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Income Tax

Tax Surprise for Double-Income Households

Mark Steber | Posted 07.15.2016 | Business
Mark Steber

Many people take a second job, or have their spouse take a job, with the idea that they will make extra money for their household only to find that co...

Soak The Poor

Andrew Collins | Posted 07.08.2016 | Politics
Andrew Collins

Perhaps certain regressive taxes are fine. Perhaps all of them are, if we're consciously balancing them against our progressive income tax code. Problem is, we're almost completely oblivious to the regressive aspects of our tax system.

It's Time For You To Sound Off On Illinois Tax Changes

Matthew Dietrich | Posted 05.03.2016 | Chicago
Matthew Dietrich

In separate press conferences in Springfield Monday, Gov. Bruce Rauner spoke of his opposition to a progressive tax in Illinois while Democratic Reps....

Tax Reform Simplified

Robert Slayton | Posted 04.19.2016 | Politics
Robert Slayton

With tax day here, there have been a lot of calls by politicians for reform and simplification of the tax structure. Following strict constructionist...

April 15th: The Real April Fool's Day

Nathan S. Sanders | Posted 04.18.2016 | Comedy
Nathan S. Sanders

The dreaded April 15th tax deadline has come and gone. Hopefully you got all squared away with our friends at the IRS...or filed an extension...or pay quarterly estimated taxes. If not, prepare for some penalties to start racking up.

Top 10 Federal Tax Charts

Chuck Marr | Posted 04.15.2016 | Politics
Chuck Marr

These ten charts -- previewed in our Countdown to Tax Day series -- provide context for some important tax policy issues. Our first chart reminds us ...

Death and taxes. Death, please.

Pam Ferderbar | Posted 04.14.2016 | Comedy
Pam Ferderbar

April 15 has special significance to Americans, but also people around the world who wish to commemorate, for example, the day in history when the fis...

4 Of The Most Popular Tax Credits

MoneyTips | Posted 04.08.2016 | Business

Tax deductions are always useful, but tax credits are even more so. Deductions only reduce your taxable income, while credits are subtracted directly ...

When Should Married Couples Check 'Married, Filing Separately'?

Julian Block | Posted 03.30.2016 | Business
Julian Block

Whatever a couple's reasons for avoiding tax togetherness, the two of them may be in for an unpleasant and expensive surprise when filing time rolls around.

Illinois Ranked Worst State To Be A Taxpayer -- Again

Reboot Illinois | Posted 03.17.2016 | Chicago
Reboot Illinois

For the second year in a row, WalletHub has pegged Illinois as the worst state to be a taxpayer. The personal finance site's study ranks all 50 state...

Must Read Tax Tips for LGBT Couples

David Rae | Posted 03.15.2016 | Queer Voices
David Rae

Whether you've been together for years or decades, as newlyweds your 2015 taxes may be the first time as an LGBT married couple you'll be filing jointly on your federal return.

13 Of The Most Popular Tax Deductions

MoneyTips | Posted 03.15.2016 | Business

Put that Baker's dozen of doughnuts aside, because we have a better Baker's dozen for you -- thirteen excellent tax deductions to save money on your 2...

Queen of Mean Stays in the News

Julian Block | Posted 03.09.2016 | Business
Julian Block

The Internal Revenue Code includes provisions that impose severe punishments for criminal offenses, such as intentional attempts to evade income taxes...

These Lawmakers Want Your Boss To Help Pay Down Your Student Debt

The Huffington Post | Shahien Nasiripour | Posted 03.09.2016 | Business

The American Dream of college education has turned into a nightmare for many saddled with student debt, but momentum is building in Congress for a sol...

Save your family money on your taxes with these tax tricks

Julian Block | Posted 03.07.2016 | Business
Julian Block

Nail down bad debt deductions for loans to friends and family. These being the troublesome times they are, friends or relatives who are strapped for f...

5 Ways to Minimize Inequality Amongst Americans

Dan S. Barnabic | Posted 03.03.2016 | Business
Dan S. Barnabic

The rise in inequality is widening at an alarming rate. Top 1 percent controlling 95 percent of the overall wealth is causing the rest of Americans to...

Needed: A New Set of Income Tax Brackets

FIXCapitalism | Posted 02.25.2016 | Politics

Hillary Clinton's stated recently that she will not raise taxes on the middle class. She will raise taxes only on the rich and super rich. But at what income does the middle class end and the rich begin?

Einstein Used a Tax Pro, Should You?

Mark Steber | Posted 02.23.2016 | Business
Mark Steber

With last week's validation of Albert Einstein's 100-year old prediction of Gravitational Waves, it is clearer than ever he was one of the most brilliant men that ever lived. So what were his views on income taxes? Well, let me tell you.

Google Sheltered Billions From Taxes In Bermuda Last Year: Report

Reuters | Jenny Che | Posted 02.19.2016 | Technology

AMSTERDAM/LONDON (Reuters) - Google moved 10.7 billion euros ($12 billion) through the Netherlands to Bermuda in 2014, as part of a structure which al...

How Your Tax Returns Can Uncover Hidden Divorce Assets

Julian Block | Posted 02.15.2016 | Divorce
Julian Block

Divorce expenses can soar, especially when spouses start suspecting each other of hiding property. Consider what happens when wives or husbands hire private investigators to track down assets concealed by their future exes.

Here's What Animal Rescue Volunteers Can Write Off at Tax Time

Julian Block | Posted 02.12.2016 | Business
Julian Block

Millions of individuals volunteer to help raise funds or perform other tasks on behalf of charitable organizations like religious groups, schools and ...

Computer Glitches Force IRS To Stop Accepting Electronically-Filed Tax Returns

Reuers | Jade Walker | Posted 02.04.2016 | Business

The U.S. Internal Revenue Service said on Wednesday it is experiencing computer failure across several systems and temporarily cannot accept many taxp...

Can Strippers Deduct Breast Implants?

Julian Block | Posted 02.01.2016 | Business
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Why Home Seller Who Suffers a Loss Won't Get a Tax Break

Julian Block | Posted 01.29.2016 | Business
Julian Block

What if your employer reimburses you for the loss? No offset of an otherwise nondeductible loss against the reimbursement, because they're separate transactions. The loss stays nondeductible. Nor is it permissible to include the reimbursement as part of the selling price and avail yourself of the exclusion.

Bad Debt Deductions for Worthless Loans to Spouses

Julian Block | Posted 01.27.2016 | Business
Julian Block

These being the times they are, you may be tapped for loans by relatives or friends who are unable to come up with the down payment for a home or who ...