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Income Taxes

5 tips for first-time income tax filers

PolicyGenius | Posted 01.13.2017 | Business
PolicyGenius

This article was written by PolicyGenius staff writer Paul Sisolak. Tax time is here, and if this will be your first time filing paperwork for Uncle ...

4 Reasons Not To Believe Trump When He Says He'll Fix The Tax Code

The Huffington Post | Jonathan Cohn | Posted 10.04.2016 | Politics

Donald Trump on Monday offered an extended version of the argument he and his supporters have been making since Sunday morning, following a blockbuste...

Book Keeping For New Entrepreneurs

Gabrielle Pfeiffer | Posted 06.21.2016 | Business
Gabrielle Pfeiffer

It's all fun and games when you are doing what you love while getting paid for it, but that all changes when you have to start keeping track of finances. When I was just starting out and making a part time income, I wasn't too concerned about it, but it has grown to a point where I have to start thinking about tax time.

Dodgin' Donald's Hiding Something in Those Unreleased Tax Returns

Leo W. Gerard | Posted 05.30.2016 | Politics
Leo W. Gerard

Voters have the right to know if Donald dodged taxes every year, just like he did in 1978 and 1979, while he routinely used public services like bankruptcy court that other taxpayers faithfully paid for with their IRS payments.

Here's Where Your Taxes Go

The Huffington Post | Shahien Nasiripour | Posted 04.19.2016 | Business

The nation's tax bill comes due on Monday, when Americans rushing to file their federal income tax returns may find themselves wondering: What am I pa...

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

Julian Block | Posted 03.31.2017 | 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.

Queen of Mean Stays in the News

Julian Block | Posted 03.08.2017 | Business
Julian Block

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

Save your family money on your taxes with these tax tricks

Julian Block | Posted 03.06.2017 | 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...

How Your Tax Returns Can Uncover Hidden Divorce Assets

Julian Block | Posted 02.14.2017 | 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 02.11.2017 | 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 ...

The Magic of 'Next!': 3 Things You Will Want to Know About Love Before Valentine's Day

David I. Block | Posted 02.10.2017 | GPS for the Soul
David I. Block

What happens when we are so focused on what is wrong with our love-life that we stop even considering that it can be different? Two women came into my...

Can Strippers Deduct Breast Implants?

Julian Block | Posted 01.29.2017 | 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 01.28.2017 | 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 01.26.2017 | 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 01.26.2017 | Business
Julian Block

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

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2017 | 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 12.28.2016 | 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.

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2016 | 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.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.14.2016 | 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 12.11.2016 | 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 12.10.2016 | 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 12.07.2016 | 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 12.07.2016 | 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 12.04.2016 | 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.

May You Be Imprisoned for Failing to Pay a Debt?

Brad Reid | Posted 09.16.2016 | Business
Brad Reid

The answer to the question contained in the title, in contemporary U.S. law, depends upon the definition of the word "debt" and the situation under co...