iOS app Android app

Income Tax

Should Chicago Have a City Income Tax?

Matthew Dietrich | Posted 04.15.2014 | Chicago
Matthew Dietrich

No one really enjoys taxes, but they're necessary to help pay for the government services we receive. That's why Chicago mayor Rahm Emanuel has pitched a potential property tax increase to help the city make up the pension deficit it currently is facing.

Why Is There No Limit to Love?

Marta Ibarrondo | Posted 04.15.2014 | Comedy
Marta Ibarrondo

...

Paying Your (Un)Fair Share on Tax Day

Martha Burk | Posted 04.13.2014 | Politics
Martha Burk

We keep hearing that if corporations have to pay more taxes, the economy will suffer, because they won't hire more workers. Well, if you hadn't noticed, for the last five years they've hardly been on a hiring spree.

You Owe the IRS! Don't Panic -- You Have Options

Mark Steber | Posted 04.11.2014 | Business
Mark Steber

Owing the IRS can be a costly matter, but it is completely manageable if you take care of it and don't ignore it.

Last-Minute Tax Tips to Maximize Your Savings

WiserAdvisor.com | Posted 04.11.2014 | Money
WiserAdvisor.com

There's just something about doing our taxes that makes many of us revert to slacker college student mode, waiting till the last minute to throw together that report we've known about for months. But there is hope.

Protect Yourself from IRS Tax Scams

Andrew Wang | Posted 04.02.2014 | Money
Andrew Wang

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.

Good Afternoon, Vietnam: A Revolutionary Small Business Impetus and I Learned About It on Skype (Part 2)

Steve Mariotti | Posted 04.01.2014 | Business
Steve Mariotti

As exciting as the social enterprises presented were, the most interesting and perspective-changing lesson for me was the Vietnamese flat tax.

Tax Tips for National Mom-and-Pop Business Owners Day

Mark Steber | Posted 03.27.2014 | Business
Mark Steber

It's that time again! No, not the end of tax season, it's National Mom and Pop Business Owners Day! March 29 celebrates the more than 27 million hard ...

Bachmann Accuses The Obama Administration Of 'Lawlessness' On Obamacare

The Huffington Post | Natasha Bach | Posted 03.27.2014 | Politics

Rep. Michele Bachmann (R-Minn.) railed against the Obama administration on Fox News' "Your World with Neil Cavuto" Wednesday, criticizing the White Ho...

Most Americans Have No Clue How Their Tax Dollars Are Spent (And Don't Care)

Casey Bond | Posted 03.26.2014 | Money
Casey Bond

Using information released by the White House and the per capita personal income of $42,693 (according to Bureau of Business and Economic Research), GOBankingRates calculated how the average American's 2013 federal income tax bill breaks down.

Stop Procrastinating and File Your Taxes

Mark Steber | Posted 03.21.2014 | Business
Mark Steber

If you have not filed, then what the heck are you waiting on? File as soon as you can and if a refund is coming -- enjoy that money sooner.

Tax Identity Theft Tops IRS Tax Scams This Year

Mark Steber | Posted 03.12.2014 | Money
Mark Steber

The top three tax scams in the IRS "Dirty Dozen Tax Scams for 2014" are Identity Theft, Telephone Scams, and Phishing.

Which Illinois Counties Have the Highest Median Income?

Matthew Dietrich | Posted 03.11.2014 | Chicago
Matthew Dietrich

The progressive tax versus flat tax debate is raging on -- if Illinois moves towards a progressive tax system, where taxes vary based on income, counties with higher median incomes will probably have a lot to say.

Capital in the 21 Century: Still Mired in the 19th (See correction)

Dean Baker | Posted 04.05.2014 | Business
Dean Baker

Thomas Piketty's new book on the history and future of capitalism is a bold attempt to pick up where Marx left off and correct what he got wrong. While there is much that is useful in this lengthy and well-written book, it owes too much to the master, and not in a good way.

The IRS Is Hard to Reach But Help Is Available

Mark Steber | Posted 02.24.2014 | Business
Mark Steber

Did you know the final weeks of tax season is historically the busiest time for taxpayers trying to contact the IRS? Bad as it is now, it will only get worse each day closer to April 15th.

The National Debt

William B. Bradshaw | Posted 02.22.2014 | Politics
William B. Bradshaw

Democrats and Republicans are blitzing us with propaganda about the national debt. My purpose here is not to side with either political party, but to add understating to the subject.

Why Valentine's Day Is a Good Time to Assess Your Tax Situation

Mark Steber | Posted 04.14.2014 | Money
Mark Steber

Just like how your relationship status affects how you spend Valentine's Day, it can impact your taxes.

State Dems Slam GOP's 'Bogus Argument'

AP | BOB CHRISTIE | Posted 02.10.2014 | Politics

PHOENIX (AP) — Arizona Republicans have come up with a new plan to cut income taxes. After supporting an overhaul last year that allows the state t...

How to Ensure a Fast Tax Return

MyBankTracker | Posted 04.09.2014 | Money
MyBankTracker

Spring is just around the corner, and along with it, tax time comes along. The Internal Revenue Service is officially accepting 2013 tax returns, and ...

In a Free-Market Economy 'Income Inequality' Will Always Be a Fact of Life

Howard Barbanel | Posted 04.08.2014 | Politics
Howard Barbanel

There has always been a top five percent and a top one percent in the U.S. In any free market capitalist society there are always going to be some folks who do exceedingly better than others.

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.

It's the Most Wonderful Time of the Year

Mark Steber | Posted 04.05.2014 | Business
Mark Steber

Every year the rules are different and other considerations related to filing your tax return and paying the least you can or getting the biggest refund you can are changing and constantly new and confusing, so like most taxpayers, you probably have a lot of questions.

Big Tax Refunds Really Are Good

Mark Steber | Posted 03.25.2014 | Business
Mark Steber

For many taxpayers, the income tax return and corresponding income tax refund is the largest single financial transaction of the year -- both in size and complexity. It deserves focus and attention, both during the tax return preparation and afterwards managing the tax refund responsibly.

Ten Tips to a Faster Refund

Mark Steber | Posted 03.23.2014 | Money
Mark Steber

With over 75 percent of all tax filers getting a tax refund and the average federal tax refund at about $3,000, what should you know to get your refund as fast and safely as possible? Here are some steps you can take.

Litigation Settlements Must Consider Taxation

Brad Reid | Posted 03.17.2014 | Business
Brad Reid

We constantly see media reports of a lottery winner's estimated net amount after taxes. This is a reminder that every financial event has tax implications. The Internal Revenue Code broadly defines taxable gross income as income coming from any source.