
For example, there are the concepts of take-home candy, goodies that come out [...]
With Halloween just a day away, it's time to find out what scares you the most. When it comes to taxes, we have a terrifying tale from the Midwest.
Iowa lawmakers created a tax credit to lure movie crews (and revenue) to the state. But it has played out as a much [...]
Now is not a good time to be rich. Let me clarify that. It's not a good time to be rich and trying to hang onto to more of your money by hiding it from tax collectors.
Federal tax investigators this week served subpoenas on wealthy New York-area residents who are [...]
OK, here's the latest iteration of the first-time home buyer tax credit extension, agreed to (or so some say) Wednesday evening by the Senate leadership and the sponsors of various proposals.
The $8,000 credit would continue for first-time buyers.
A reduced credit of up to $6,500 would [...]
That headline is correct. The official name of these country club vehicles is golf cars, not carts.
And the distinction comes in handy under a tax credit for all-electric vehicles.
You might have seen the feature on the golf car tax break this morning on ABC's Good Morning America (story [...]
Now is not a good time to be rich. Let me clarify that. It's not a good time to be rich and trying to hang onto to more of your money by hiding it from tax collectors.
Federal tax investigators this week served subpoenas on wealthy New York-area residents who are [...]
That's the word, uttered a couple of times in different venues, from the top IRS guy himself.
But don't panic just yet.
Sure the IRS wants to get all the money it is owed. That means all us regular taxpayers need to be sure we don't screw up our annual filings.
That's the word, uttered a couple of times in different venues, from the top IRS guy himself.
But don't panic just yet.
Sure the IRS wants to get all the money it is owed. That means all us regular taxpayers need to be sure we don't screw up our annual filings.
This is a hoot! Thanks to Stacie's More Tax Tips for tipping us to this hilarious expose of brazen accountants who walk the streets, illicitly providing financial and tax services.
While the accountants in the video are in Australia, I'm sure the same sad situation exists in major cities [...]
That's the latest word from Capitol Hill on the continuation of the first-time home buyer credit.
Actually, it's the latest word from Air Force One. No, it's not the Prez talking, but Democratic Sen. Bill Nelson of Florida, who was on the plane with Obama en route to Jacksonville.
Nelson told reporters [...]
That's the latest word from Capitol Hill on the continuation of the first-time home buyer credit.
Actually, it's the latest word from Air Force One. No, it's not the Prez talking, but Democratic Sen. Bill Nelson of Florida, who was on the plane with Obama en route to Jacksonville.
Nelson told reporters [...]
A bipartisan group of lawmakers say they have the plan to ease the estate tax burden.
Their Estate Tax Relief Act of 2009 (H.R. 3905) would lower the estate tax rate and increase, over the next 10 years, the amount of assets that would escape estate [...]
Those nosy Norwegians!
Apparently, the Scandinavian country has, in addition to impressive winter (and not too shabby summer) Olympians, a major cruise line (thanks Viking heritage!) and untold ways to cook fish, a proud tradition of government transparency.
That [...]
Those nosy Norwegians!
Apparently, the Scandinavian county has, in addition to impressive winter (and not too shabby summer) Olympians, a major cruise line (thanks Viking heritage!) and untold ways to cook fish, a proud tradition of government [...]
It's a fair question: Just where do our tax dollars go?
One of my Twitter pals, @LaniAR, found this interesting tax flow chart, a snippet of which appears below, that tracks what is says the average man got for his tax dollars.
I must point out that there's no [...]
It's a fair question: Just where do our tax dollars go?
One of my Twitter pals, @LaniAR, found this interesting tax flow chart, a snippet of which appears below, that tracks what is says the average man got for his tax dollars.
I must point out that there's [...]
Ah, fall. The time of year when school is back in session, football season is in full swing and most employees of companies that offer health benefits are bombarded with tough decisions and even tougher paperwork to complete.
Yes, it's the annual workplace benefits open enrollment season.
There's a new intensity this [...]
Ah, fall. The time of year when school is back in session, football season is in full swing and most employees of companies that offer health benefits are bombarded with tough decisions and even tougher paperwork to complete.
Yes, it's the annual workplace benefits open enrollment season.
There's a new intensity this [...]
It's official. In the wake of reports of first-time home buyer credit fraud, Rep. John Lewis has introduced a bill that he hopes will put a stop to the most egregious abuses.
Lewis' bill coincides with revelations during yesterday's hearing by the Ways and Means Oversight Subcommittee, which he [...]
They say you can't take it with you, but when it comes to the estate tax, some experts say some of its provisions should be portable.
Specifically, the argument is that the that the surviving spouse should be able to use the first-to-die spouse's estate exemption. Now, in many cases, when one spouse dies without [...]
Who knew that Living Colour was a prophet in addition to being an '80s rock band. But here we are, 20-plus years later, still a global Cult of Personality.
Sometimes those personalities we follow incessantly on TV and the Internet collide with the tax [...]
As I noted in yesterday's post on tax fraud committed in connection with the first-time home buyer credit, the House Ways and Means Oversight Subcommittee met this morning to hear suggestions on ways to reduce such evasion.
Three witnesses went before the subcommittee. Here are some excerpts from their prepared [...]
The first-time home buyer credit is a classic example of the adage that no good deed goes unpunished.
The IRS says that so far it has paid out almost $10 billion in tax benefits to low- and middle-income Americans who claimed the first-time home buyer tax credit, which was increased to $8,000 in [...]
If you had any doubt that times are bad financially for states, look no further than what used to be a sure-fire money raiser: gambling.
A study by the Rockefeller Institute of Government, the public policy research arm of the State University of New York, found [...]
Welcome to our second Tax Twitter Tuesday.
