Taxes Blog

Friday, April 8, 2011 1:52 pm
By Kay Bell · Bankrate.com

Yes, the tax filing deadline is close. But don’t get in such a panic that you fall victim to a tax scam. To make sure we all avoid this season’s most prevalent cons, the Internal Revenue Service has released its annual ”Dirty Dozen” tax scam list. These 12 scams could cost you more than you expect. Not only

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Thursday, April 7, 2011 12:47 pm
By Kay Bell · Bankrate.com

It’s looking like neither side is willing to blink in the government shutdown game of chicken. So what does that mean to taxpayers who haven’t filed their tax returns yet? Nothing. Internal Revenue Service Commissioner Doug Shulman has made it clear that while his agency will be short-staffed if the federal government runs out of money,

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Tuesday, April 5, 2011 2:46 pm
By Kay Bell · Bankrate.com

A lot of folks fear tax filing time because they’re afraid they’ll end up answering questions from the Internal Revenue Service. Yes, tax audits — or examinations as the IRS likes to call them, are real. But they’re not a problem for most of us. The IRS 2010 Data Book says that in the last fiscal

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Thursday, March 31, 2011 9:32 am
By Kay Bell · Bankrate.com

I’m a wife, so I do a lot of reminding. My husband insists on calling it nagging, but I know other wives out there understand that I’m just using gentle reminders to make sure that my very busy spouse doesn’t forget important things. As tax-filing season winds down — can you believe we’re now through

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Tuesday, March 29, 2011 12:48 pm
By Kay Bell · Bankrate.com

Are you as stunned as I am that General Electric Co., which netted $14 billion in worldwide profits last year, paid no U.S. taxes on the earnings? I’ve focused on taxes for almost 15 years. I lived in Washington, D.C., for two decades and saw how tax laws were made and then changed once folks

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Thursday, March 24, 2011 12:42 pm
By Kay Bell · Bankrate.com

 If you’re still waiting for your tax refund because the Internal Revenue Service had a problem with your repayment of the 2008 first-time homebuyer credit, you can expect your money by April 5. Really. That’s the official word from the IRS. OK, the IRS says that target date “assumes that there are no other issues with

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Monday, March 21, 2011 2:31 pm
By Kay Bell · Bankrate.com

Some homeowners who this year began paying back their first-time homebuyer credit are still waiting for their refunds because of an Internal Revenue Service computer glitch associated with that tax break. The affected taxpayers are those who took the original homebuyer credit on a residence purchased in 2008. That $7,500 tax credit wasn’t really a

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Thursday, March 17, 2011 10:06 am
By Kay Bell · Bankrate.com

Last December as Congress was debating what to do about expiring tax laws, a CBS News poll found that 73 percent of Americans believed the budget deficit was a very serious problem. How did more than half of those surveyed suggest reducing the deficit? By letting the Bush-era tax cuts for those in the higher

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Tuesday, March 15, 2011 10:38 am
By Kay Bell · Bankrate.com

Careful shoppers want to know what they’re paying for. That’s why a Washington, D.C., think tank and some members of Congress are proposing that Uncle Sam give all us taxpayers an itemized receipt when we file our taxes. Most taxpayers, say staffers at the left-to-center Third Way group, don’t know exactly where their dollars go. This contributes

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Thursday, March 10, 2011 2:10 pm
By Kay Bell · Bankrate.com

The Internal Revenue Service needs to keep a closer eye on landlords. They apparently are not reporting all their income. That’s the word from the Treasury Inspector General for Tax Administration, or TIGTA, the federal office that keeps tabs on the IRS. TIGTA recently looked more closely at rental activity and its associated tax revenue because in

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