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Income Tax

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 m...

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 ...

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 01.26.2016 | Business
Julian Block

The rules for capital gains are tricky. Let's start with the basics.

Common Weaknesses in the Republicans' Tax Proposals

David Coates | Posted 01.25.2016 | Politics
David Coates

Though for understandable reasons the leading Republican presidential candidates continually emphasize the things that divide them, we would do well to concentrate rather on the things that do not.

Exposing Misleading 'Business Climate' Rankings

Erica Williams | Posted 01.19.2016 | Politics
Erica Williams

The new website Grading the States: Business Climate Rankings and the Real Path to Prosperity debunks the state rankings from several organizations pu...

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2016 | Money
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties? But the law imposes several restrictions.

Deduct Business Suits? Forget It

Julian Block | Posted 12.28.2015 | Business
Julian Block

Paying the shirt off your back at tax time? Don't count on a deduction for what you wear to work from what you make at work.

15 Things You Should Know About Trump's Tax Plan

GOBankingRates | Posted 12.23.2015 | Politics
GOBankingRates

By Chuck Epstein, Contributor Republican presidential candidate and billionaire Donald Trump has shown he is politically controversial. His propose...

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2015 | Business
Julian Block

And when it comes to your reputation, the line between business and personal is thin indeed. What controls the outcome are the particular circumstances.

10 Simple Year-End Income Tax Tips

Lule Demmissie | Posted 12.15.2015 | Business
Lule Demmissie

Sure the tax code is convoluted and April seems so far away, but consumers should seek out expert advice and learn as much as they can about tax basics and how financial products and decisions impact liability.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.15.2015 | Business
Julian Block

Recent revelations that the FBI and CIA used at least 1,000 ex-Nazis as spies after World War II, in Europe and the United States, made me think about...

Here's How to Steer Clear of the Mutual Fund Tax Trap

Julian Block | Posted 12.11.2015 | Business
Julian Block

Plan ahead before you buy some shares in a stock mutual fund near year end, when the fund is about to pay a dividend.

Why You Should Donate Appreciated Assets to Your Favorite Charities

Julian Block | Posted 12.10.2015 | Business
Julian Block

When we contribute to our favorite causes, most of us go the easiest, most familiar route and simply write checks or use credit cards. We receive inco...

A Few Year-End Reminders for Dependency Exemptions

Julian Block | Posted 12.08.2015 | Business
Julian Block

Do you support one or both of your parents? Now is the time to nail down dependency exemptions for them. For 2015, you can claim an exemption of $4,0...

Tax-timing a Marriage or Divorce

Julian Block | Posted 12.07.2015 | Divorce
Julian Block

As part of your tax planning, you need to consider an expected change in your filing statue for this year or next.

Fees for Divorce Mediators and Matrimonial Attorneys: What's Deductible

Julian Block | Posted 12.04.2015 | Divorce
Julian Block

The IRS generally says "no" to tax deductions that might ease the pain of divorce. The agency has no sympathy for payments to mediators or litigators and other costs associated with a divorce. It characterizes those outlays as nondeductible personal expenses.

Filed a Tax Extension? 4 Tips for Meeting the October Deadline

NextAdvisor.com | Posted 10.08.2015 | Business
NextAdvisor.com

If you requested an extension on your 2014 taxes, the six-month period will end on October 15. Although the tax extension deadline is nearly here, you still have time to file, and to help you meet your deadline, we've compiled some things you should keep in mind when filing your taxes last minute.

Should the Cap on Social Security Payroll Taxes Be Lifted?

MoneyTips | Posted 09.28.2015 | Business
MoneyTips

Ultimately, whether you think the cap should be raised or abandoned depends on how you feel about progressive or regressive taxation -- and most likely, how much money you make.

3 Must-Know Facts About Illinois Taxes

Reboot Illinois | Posted 09.04.2015 | Chicago
Reboot Illinois

From local to corporate taxes, the visual guide provides Illinoisans with a comprehensive overview of state taxes and the economy in general, sans all the confusing tax terminology.

Taxing the Rich Was a Pillar of Our Modern Society

Cody Cain | Posted 08.13.2015 | Politics
Cody Cain

So here we are today, plagued by severe income inequality throughout our society. But it wasn't always like this. In fact, for just about our entire modern history, our society required the wealthy to contribute their fair share of taxes.

Working Funds: 3 Ways to Cash in on Life Insurance for Retirement

David Rae | Posted 07.23.2015 | Business
David Rae

The good news is that you don't have to die to use your Life Insurance. Here's how to put the new policies to work for you.

My Son's First Paycheck and His Tax Revelation

David A. Dedman | Posted 07.09.2015 | Business
David A. Dedman

We all remember that first summer job after our 16th birthday. Some of us can remember bussing tables, working the drive thru window or mowing yards for some extra money.