As noted in the inaugural edition on Sept. 15, I gather tax info and comments from the popular social networking program Twitter. Then on the third Tuesday of each month, the Tweets become a blog post here [...]
Just a quick note to let you know that today's posts, in particular the second edition of Tax Twitter Tuesday, will be delayed a bit.
As regular readers might remember, we had a bit of a disaster in our home late last month. It could have been much worse, [...]
I don't think so either.
But that's what the IRS has decided.
The IRS Office of Chief Counsel has sent agency staff a memo telling them that taxpayers can deduct interest on the first $1.1 million of a home mortgage. That's $100,000 more than before.
Basically, the IRS has decided that these [...]
I don't think so either.
But that's what the IRS has decided.
The IRS Office of Chief Counsel has sent agency staff a memo telling them that taxpayers can deduct interest on the first $1.1 million of a home mortgage. That's $100,000 more than before.
Basically, the IRS has decided that these' [...]
My post on the likelihood of the first-time home buyer credit continuing past its scheduled sunset date of Nov. 30 got a lot of reader attention and prompted one big question.
How much of an extension can we expect?
I'll get to that query momentarily, but first if you'll indulge [...]
My post on the likelihood of the first-time home buyer credit continuing past its scheduled sunset date of Nov. 30 got a lot of reader attention and prompted a one big question.
How much of an extension can we expect?
I'll get to that query momentarily, but first if you'll indulge [...]
Don't you just love tax coincidences?
In my post Don't hate me because I'm rich that went up earlier today, I mention state taxes targeting millionaires as part of the current anti-wealth trend.
Now I discover (thanks to TaxProf Blog) that rich Californians are going to have to live with' [...]
Don't you just love tax coincidences?
In my post Don't hate me because I'm rich that went up earlier today, I mention state taxes targeting millionaires as part of the current anti-wealth trend.
Now I discover (thanks to TaxProf Blog) that rich Californians are going to have to live with [...]
I wish that headline really did apply to me. Alas, I am not rich.
At least my solid middle-class status spares me the wrath of many of my fellow Americans.
But being mad at the wealthy, says New York Times reporter Paul Sullivan, might just backfire.
For his article [...]
During an economic conference last week in New York City, Treasury Secretary Timothy Geithner offered a few tax tidbits.
In response to a question about a potential securities transaction tax, Tax Analysts' Lee Sheppard reports that Geithner acknowledged that he "hadn't seen a version of the" [...]
During an economic conference last week in New York City, Treasury Secretary Timothy Geithner offered a few tax tidbits.
In response to a question about a potential securities transaction tax, Tax Analysts' Lee Sheppard reports that Geithner acknowledged that he "hadn't seen a version of [...]
This past week, Joe Taxpayer turned to Twitter to come up with a collection of money-saving tips.
The Frugal Tweeps Edition contains 10 ways for the average Joe and Josephine to save some bucks.
As you might have surmised, I contributed to the list via my @taxtweet persona. And [...]
This past week, Joe Taxpayer turned to Twitter to come up with a collection of money-saving tips.
The Frugal Tweeps Edition contains 10 ways for the average Joe and Josephine to save some bucks.
As you might have surmised, I contributed to the list via my @taxtweet persona. And [...]
It's official. The low inflation rate might help you save a few dollars at the grocery store (although I haven't really seen much difference in my weekly register totals over the last few months), but it's not going to make much differences when it comes to your 2010 taxes.
As I' [...]
It's official. The low inflation rate might help you save a few dollars at the grocery store (although I haven't really seen much difference in my weekly register totals over the last few months), but it's not going to make much differences when it comes to your 2010 taxes.
As I [...]
What a year it's been for tawdry tax evaders.
First, "Girls Gone Wild" founder Joe Francis cuts a deal for time-served in connection with his tax evasion charges.
And today, the first "Survivor" millionaire was released from Barnstable County Jail where he had been finishing up his 51-month sentence [...]
It's really no big surprise that the first-time home buyer credit will likely extend past its Nov. 30 expiration date.
The housing market, while not quite as disastrous as a few months ago, still is stumbling in much of the country. The National Association of Home Builders is putting predictable [...]
If you got an extension to file your 2008 tax return and haven't done so yet, today is your deadline.
Details on this must-do tax task, as well as on other important due-date duties, can be found in Oct. 15 tax deadlines looming.
You have until midnight tonight to e-file. [...]
Welcome to Blog Action Day 2009, where thousands of bloggers worldwide are focusing on climate change issues.
What better way to counter adverse climate change effects (aka global warming) than to turn to our planet's ultimate energy source: the sun.
Solar power is the cleanest of all green energies. [...]
Around 57 million seniors, veterans and individuals receiving federal disability payments could each get a $250 check from Uncle Sam next year.
On Thursday afternoon, President Obama threw his support behind the payout, which would cost an estimated $13 billion.
The [...]
Having a baby, so I'm told, is a major challenge. The mothering concerns of one woman were intensified when, because of a double mastectomy, she was forced to turn to infant formula to feed her child.
In the hopes the tax code could help somewhat, she [...]
After all the drama and political posturing, the health care reform bill approved yesterday by the Senate Finance Committee looks very much like it did when the process started months ago.
Most of what I blogged about previously in Senate health care, take two is in the bill that [...]
Yeah, you read that headline right. It's deadlines, plural.
And yeah, I meant to post this reminder a bit sooner. But, hey! All y'all procrastinators know that you wouldn't have paid attention even a week ago! So quit trying to make me feel guilty!
But enough with [...]
In 1492 Columbus sailed the ocean blue.
Apparently, that line is just the beginning of a whole Columbus discovers the New World song. Who knew? But it's a nice little Google discovery for today, the U.S. federal holiday honoring Christopher Columbus.
Three-day weekends haven't meant as much to me since I [...]
