Taxes Blog

Thursday, February 2, 2012 2:36 pm
By Kay Bell · Bankrate.com

Chances are you’re a Facebook fan. And I’m sure you like Bankrate on that social network. Now with Facebook’s initial public offering, or IPO, announcement, even tax geeks are finding new things to love, or at least discuss, when it comes to the social media giant. Thanks to details in the Facebook S-1 filed with

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Tags: tax, Taxes
Wednesday, February 1, 2012 4:19 pm
By Kay Bell · Bankrate.com

If you’re a Citibank customer, especially one who opened an account last year as part of a promotion that included frequent flier miles as a bonus, you are in for a tax surprise. One of the tax statements you just received is a Form 1099-MISC from the financial institution informing you that you owe taxes

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Tags: tax, Taxes
Tuesday, January 31, 2012 12:41 pm
By Kay Bell · Bankrate.com

The New York Giants players are focused on Sunday’s Super Bowl rematch with the New England Patriots, but the team’s financial personnel are facing an off-field foe: the tax man. East Rutherford, N.J., officials contend that the Giants owe $1.5 million in property taxes on their training facility in the Garden State. The Giants say

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Tags: tax, Taxes
Friday, January 27, 2012 3:08 pm
By Kay Bell · Bankrate.com

What’s a tax filing season without a glitch? This year the problem is tax fraud. But it’s not what you might think. The Internal Revenue Service has implemented a new tax refund fraud detection system. Basically, the agency has added screening mechanisms to make sure that the refunds go to rightful owners. But the fine-tuning

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Tags: tax, Taxes
Thursday, January 26, 2012 12:39 pm
By Kay Bell · Bankrate.com

It’s been two days since presidential candidate Mitt Romney released an avalanche of tax returns. That same night, President Barack Obama emphasized in his State of the Union address that every American needs to pay his or her fair share of taxes. No one disagrees with the president about that. But it didn’t take a

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Tags: tax, Taxes
Tuesday, January 24, 2012 1:22 pm
By Kay Bell · Bankrate.com

We now all know what the Internal Revenue Service knows about Mitt Romney. He’s rich — earnings of $21.7 million in 2010 and an estimated $20.9 million last year — and he pays a relatively low tax rate because most of his earnings in 2010 and 2011 were from investments. Most of Romney’s money, known

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Tags: tax, Taxes
Thursday, January 19, 2012 3:16 pm
By Kay Bell · Bankrate.com

Here’s the latest big non-news item: Mitt Romney is very, very rich. Like a quarter of a billion dollars rich. Usually when the topic of wealth comes up, folks are interested in how a person made his or her money. But in Romney’s case, at least for us tax geeks, the focus is on how

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Tags: tax, Taxes
Tuesday, January 17, 2012 1:23 pm
By Kay Bell · Bankrate.com

This year is the 10th anniversary of the Free File program allowing millions of taxpayers to prepare their taxes online and file them at, as the name says, no cost. Although you can only get to the free tax filing option via the Internal Revenue Service website, it’s a partnership of the tax software industry

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Tags: tax, Taxes
Thursday, January 12, 2012 3:48 pm
By Kay Bell · Bankrate.com

It’s tax filing time. That means it’s tax scam time. Every year people make money off taxes, and I’m not talking about Uncle Sam. Con artists and identity thieves long ago realized that our fear of making a tax mistake coupled with basic human greed create the perfect breeding ground for their schemes. And some

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Tags: tax, Taxes
Tuesday, January 10, 2012 1:51 pm
By Kay Bell · Bankrate.com

The 2012 tax filing season has just begun, but a perennial concern is on the minds of many filers: audits. The good news is that if you make less than $200,000, your chances of the Internal Revenue Service taking a closer look at your return is negligible. The latest IRS data on examinations – that’s what

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Tags: tax, tax audit
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