Some taxpayers just can't get their arms around the concept of "business" expenses, like one who lost in Tax Court yesterday:
For example, petitioner is not permitted to deduct his traffic tickets, dentist's fees, or mint proof coin purchase. In addition, he cannot deduct rent payments for the apartment he' [...]
On Monday, the Obama administration announced a few steps they are planning to take to pressure lending institutions. The Federal government could no longer ignore complains from taxpayers who still cannot find the long-term loan assistance they need. CNN Money.com published a great article explaining how the government plans to [...]
Tax planning and ensuring that you have enough paid in to avoid penalties has never been crazier. The Feds have reduced withholdings and given rebates to encourage spending in the economy; while the geniuses in Sacramento are trying to force California taxpayers to intentionally overpay their withholdings as an interest free loan [...]
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 [...]
"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 [...]
The IRS yesterday cleared the way for taxpayers to claim loss carrybacks for up to five years for 2008 and 2009. Rev. Proc. 2009-52 will be good news for taxpayers who were ineligible for the 5-year carryback allowed for 2008 losses for smaller taxpayers, allowing them to get [...]
The Taxpayers’ Alliance may finally have over-reached themselves. They have just launched a cinema advert claiming the EU costs each UK citizen £2,000 per year. As Left Foot Forward show, the actual figure is £15 per year according to the EU Budget. That’s not a typo: the TPA [...]
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 [...]
In a recent press release, the IRS announced their efforts to deliver $123.5 million in tax refunds to taxpayers who have not received them because of mailing errors. They also reminded taxpayers that the best way to avoid this problem is to e-file your return and have your refund [...]
As part of his 2000+ page nightmare of a "health care" bill, Senate Majority Leader Harry Reid would partially decouple the "Medicare" portion of the healthcare tax from the tax withholding system. For the first time the Medicare tax would be different for taxpayers with different filing statuses. The [...]
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 [...]
Mary O'Keeffe thinks maybe so; Peter Pappas thinks not.
It probably is unwise to compensate for normal audits. They're a cost of doing business. If the IRS audits you twice in a short period with no changes, I would argue otherwise. The strongest case for paying audit [...]
It was a question posed to US taxpayers by the IRS in the wake of the UBS scandal: do you feel lucky?
The US offered US taxpayers the opportunity to voluntarily disclose offshore bank accounts as part of an amnesty program earlier this year. The choice? Come forward [...]
According to the IRS, about 15 million Americans may have underpaid the government by around $400 because of confusion with Obama’s "Making Work Pay" tax credit. In a worst case scenario, all 15 million of those taxpayers will have to pay back that $400 on their next tax bill, in [...]
From ABCNews.com:
Under an IRS voluntary disclosure program that allows U.S. taxpayers to come clean about secret foreign bank accounts and avoid possible prosecution, over 14,700 Americans have now admitted to hiding assets overseas, the IRS and the Justice Department announced today.
The number nearly doubles [...]
Possibly taking cues from California, the New York state tax department is thinking about publishing a list of the top 200 business and individual taxpayers who owe the state delinquent taxes. According to NY Daily News, the tax department is hoping to publish this “Most Wanted List” online to [...]
With the holiday season just around the corner, millions of taxpayers are looking for ways to save money this Thanksgiving. Between travel expenses, food and supplies for a huge dinner, and other expenses, the total costs for “Turkey Day” can add up quickly. To help my readers have a fun-filled [...]
