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Income Tax

Cuomo vs. de Blasio: The National Struggle Begins in New York

Richard Brodsky | Posted 03.10.2014 | Politics
Richard Brodsky

The sharp collision between Gov. Cuomo and Mayor de Blasio is echoing well beyond the borders of the Empire State. They have staked out sharply conflicting views of how to run an economy, and to the victor will go national credentials as the next wave of Democratic Party leadership.

Where Mayor de Blasio Can Find Some Real Money

Carol Kellermann | Posted 03.08.2014 | New York
Carol Kellermann

Mayor de Blasio is already committed to pursuing tax changes in Albany (a millionaires' tax needs State approval), and he should make property tax reforms a key element of advocacy.

Tough Rules for Home-Office Deductions

Julian Block | Posted 03.04.2014 | Business
Julian Block

The law allows freelancers and other individuals who work at home to claim home-office deductions only if they pass a series of tests. You must use a ...

Financial Tips That Ease the Sting of Divorce

Julian Block | Posted 02.24.2014 | Divorce
Julian Block

Educate yourself for financial planning. In this lumbering economy, it's more vital than ever that you assume greater responsibility for your financial future.

Wrapping Up 2013 And Preparing for Income Tax Time

Mark Steber | Posted 02.22.2014 | Money
Mark Steber

The IRS announced this week that they will start processing tax returns on Friday, January 31, 2014. So what can you do in these final few days of the year to help lower your taxes for 2013?

The Humbug Factor

Patricia McGuire | Posted 02.22.2014 | College
Patricia McGuire

In this season of giving, let's call out the "humbug factor" that degrades the moral value of charitable gifts as merely self-serving gestures.

Santa's Tax Return

Mark Steber | Posted 02.19.2014 | Money
Mark Steber

Given that tax season is right around the corner, what could Santa expect when he files?

Raising Illinois Taxes Takes Center Stage

Matthew Dietrich | Posted 02.16.2014 | Chicago
Matthew Dietrich

Will our income tax go down in a year? Will sales taxes go up? Will retirees pay income tax? Taxes dominated the discussion Monday among three of the leading advocates for the pension reform bill passed two weeks ago.

No Tax Break if Client Stiffs You

Julian Block | Posted 02.11.2014 | Money
Julian Block

Why should freelancers forget about any kind of relief when they fill out their tax forms?

Over 70-and-a-Half? Don't Forget About Mandatory IRA Withdrawals

Jason Alderman | Posted 02.10.2014 | Fifty
Jason Alderman

With final holiday preparations looming, the last thing anyone wants to think about is next April's tax bill. But if you're over 70-and-a-half and have any tax-deferred retirement accounts (like an IRA), you'd better put down the wrapping paper and listen up.

How The Tax Rules Work When You Refinance Your Home Mortgage

Julian Block | Posted 02.09.2014 | Money
Julian Block

Recent drops in interest rates have prompted millions of households to refinance their mortgages. Borrowers who refinance need to familiarize themselves with tricky tax rules on what is or isn't deductible for interest payments. Here are some reminders on how the rules work.

2014 Tax Season Starting Very Soon

Mark Steber | Posted 02.09.2014 | Money
Mark Steber

About 110 million taxpayers got a tax refund last year -- that is about three out of four filers or 75 percent of all taxpayers. A tax refund is a refund of your money -- getting it sooner is always better than getting it later.

Don't Lose Your FSA Dollars

Mark Steber | Posted 02.03.2014 | Money
Mark Steber

You, and many American taxpayers, may be in danger of leaving some of your hard-earned money on the table and otherwise losing some tax benefits you otherwise deserve and can get quite easily.

It's Economic Inequality Stupid -- What to Do About the Biggest Crisis Facing America

Robert Creamer | Posted 01.23.2014 | Politics
Robert Creamer

Growing income inequality is caused by the human decisions and the economic rules of the game we create. And shamefully, America lags behind every other first world nation in closing that income gap. That can be changed.

Think Again: The Super-Rich and Their Monster

Eric Alterman | Posted 01.23.2014 | Media
Eric Alterman

There has never been a better time to be enormously wealthy in the United States. They have managed to reshape the tax code in their own narrow self-interest and continue to exercise a stranglehold on Congress to prevent any attempts to redress this.

Learn How to Speak Health Care and Taxes -- Important Terms You Should Know

Mark Steber | Posted 01.23.2014 | Business
Mark Steber

The most important take-away is that your health care is now tied to your taxes and the more you know and understand the better the decisions are that you make.

National Breast Cancer Awareness Month: Tax Deductions

Mark Steber | Posted 01.23.2014 | Business
Mark Steber

October is a time we give additional visibility to the disease and those affected by it. But, what does any of this have to do with taxes? This is, after all my tax blog. So, let me tell you.

The Affordable Care Act and Your Taxes

Mark Steber | Posted 12.07.2013 | Business
Mark Steber

The ACA seeks to help millions of Americans without health insurance obtain affordable coverage. But it can be confusing. If you do not pay attention to the rules you could miss out on benefits or worse, owe a big payment back to the IRS in the future.

How the Government Shutdown Will Affect You and Your Taxes

Mark Steber | Posted 12.01.2013 | Business
Mark Steber

Well, it's official, the federal government has temporarily suspended select activities due to the collective failure of government to come to a resolution on spending activities. What does this mean to your taxes right now and for those who filed an extension due by October 15th?

October 15 Tax Deadline Is Fast Approaching

Mark Steber | Posted 11.18.2013 | Business
Mark Steber

Tax Day for U.S. taxpayers typically means April 15. However, taxpayers can file an automatic extension to file their tax return by April 15 allowing them to delay their filing responsibility until October 15.

Tax Law Changes in 2013 from the Affordable Care Act (ACA) That Affect Higher Income Earners

Mark Steber | Posted 11.06.2013 | Business
Mark Steber

With all the discussion about the Health Care laws that are being monitored by the IRS, just what are the tax implications for the 2013 tax year and the 2014 tax filing season?

6 Tips to Cut Your Income Taxes After a Windfall

Robert Pagliarini | Posted 11.05.2013 | Business
Robert Pagliarini

The money you get when coming into sudden wealth, whether through a lawsuit settlement, business sale, entertainment or sports contract, or stock options, can disappear in a hurry if you don't manage federal and state income taxes correctly.

Same-Sex Marriages Recognized for Federal Tax Purposes

Mark Steber | Posted 10.29.2013 | Business
Mark Steber

Beginning with the 2013 tax return, all couples legally married as of January 1, 2014 must file as either married filing jointly or married filing separately and are subject to all federal income tax laws governing marriage including, exemptions, credit and deduction limits, and income tax rates.

My Top Quotes in Illinois

Madison Bondi | Posted 10.28.2013 | Chicago
Madison Bondi

Only at the Illinois State Fair can you find corn dogs, politicians, and a 500-lb cow made of butter, all in the same place. Needless to say, it has been an exciting couple of weeks in Illinois, from our heated income tax debate to more messy Metra news, I don't know where to start!

GOP-Backed Battle Turns Intense Over Dem's Veto

AP | DAVID A. LIEB | Posted 10.27.2013 | Politics

JEFFERSON CITY, Mo. — Millions of dollars spent broadcasting ads. Alarming fliers and phone calls targeting homes. Politicians barnstorming from...