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 year's [...]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, the' [...]
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' [...]
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 Politics [...]
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 authority [...]
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."
Now,' [...]
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 -- guns [...]
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 and grateful [...]
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 interest [...]
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 a [...]
"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.
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 and [...]
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 completed vote' [...]
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' [...]
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 underway last [...]
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 am honored' [...]
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?
And [...]
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 exceeds [...]
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 on the [...]
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 pocketing more' [...]
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 collect [...]
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, a federal [...]
My earlier warnings about problems that the Making Work Pay tax credit will cause some folks are now official.
The Treasury Inspector General for Tax Administration (TIGTA) has issued a formal report on the matter that I blogged about back in March.
The credit seemed like such a good idea. [...]
Swiss banks are considering asking some foreign clients to sign a pledge declaring they aren't breaking tax laws at home.
The chairman of the Swiss Bankers Association, Patrick Odier, told the Swiss weekly newspaper NZZ am Sonntag (hat tip to Taiwan News) that [...]
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 our beloved [...]
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 ubiquitous." [...]
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 famous [...]
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 horrifying. But there' [...]
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 checks [...]
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 have served [...]
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 joint session [...]
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 a [...]
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 rains associated' [...]
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 sales [...]
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 ongoing' [...]
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 tax break' [...]
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 finally extended unemployment benefits,' [...]
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 Advocate [...]
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 Texas communities, [...]
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 several [...]
