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Income Tax

Shiftless Corporations Renounce America

Leo W. Gerard | Posted 07.21.2014 | Business
Leo W. Gerard

Early last week, the drug firm Mylan stomped on the Stars and Stripes as it ditched America for the Netherlands. Then, on Friday, the drug company AbbVie similarly renounced America. For 30 pieces of silver, it will become Irish.

Charitable Deductions for Animal-Rescue Volunteers

Julian Block | Posted 07.02.2014 | Money
Julian Block

When the annual reckoning with the IRS rolls around, their willingness to help out entitles them to write-offs for unreimbursed expenses incurred while they do volunteer work for rescue groups like the Humane Society of the U.S and the ASPCA.

Man, Woman, Money, Taxes

Julian Block | Posted 07.01.2014 | Business
Julian Block

The courts often have to resolve the troublesome question of whether a tax-free "gift" was actually a payment for services rendered. Not surprisingly, the question has come up when the IRS insisted on its share of sizable amounts received by women from men who weren't their husbands.

What's in Your Mailbox? Tips on What to Do When Uncle Sam Comes Knocking

Steve Mariotti | Posted 06.25.2014 | Money
Steve Mariotti

Every year, one in 10 of us receives the dreaded letter. You know the one -- and you probably don't want to open it: the IRS requesting more information about your finances.

State Lawmakers May Be Making The Wealth Gap Worse

AP | DAVID A. LIEB | Posted 06.05.2014 | Politics

JEFFERSON CITY, Mo. (AP) — Lawmakers in many states have been trying to boost their post-recession economies by cutting income taxes, curbing aid to...

Loyalty and Responsibility

William B. Bradshaw | Posted 07.31.2014 | Politics
William B. Bradshaw

We hear so much these day about banks and companies that have become so large they are unable to manage themselves -- that there are so many layers of bureaucracy that illegal and unethical behavior can go undetected for years.

New Jerseyans Move Because of Income Taxes? Fuhgeddaboutit

Gordon MacInnes | Posted 07.16.2014 | Politics
Gordon MacInnes

Gov. Christie and his treasurer are standing firm. They say there will be no tax increases to help New Jersey out of its budget crisis. Why? Because, they claim, the wealthiest New Jerseyans may well "get up and walk out" of the state instead of face a tax increase.

Tax Court Upholds Business-Expense Deduction for Topless Dancer's Breast Implants

Julian Block | Posted 07.08.2014 | Divorce
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Should Chicago Have a City Income Tax?

Matthew Dietrich | Posted 06.15.2014 | 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 06.15.2014 | Comedy
Marta Ibarrondo

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Paying Your (Un)Fair Share on Tax Day

Martha Burk | Posted 06.13.2014 | 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 06.10.2014 | 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 06.01.2014 | 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 05.31.2014 | 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 05.27.2014 | 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 05.26.2014 | 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 05.19.2014 | 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 05.12.2014 | 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 05.11.2014 | 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 05.09.2014 | 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 04.26.2014 | 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 04.24.2014 | 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.