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Income Taxes

It's December -- Do You Know Where Your Tax Paperwork Is?

Mark Steber | Posted 12.06.2014 | Business
Mark Steber

By having all your documents in one place, you are one step closer to filing your return. Remember my first rule of tax return time? The earlier you file, the sooner you will get your refund!

Top 10 Scariest Things About Income Taxes

Mark Steber | Posted 10.30.2014 | Business
Mark Steber

Even though many people feel taxes are scarier than speaking in public, for the majority of people, tax-time is the single largest cash windfall of the year. More than 75 percent of all taxpayers get an average tax refund of $3,000 -- nothing scary about that.

Ben Walsh

Economists Say We Should Tax The Rich At 90 Percent

HuffingtonPost.com | Ben Walsh | Posted 10.22.2014 | Business

America has been doing income taxes wrong for more than 50 years. All Americans, including the rich, would be better off if top tax rates went back to Eisenhower-era levels when the top federal income tax rate was 91 percent, a new paper concludes.

The 5 Tax Mistakes You're Making Right Now

Gene Marks | Posted 11.30.2014 | Small Business
Gene Marks

I know, it's a busy time of year. You're back from the summer holidays. Orders need to get out the door. Projects need to be done. Budgets need to be ...

How Does Illinois' Income Tax Compare to the Rest of the Country?

Matthew Dietrich | Posted 10.06.2014 | Chicago
Matthew Dietrich

The Illinois income tax has been a topic of hot debate in the 2014 governor's race. Currently, Illinoisans must give 5 percent of their income to the ...

Charitable Deductions for Animal-Rescue Volunteers

Julian Block | Posted 09.01.2014 | 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 08.30.2014 | 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 08.25.2014 | 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.

Watch: Joseph E. Stiglitz Calls for Fair Taxes for All

Bill Moyers | Posted 08.02.2014 | Politics
Bill Moyers

A new report by Nobel Prize-winning economist Joseph E. Stiglitz for the Roosevelt Institute suggests that paying our fair share of taxes and cracking down on corporate tax dodgers could be a cure for inequality and a faltering economy.

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 ...

Tax Fairness: What Do People Think About It?

Jared Bernstein | Posted 06.15.2014 | Politics
Jared Bernstein

Nothing too surprising -- those who pay more in federal taxes think they're too high; almost nobody thinks their tax bill is too low. But departing from the data a bit, there are two factors that I suspect have an impact on our general perceptions of tax fairness.

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 ...

Last-Minute Tax Talk for Parents

Neale Godfrey | Posted 05.26.2014 | Parents
Neale Godfrey

Whether you're a procrastinator, a denier or just anxious, here are tips for parents and families to remember now and suggestions to make subsequent filing years a little less stressful.

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.

The Phantom Menace: New Report Doubles Down on 'Tax Migration' Myth

Gordon MacInnes | Posted 05.07.2014 | Business
Gordon MacInnes

"Exodus on the Parkway," a new 36-page paper on the impact of tax rates on New Jersey's economic health begins by noting that it "does not provide pro...

2014 Tax Season Filing Requirements for Seniors

Jim T. Miller | Posted 04.20.2014 | Fifty
Jim T. Miller

Whether or not you are required to file a federal income tax return this year depends on your gross income, as well as your filing status and age.

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.

What Determines a Healthy Economy?

David Bergstein | Posted 04.02.2014 | Business
David Bergstein

There are countless ways to explain and decipher the inner-workings of the US and world economies. But little is actually discussed about the underpinnings of what truly defines a healthy economy. It's not complicated.

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.

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?

Before The Ball Drops: Smart Money Moves to Make by Dec. 31

Women & Co | Posted 02.19.2014 | Money
Women & Co

As you're wrapping up your finances for 2013, you may want to think about making a few moves that could mean more money for retirement, a smaller tax bill and perhaps some new eyeglasses.