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Tax Audits

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.

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.

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.

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 12.10.2012 | Money
Julian Block

Unless Washington acts in the lame-duck session after the November elections, top rates for capital gains from most sales of assets owned more than 12 months are scheduled to increase. They will go from 15 percent for 2012 to at least 20 percent for 2013.

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.

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.

No Tax Break If Client Stiffs You

Julian Block | Posted 10.06.2012 | Money
Julian Block

Contrary to what many self-employed individuals believe, long-standing regulations usually prohibit most of them from claiming bad-debt deductions on their federal and state returns when they are unable to recover amounts due from clients and customers.

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.

What to Do if Your Tax Return Is Audited by the IRS

Mark Steber | Posted 08.08.2012 | Money
Mark Steber

If you are one of the unlucky few who do receive a 'review' notice from the IRS, here is some important information to consider.

5 Tax Audit Myths Debunked

Bob Meighan | Posted 06.04.2012 | Money
Bob Meighan

Getting audited by the IRS is one of the biggest fears for taxpayers. But what is the likelihood that you will be audited? And what are common audit triggers?

Tax Audit Fears Are...

Posted 03.23.2012 | Money

As we all prepare and file our tax returns ahead of this year's April 17 deadline, the sense that Big Brother is looking down at us -- making sure we ...

The Government's Secret War Against Small Business

Robert Levin | Posted 04.08.2012 | Small Business
Robert Levin

State tax auditors are being told to shake down local businesses to generate revenue. And while big businesses have internal tax specialists who can fight unjustified assessments, small businesses often have no choice but to pay since the cost to them of fighting back is so high.

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?

Travel Deductions for Gamblers

Julian Block | Posted 06.04.2011 | Business
Julian Block

The tax rules for gamblers can be summed up simply: "Heads, the IRS wins; tails, gamblers lose." The faux-friendly feds routinely nail gamblers for taxes on their winnings.

Filing-Time Fantasies

Julian Block | Posted 05.25.2011 | Business
Julian Block

Most myths are fairly short lived. Some, though, just refuse to die. Take, for example, the one that makes the rounds every filing season about how to lessen the likelihood of an audit.

Extra Time to File Form 1040

Julian Block | Posted 05.25.2011 | Business
Julian Block

For most people, this year's deadline for filing Form 1040 is Monday, April 18. Miss the deadline and you could get slapped with a substantial, nondeductible penalty.

WARNING: IRS Audits Jump By 11 Percent, Wealthiest Targeted

AP | Posted 05.25.2011 | Business

WASHINGTON — The Internal Revenue Service is making it a bit riskier to cheat on your taxes. The tax agency increased the number of returns it ...

6 Tips For Filing A Tax Extension

Associated Content | Rosa Hayes | Posted 05.25.2011 | Business

Filing for a tax extension may be your only option if you haven't gotten your paper work finished or are like a lot of Americans and simply forget abo...

Tax Extensions: Not An Urban Legend, And Still Possible

ABC News | ALICE GOMSTYN | Posted 05.25.2011 | Business

That ticking noise you hear? It's the countdown for filing your 2007 tax return, which is due by end of the day Tuesday. However, if you're like mil...