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Income Tax

Filed a Tax Extension? 4 Tips for Meeting the October Deadline | Posted 10.08.2015 | Business

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

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.

The Basic Affordability of Basic Income

Scott Santens | Posted 06.01.2015 | Business
Scott Santens

This is actually even what the richest should want, because although they would pay more in taxes for universal basic income, leaving them a slightly thinner although still very thick slice of the overall pie, the slice of the pie itself would grow, leaving even them better off as well.

5 Ways Rich People Save Money on Real Estate Transactions

Andrew Lieb | Posted 05.14.2015 | New York
Andrew Lieb

When all is said and done, a savvy seller recoups tens of thousands of dollars in prepayments if everything is documented and adjusted. Capital gains tax is generally payable by a seller incident to the sale of a home.

Taxes and Your Wallet

Mike Smith | Posted 06.17.2015 | Money
Mike Smith

Taxes and Your Wallet

IRS Dumbfounded by Dipshit in Top 0.1 Percent Who Somehow Overpaid Taxes

Prabha Kannan | Posted 06.14.2015 | Comedy
Prabha Kannan

Expressing shock that someone so rich could commit such a monumental error, the IRS today reported that a lone member of America's wealthiest 0.1 percent paid more taxes than he should have for the 2014 tax year.

Ready For April 15? Here Are 11 Great Tax Planning Tips For Same-Sex Couples

The Huffington Post | Curtis M. Wong | Posted 04.12.2015 | Gay Voices

Whether you're ahead of the game or procrastinate until the last minute, filing your income taxes is rarely a gratifying experience, even in the best ...

What Warren Buffett Did For His Kids

Natalie Pace | Posted 06.06.2015 | Money
Natalie Pace

As you ponder what to do with your own tax refund, or how to pay less next year, now is a great time to make sure that your dough will get to your kids without them paying half (or more) to Uncle Sam in income taxes.

Where Do You Fall in This Federal Income Tax Graph?

Graphiq | Posted 06.03.2015 | Money

The past 35 years have ushered in a considerable drop in the top rate paid by the most wealthy Americans, effectively narrowing the difference between the rates for the 1% and the rates for middle America.

Ask a CPA: 'How Do I Fix a Mistake on My Already-Filed Tax Return?'

LearnVest | Posted 06.01.2015 | Money

The I.R.S. has a reputation for being fairly punitive, handing down heavy fines, audits and, in severe situations, prison sentences--which can be intimidating. That leaves some people seeking the fastest way to fix a mistake before it causes a bigger issue.

Make Tax Day Work for You

Jim Gibbons | Posted 05.31.2015 | Money
Jim Gibbons

We all know that many hard-working families and individuals could use a financial boost in this still-tough economy. Millions of Americans can get just that by taking advantage of the tax credits and free filing services available to them.

The Grand Republican Strategy: We Win, You Pay!

Anthony W. Orlando | Posted 05.25.2015 | Politics
Anthony W. Orlando

You never hear the reformocons talk about arithmetic in their speeches. They talk about inequality and upward mobility and the American middle class. They talk about all sorts of expensive new plans, and they never mention that there's a catch.

Six Tips On Preparing For Tax Day

Carrie Schwab-Pomerantz, CFP | Posted 05.18.2015 | Money
Carrie Schwab-Pomerantz, CFP

But whether you prepare your own return or work with a tax professional, there are ways to make the process less burdensome. It all hinges on a bit of upfront organization, and having a basic understanding of how your tax bill is calculated.

Igor Bobic

Scott Walker: Abolishing Federal Income Tax 'Sounds Pretty Tempting' | Igor Bobic | Posted 03.14.2015 | Politics

WASHINGTON -- Wisconsin Gov. Scott Walker (R) said Saturday that eliminating the federal income tax sounded like a pretty appealing idea. "I haven'...

How I Beat Quicken's Upgrade-or-Else Scheme

Jeff Fox | Posted 05.11.2015 | Technology
Jeff Fox

A few years ago, I began to question whether each new version's bells and whistles, many of which I didn't need, were worth the price. Then there were the changes Intuit had made to the program's user interface over the years that forced me to change my habits.

5 Organization Tips to Make Taxes Less Taxing

David A. Dedman | Posted 03.31.2015 | Money
David A. Dedman

I have so many things that stress me out these days. Hey, I've watched the stock market every day for the last 22 years, and that's enough! The last thing I want is not having a repeatable, streamlined tax-prep procedure. Get organized and you won't freak out over your taxes.

How to Get a Tax Saver's Credit in Your 20s

MyBankTracker | Posted 03.29.2015 | Money

When you're in your 20s, your tax filing is usually pretty straightforward. Unless you buy a house or you travel a lot for your job, you're not going to be claiming a lot of deductions, aside from writing off the interest you're paying on your student loans.

My Statement on the President's New Tax Proposals

Bob Greenstein | Posted 03.22.2015 | Politics
Bob Greenstein

In recent decades, economic growth has powerfully benefited Wall Street while leaving much of Main Street behind. The plan that President Obama unveiled today would take large, important steps to help redress part of the imbalance and make prosperity more broadly shared.

Everything Married Same-Sex Couples Need To Know About Filing Income Taxes

Posted 01.18.2015 | Gay Voices

By Alexandra Temblador | The Next Family In 2014 we saw some major steps toward marriage equality in the United States. Although the celebrations ...

2015 -- Happy New Year, Happy Tax Fitness!

Mark Steber | Posted 03.16.2015 | Business
Mark Steber

One of my resolutions is to help as many people as possible achieve one of the most common resolutions American's make: financial fitness. Was it on your list or should it have been?

Almost Thanksgiving and Extenders Are Still on the Table. What Does That Mean to Your Taxes?

Mark Steber | Posted 01.20.2015 | Business
Mark Steber

The mid-term elections are over, but -- as of this minute -- Congress has not tackled extending some tax breaks, i.e. that collective group known as the "Tax Extenders", which we address seemingly every couple of years.