Taxes Blog

Tuesday, August 10, 2010 1:21 pm
By Kay Bell · Bankrate.com

A billionaire hedge fund manager claims bad tax advice caused him to lose $43 million in tax deductions for charitable contributions he made. And you thought your tax adviser was bad! Forbes magazine reports that Leon G. Cooperman filed a lawsuit in U.S. Tax Court trying to get his tax breaks reinstated after the IRS said

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Tags: tax, Taxes
Friday, August 6, 2010 9:49 am
By Kay Bell · Bankrate.com

The IRS might not have killed off tax refund anticipation loans, but the agency’s decision to no longer provide a free credit check mechanism is likely to make more lenders think twice about offering the costly short-term loans. IRS Commissioner Douglas Shulman has announced that with the 2011 tax-filing season, his agency will no longer

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Tags: Debt, tax, Taxes
Thursday, August 5, 2010 2:36 pm
By Kay Bell · Bankrate.com

Do you know who Donald Bren is? Neither did I. Neither, apparently, did bank employees at a Cerritos, Calif., branch of East West Bank. But an identity thief knew of Bren and allegedly has walked away with most of the Orange County, Calif., real estate magnate’s $1.4 million federal tax refund. Investigators say that a

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Tags: tax, Taxes
Tuesday, August 3, 2010 1:42 pm
By Kay Bell · Bankrate.com

High taxes mean happy residents. Really! OK, it’s probably not the taxes that are making people in The Netherlands, Denmark and Finland the happiest folks in the world. But the services those nations’ residents get for their taxes is probably why those countries are one, two and three in the Organization for Economic Cooperation and

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Tags: tax, Taxes
Thursday, July 29, 2010 2:56 pm
By Kay Bell · Bankrate.com

Are you psyched for the sales tax holiday in your state? Enjoy. But if you’re planning to go tax-free shopping in a neighboring state, you might want to reconsider. You’ll likely owe your own state a use tax on your out-of-state purchases. Use taxes are the companions to state sales taxes. They are assessed on otherwise tax-free

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Tags: tax, Taxes
Tuesday, July 27, 2010 2:35 pm
By Kay Bell · Bankrate.com

If you’re a shopper, especially one with school-age children, you love state sales tax holidays. If you’re a retailer, you love them, too, even though the short-term changes in tax collections causes you some administrative hassle. And if you’re a politician, especially in an election year, you definitely love tax holidays. So who’s not so

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Friday, July 23, 2010 4:34 pm
By Kay Bell · Bankrate.com

My blog item about what’s up with the estate tax prompted some questions from Bankrate reader Jay. First, Jay would appreciate if I would elaborate a bit on the change in the stepped-up basis rule that is affecting some people who’ve inherited estates. He also wonders whether there are any figures on the taxes gained

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Thursday, July 22, 2010 10:24 am
By Kay Bell · Bankrate.com

We finally got an indication yesterday that the estate tax, which lapsed at the beginning of the year and has cost the U.S. Treasury billions with the deaths of several uber-rich individuals in 2010, might be back. There’s always been a contingent that’s wanted to permanently kill the estate tax.  The interesting thing this year

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Tuesday, July 20, 2010 9:30 am
By Kay Bell · Bankrate.com

If you’re thinking of converting your traditional IRA to a Roth retirement account, you are definitely not alone. This year, anyone can change a regular IRA — the kind that might give you a tax deduction upfront but upon which you’ll owe taxes when you finally start taking distributions — into a Roth IRA. A Roth

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Thursday, July 15, 2010 9:38 am
By Kay Bell · Bankrate.com

Those crazy kids! Levi Johnston and Bristol Palin are engaged. Again. It’s not that surprising that their first betrothal didn’t work out. They were thrown into the spotlight when Bristol’s mom, former Alaska Gov. Sarah Palin, was tapped as the Republican vice presidential nominee. Since then, the young couple has had a stormy relationship, not to

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