iOS app Android app

Deductions

Filing for a Tax Extension? What You Should Know

MyBankTracker | Posted 04.15.2014 | Money
MyBankTracker

While time is ticking for you to complete your taxes, don't get so caught up trying to file that you make a mistake!

What's Deductible for Legal Fees When Couples Divorce

Julian Block | Posted 04.05.2014 | Divorce
Julian Block

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.

Audit Survival Strategies

Julian Block | Posted 03.15.2014 | Money
Julian Block

Just because you can back up every item on your return, don't think you can forget about an audit. Those relentless IRS computers may bounce your retu...

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.

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?

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?

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.

What You Need to Know About Education Tax Credit Considerations

Mark Steber | Posted 01.23.2014 | Business
Mark Steber

Are you taking a personal finance course or courses to learn how to better manage your portfolio or retirement planning? If so, you may be sitting on some very valuable tax credits.

Self-Employed? Take Smarter Deductions!

Nancy K. Humphreys | Posted 06.04.2013 | Business
Nancy K. Humphreys

Taking business deductions creates two problems for the self-employed: Deductions encourage self-employed workers to compete in "a race to the bottom...

Massive Ideological Republican Hypocrisy

Chris Weigant | Posted 02.04.2013 | Politics
Chris Weigant

While the entire political punditry world is caught up in yet another horserace, major tenets of the Republican party's faith seem to be crumbling. Their bedrock ideology is revealing itself, in multiple ways, of having been built on sand all along.

Obama: GOP Tax Proposals Would Put Nonprofits At Risk

Reuters | Posted 02.03.2013 | Politics

* Charities could be hit by Republican tax plan-White House * Obama aides meet with executives of largest nonprofits * C...

The New Deal

Chris Weigant | Posted 01.28.2013 | Politics
Chris Weigant

There's going to be pain all around in whatever deal is struck. Most Americans are going to be directly impacted in one way or another by whatever bargain is made between President Obama and congressional Republicans.

Give a Little Less to the IRS

Julian Block | Posted 01.07.2013 | Money
Julian Block

Individuals who reduce their income taxes with itemized deductions are aware that they can claim contributions to schools, religious organizations and other favorite causes. But many of them are unaware of other opportunities.

Eight Tax Breaks, Loopholes That Won't Be Easy To Kill [Slideshow]

The Huffington Post | Catherine New | Posted 10.08.2012 | Money

As part of his much-discussed tax plan, Mitt Romney has said he plans to eliminate or place caps on certain deductions and loopholes. The idea sounds ...

5 Simple Steps To Protecting Your Finances Post-Split

Julian Block | Posted 12.01.2012 | Divorce
Julian Block

There are simple steps that divorcing spouses should take to protect themselves financially.

How Republicans Have Twisted the Argument about Income Taxes

Raymond Griffith | Posted 11.21.2012 | Politics
Raymond Griffith

Mitt Romney and Republicans have effectively twisted the debate away from the way the rich avoid their responsibilities into an attack on the poor, as if being poor makes you unpatriotic. And we cannot allow ourselves to let their attacks define the issues.

Some Presidential Words on Federal Income Taxes

Julian Block | Posted 08.22.2012 | Money
Julian Block

Income taxes are such a pervasive and everyday part of our financial lives -- and such a central issue in presidential campaigns -- that they seem to have been around forever. They have not. Their debut is relatively recent.

Trouble Come Tax Time?

Julian Block | Posted 09.26.2012 | Divorce
Julian Block

Fact is, whether Brad, Angelina, Jennifer, Bristol, Levi, Snooki, or anyone else is hooking up, breaking up, or something in between, the odds and ends of their relationships are grist for the Internal Revenue Service mill.

Taxpayer Illiteracy: Persistent and Widespread

Julian Block | Posted 09.01.2012 | Money
Julian Block

How many of those surveyed aren't aware of their own tax brackets?

Medicare Surtaxes Hike Taxes for Upper-Incomers

Julian Block | Posted 09.01.2012 | Money
Julian Block

What's certain is that our lawmakers will enact even more complications to an already confusing tax code.

Stop Procrastinating: Last Minute Tax Tips

Credit.com | Posted 06.13.2012 | Money
Credit.com

If you're like me, and putting off finishing your taxes until the last minute, you can at least be thankful that we have until April 17th this year to file. I turned to Lisa Greene-Lewis, a CPA and the Turbotax Blog Manager, for advice.

Ben Hallman

Mitt Romney's Tax Returns Offer Clues To His Character

HuffingtonPost.com | Ben Hallman | Posted 03.27.2012 | Business

The tax returns of prominent officeholders are scrutinized not just for details about the individuals' financial lives, but for clues about their char...

I Want My America Back -- not the Tea Party's America

Judge H. Lee Sarokin | Posted 10.07.2011 | Politics
Judge H. Lee Sarokin

Yes, the deficit must be reduced, waste eliminated, spending curtailed, and entitlements reviewed and probably reduced, but we need a government that operates by compromise not coercion.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 07.31.2011 | Business
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?