Taxes Blog

Friday, July 8, 2011 8:27 am
By Kay Bell · Bankrate.com

 How’s your year gone so far? Any big changes in your life? Did you get married? Buy a house? Have a kid? Start paying for a child’s college?  Congratulations on all of those.  Remember, though, that those momentous events are likely to affect your taxes. Find out how and what you can do about it

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Tags: tax, Taxes
Thursday, July 7, 2011 1:47 pm
By Kay Bell · Bankrate.com

Want a preview of what might happen in the federal debt ceiling and budget deficit battle? Visit Minnesota. Actually, don’t visit Minnesota. That state is still shut down after the governor, a Democrat, and the state legislature, controlled by Republicans, couldn’t agree on a state budget. It was a decidedly uncelebratory Fourth of July for

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Tuesday, July 5, 2011 11:56 am
By Kay Bell · Bankrate.com

Are the tax benefits that homeowners get worth their costs to the U.S. government? That’s a question that’s being asked more often as Congress continues to struggle with ways to deal with the deficit and devise the fiscal year 2012 budget. Homeownership tax breaks are not in the mix right now, but once we get

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Thursday, June 30, 2011 11:14 am
By Kay Bell · Bankrate.com

The Internal Revenue Service isn’t doing enough to ensure that its own employees are filing and paying their proper taxes. That’s the word from the Treasury Inspector General for Tax Administration, or TIGTA, the federal oversight office that keeps tabs on the IRS. Although the IRS does find employees who mess up their taxes and

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Tags: tax, Taxes
Tuesday, June 28, 2011 12:34 pm
By Kay Bell · Bankrate.com

Drivers who deduct mileage on their tax returns, rejoice! The Internal Revenue Service has increased the optional standard deduction amounts by 4.5 cents per mile. These are the rates that are available for business travel, as well as trips for medical treatments and moving. When you have qualified expenses — that is, costs approved by

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Tags: auto, Cars, tax, Taxes
Thursday, June 23, 2011 2:36 pm
By Kay Bell · Bankrate.com

Homeownership offers lots of tax breaks. But the crash of the housing market produced a new tax problem for some homeowners. When their homes went into foreclosure, many ended up owing tax on the amount of their debt that was forgiven by the lender who took over the property. Those folks got tax relief from

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Tuesday, June 21, 2011 2:29 pm
By Kay Bell · Bankrate.com

More taxpayers than ever rely on professional help to fill out their tax returns. Such expertise, however, does not let individual filers off the hook. That’s the costly lesson Stephen Woodsum and Anne Lovett learned. In 2006 the married couple got $3.4 million from the termination of a swap transaction. I don’t know exactly what

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Tags: tax, tax pro, Taxes
Thursday, June 16, 2011 1:15 pm
By Kay Bell · Bankrate.com

I’m feeling a bit left out when it comes to taxes. The problem is that I seem to pay them. Apparently, I’m doing something wrong. In the last few months, there’s been a lot of attention on the reported 51 percent of folks who’ve figured out how to avoid paying income taxes. A good portion

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Tags: tax, Taxes
Tuesday, June 14, 2011 1:18 pm
By Kay Bell · Bankrate.com

Did your favorite charity lose its tax-exempt status? Maybe.  The Internal Revenue Service has announced that around 275,000 nonprofit organizations automatically have lost their tax-exempt status because they did not file required annual reports for three consecutive years. This finding is critical not only for the groups, but also for taxpayers. Remember, one of the key

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Thursday, June 9, 2011 2:55 pm
By Kay Bell · Bankrate.com

The U.S. economy has stalled. Concern is growing that we could be in for a double-dip recession. American workers, millions of whom have already given up looking for jobs, are more depressed and angry. Politicians are about to panic. So what happens when folks in Washington, D.C., start worrying about keeping their jobs? They dole

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Tags: tax, Taxes
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