Taxes Blog

Want to make filing your annual state and federal tax returns easier? Bankrate’s Taxes Blog focuses on how to deal with real-life tax situations, from which forms to file to tax brackets and rates to credits and deductions that will lower tax bills. To ensure that the tax tips are up-to-date, Bankrate’s Taxes Blog also keeps an eye on tax-law changes and the politics behind state and Internal Revenue Code alterations. See the latest posts below.
Monday, December 27, 2010 10:39 am
By Kay Bell · Bankrate.com

If you’re anything like me, you probably got an unwanted Christmas present: a cold. But if you have a medical flexible spending account, or FSA, your sniffles also could help you maximize your 2010 tax savings. You put money into this workplace benefit before taxes are taken out of your check. Then you use the untaxed medical account funds

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Tuesday, December 21, 2010 12:42 pm
By Kay Bell · Bankrate.com

Not so long ago when it looked like the Bush tax cuts might expire, we were all worrying about the possibility of shrinking paychecks. Now we’re worrying if our employers can get the new withholding tables in place to make sure our paydays will be bigger. A 2 percent payroll tax cut is part of the Tax

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Thursday, December 16, 2010 11:29 am
By Kay Bell · Bankrate.com

One of the key provisions of the tax bill that the House could vote on as early as today deals with the alternative minimum tax, or AMT. By now, most taxpayers know about this parallel tax system that disallows certain popular tax deductions and which ends up creating higher tax bills for affected folks. Even more

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Tags: tax, Taxes
Tuesday, December 14, 2010 10:20 am
By Kay Bell · Bankrate.com

As the deal President Barack Obama reached with Republicans to extend the expiring income tax cuts moves toward final approval, House Democrats are plotting their last stand against the bill. That final fight looks to be about the inevitable meeting of death and taxes. On Monday, the Senate cleared a procedural hurdle, voting to vote

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Friday, December 10, 2010 11:03 am
By Kay Bell · Bankrate.com

Amid all the tax-cut plan brouhaha this week, another key tax story slipped by relatively unnoticed. Wesley Snipes reported to federal prison on Dec. 9 to begin serving his three-year sentence for not filing tax returns. The actor, best known for his roles as the title character “Blade” in the vampire hunter movie trilogy, has been

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Tuesday, December 7, 2010 1:44 pm
By Kay Bell · Bankrate.com

It looks like the outcome we expected all along will happen. The president announced a deal has been reached by bipartisan negotiators to extend the expiring Bush tax cuts for two more years. There will be much debate over the fiscal and political wisdom of the extension. But when push comes to shove on Capitol Hill

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Tags: tax, Taxes
Thursday, December 2, 2010 3:34 pm
By Kay Bell · Bankrate.com

The National Commission on Fiscal Responsibility and Reform, which is generally referred to as the debt panel or simply the commission (because its official name is too long and the acronym doesn’t flow), is continuing its effort to get Congress to consider comprehensive changes to how it, and the United States, operate. On Dec. 1,

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Tuesday, November 30, 2010 3:31 pm
By Kay Bell · Bankrate.com

You know all about the housing bubble bursting. How folks got loans they shouldn’t have. How all these new buyers spurred a run-up in home values. How these unqualified homeowners soon defaulted on their mortgages. Now many of these folks are homeless and banks are left with properties worth much less than the original loans.

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Tuesday, November 23, 2010 4:21 pm
By Kay Bell · Bankrate.com

If your post-Thanksgiving Black Friday shopping list includes firearms and you live in (or near) South Carolina, then you’re in for a treat. South Carolina’s annual gun sales tax holiday begins at 12:01 a.m. on Friday, Nov. 26, and runs through midnight on Saturday, Nov. 27. During these two days, no state or local sales taxes

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Thursday, November 18, 2010 10:06 am
By Kay Bell · Bankrate.com

Need a little extra cash this holiday season? The Internal Revenue Service might be able to help. The U.S. Treasury has $164.6 million in tax refund checks that were returned this year as undeliverable. The average check amount comes to $1,471. That sure would go a long way toward making merry. Unfortunately, not everyone is eligible for the cash.

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