With tax season upon us, taxpayers are not the only ones preparing for tax filing day. The Internal Revenue Service warns consumers that there are sophisticated scams targeting taxpayers throughout the country.
The IRS prohibits any deduction for the cost of personal advice, counseling and legal action in a divorce. For example, there's no write-off for what a husband spends to resist his wife's demands for more alimony or to set aside a pre¬nuptial property agreement.
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.
New IRS tax returns shed light on hefty spending by key nonprofit groups -- and the disclosures also show that some of the money raised by these groups, which aren't required to reveal their donors, are sharing money with other groups that don't reveal their donors.
All taxpayers, regardless of their political persuasion, should be incensed that their monies that have been siphoned off by fraudsters are not being recovered, despite the fact that the IRS and other agencies have been given the tools to do it.