Taxes Blog

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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Tuesday, March 8, 2011 2:16 pm
By Kay Bell · Bankrate.com

 If you have a medical flexible spending account at work and you didn’t spend all the money in that account by Dec. 31, 2010, you might have a second chance to do so. The flexible spending account, or FSA, is a company-provided benefit. It allows workers to put money into an account before taxes are withheld. Then that pretax

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Thursday, March 3, 2011 3:32 pm
By Kay Bell · Bankrate.com

Wesley Snipes is continuing his fight to have his three misdemeanor convictions for not filing federal tax returns overturned. Regardless of the eventual legal ruling, this will be his last shot. He’s taking his case, he hopes, to the U.S. Supreme Court. The basis of Snipes’ appeal is his claim, in a 49-page petition filed by

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Tuesday, March 1, 2011 1:45 pm
By Kay Bell · Bankrate.com

Take a break from working on your 2010 tax return and check your files for the 2007 tax year. Did you file a return three years ago? If not, the Internal Revenue Service might have some money for you. But you better act soon if you want your part of the more than $1.1 billion that

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Thursday, February 24, 2011 1:59 pm
By Kay Bell · Bankrate.com

The Internal Revenue Service is among the debt collectors who have been trying to collect on unpaid bills. But instead of making threatening phone calls to your home, the IRS files tax liens. This official notice establishes priority rights for the IRS against other creditors, meaning that when the property against which the lien is

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Tags: tax, Taxes
Tuesday, February 22, 2011 3:44 pm
By Kay Bell · Bankrate.com

Drugs have always tempted individual users. Today, they also are attractive to states and local jurisdictions facing fiscal difficulties. Several states require that dealers of various illegal drugs buy tax stamps. Now, lawmakers in more states and municipalities are looking at similar ways to make some much-needed legal money off illegal acts. The taxation of illegal drugs

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Thursday, February 17, 2011 3:27 pm
By Kay Bell · Bankrate.com

Mother Nature reminds us all the time of her power to inflict damage. Hurricanes. Tornadoes. Blizzards. Wildfires. Earthquakes. The list goes on and on. While these extreme hazards get lots of attention, more of us end up each year dealing with other less dramatic, but still unfortunate incidents. These include such things as home burglaries,

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Tuesday, February 15, 2011 1:51 pm
By Kay Bell · Bankrate.com

We are smack-dab in the middle of the federal tax filing season. That means most of us have been focusing on what the Internal Revenue Service wants from us by April 18. But for those of you living in one of the 43 states (and the District of Columbia) that collect some form of income

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