Tax myths are a lot like a bad date. They are annoying and seem to last forever. Yet people have beliefs about income taxes that have no basis in reality. Were it not for the potential financial costs, some of these might be amusing. But if you believe them and act upon them, they can cost you serious money.
Though falling gas prices are affording Americans some financial breathing room, the dramatic drop is in no way an indication that we are approaching utopia.
As an organization with a 50-year history of ensuring that the gender and economic security lenses are included in policy and budget discussions, Wider Opportunities for Women, had one question in reviewing the President's proposed budget, "Are there opportunities for women?"
The deadline to file your taxes is quickly approaching, and for those who owe the IRS money, this can be a very stressful time. To make matters worse, anxiety levels might rise if you don't think you have the money to pay your tax bill on time.
Republicans feared that trying to pay for their tax cuts by shifting to the highly uncertain dynamic scoring may not be enough. So they are further trying to rig the system with baseline games and make permanent tax provisions outside tax reform.
When Illinois Governor Bruce Rauner was elected in 2014, he ran on an anti-tax platform. But is he trying to sneak a tax increase past voters that he never called for in last year's campaign?
Whether or not you are required to file a federal income tax return this year will depend on how much you earned (gross income) -- and the source of that income -- as well as your filing status and your age. Your gross income includes all the income you receive that is not exempt from tax, not counting your Social Security benefits, unless you are married and filing separately.
Net Neutrality itself doesn't solve America's communications problems and we hope that the FCC decides to actually investigate our claims that a) Verizon failed to disclose that the networks are already Title II.
If you don't get to take Exit 1, or have questions about whether you owe a shared responsibility payment with your tax return or if you are must repay some of your advance premium tax credit payment, it might be best to consult a tax pro. Wishing you safe travels.
The Civic Federation, the respected, Chicago-based fiscal watchdog, is hardly a bastion of tax-and-spend liberalism. Yet this week, for the second time in less than a year, it issued a warning that the state had put itself in serious financial danger when it allowed its personal and corporate income tax rates to fall by 25 percent on Jan. 1.
And while tax preparation software makes filing faster and easier, there were several changes to popular tax prep services this year, leaving many filers confused about which product is right for them.
Some suggest this latest cut is intended to undermine the ability of the IRS to identify and penalize those who fail to buy health insurance or provide it to their employees. We should stop playing games with the IRS and start funding the agency adequately to do its job.
I'm certainly grateful that I have biological impulses to act altruistically, but I'm also aware that I can't rely on them. They won't free me of the fundamental conflict between altruism and selfishness that is wired into my DNA, and they won't enable me to reach beyond my current limitations.
People with enough money won't have to think twice about paying more at the pump. But for low-income drivers trying to get to work and raise their families, a tax increase on gas would do a lot of damage.
According to top industry specialists, almost everyone's personal information has ALREADY been stolen in one form or another. And it is just a matter of time of when it will happen again.
It's February! The month when hearts, kisses and huggable stuffed animals abound -- and you're constantly reminded: All you need is love. But we think there's something else you need, too. (Hint: It's green, not pink.)