Taxes Blog

Tuesday, May 17, 2011 1:20 pm
By Kay Bell · Bankrate.com

A month ago, most of us were staring down tax day by finishing up our 1040s. OK, I’m taking some liberties by using “us,” since I’m one of the 9 million or so taxpayers who got an extension, but you know what I mean. And most of us (OK, most prompter-than-I) filers also got or will

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Thursday, May 12, 2011 1:09 pm
By Kay Bell · Bankrate.com

Most American taxpayers believe they are overtaxed. Guess what? We’re actually in better shape than taxpayers worldwide. The Organization for Economic Cooperation and Development, or OECD, reports that the overall tax burden on Western workers’ earnings climbed in 2010 for the first time since the OECD started analyzing such data a decade ago. The OECD’s most

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Tags: OECD, tax, Taxes
Tuesday, May 10, 2011 3:35 pm
By Kay Bell · Bankrate.com

 Did you find filing your 2010 tax returns particularly troublesome? You’re not alone. National Taxpayer Advocate Nina Olson, speaking to a recent session of the American Bar Association Section of Taxation meeting in Washington, D.C., thinks so, too. What made it so bad for the woman in charge of making sure the Internal Revenue Service

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Thursday, May 5, 2011 1:25 pm
By Kay Bell · Bankrate.com

Cash-hungry states are beginning to stand up to Amazon.com Inc., the online bookseller-turned-general-merchandiser, when it comes to taxes. And things are starting to get nasty. At issue is whether Amazon and other online retailers are legally required to collect sales taxes on purchases made in various states. The general rule, thanks to a 1992 Supreme Court decision,

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Tags: tax, Taxes
Tuesday, May 3, 2011 12:43 pm
By Kay Bell · Bankrate.com

A recent New York Times/CBS News telephone poll on the deficit and taxes indicates that when it comes to dealing with the federal deficit, America’s feelings are as mixed — and as politically partisan — as those of folks on Capitol Hill who will have to make the country’s ultimate fiscal decisions.  In general, though, we

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Thursday, April 28, 2011 1:10 pm
By Kay Bell · Bankrate.com

The average tax refund last year was $3,003. Filing data complied by the Internal Revenue Service through April 8 show that refunds issued so far in 2011 are close to that amount. For returns processed by early April, the average refund was $2,895. Taxpayers who had refunds directly deposited to a bank account got a

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Tags: tax, Taxes
Tuesday, April 26, 2011 12:38 pm
By Kay Bell · Bankrate.com

Married couples usually have two choices when deciding which tax-filing status to use, married filing jointly or separately. But it’s a bit more complicated for spouses in same-sex marriages. In the states where such marriages are legal, gay and lesbian married couples typically are afforded the same filing status options as their heterosexual counterparts. On Internal Revenue

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Thursday, April 21, 2011 9:37 am
By Kay Bell · Bankrate.com

It’s official. President Barack Obama has declared portions of North Carolina that were hit by severe storms, flooding and tornadoes last weekend a major disaster area. And that has prompted the Internal Revenue Service to announce taxpayer relief for the disaster area residents. North Carolina state tax officials had already given affected taxpayers special treatment for their state

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Tuesday, April 19, 2011 3:02 pm
By Kay Bell · Bankrate.com

While millions of us were struggling to finish up our tax returns on Monday, April 18, folks in the Southeast had much more difficult and devastating battles on their hands. They were digging out of three days of deadly storms and tornadoes.  In times like that, nothing matters but finding your loved ones. And taxes definitely

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Thursday, April 14, 2011 1:39 pm
By Kay Bell · Bankrate.com

With the April 18 filing deadline bearing down, I know you’re focused on your 2010 tax return. But some of us have a couple of extra tax tasks to take care of by Monday, too. Are you looking to reduce your tax bill by deducting a traditional IRA contribution? You need to get that money

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