• Your taxes are due!

    NEW YORK (CNNMoney) Tax Day is officially here. If you still haven’t filed, then you’re among the minority. As of the end of last week, the IRS had received nearly 100 million tax returns — roughly three-quarters of the returns it expects to get this tax season. For procrastinators who are owed a refund, it […]

  • How Washington spends your taxes

    Your tax preparation software may tell you how much you owe in federal income taxes for 2013, but it won’t tell you how your money is spent by the federal government. No worries. The National Priorities Project did the math for you, based on actual federal spending in 2013. Broadly speaking, for every dollar you […]

  • COUNTDOWN TO APRIL 15 TAX-FILING DEADLINE: ARE YOU READY?

    OK, procrastinators, here’s a friendly reminder: Time is running out. In less than two weeks it’s April 15, the deadline for filing your federal and state tax returns. The good news: With very few tax changes for 2013, there aren’t any big head-scratchers to sort out this year. That’s a big change from a year […]

  • 7 Smart Ways to Take Advantage of Your Tax Refund

    Tax season is a time of stress for many, but it can be a joyful time for the roughly 75 percent of Americans who receive income tax refunds. While the refund really means you’re getting back money you loaned to the government at no interest, in practical terms it often means an unexpected infusion of […]

  • 3 Months Into 2014, You’re Likely Still Working for the Tax Man

    Between income taxes, property taxes, sales taxes and all those other taxes, the amount of your income that flows into government coffers adds up quickly. One way to think about its is to figure out how much of your working year goes to covering your taxes. The conservative-leaning Tax Foundation calculates annually how many working […]

  • Bitcoin Currency Use Impeded by IRS Property Treatment

    The Internal Revenue Service’s decision to treat Bitcoin as property will make tax consequences part of every transaction involving the virtual currency. So much so that Bitcoin users and analysts say the IRS guidance announced yesterday complicates people’s ability to use it as a currency. “This greater clarity creates greater wrinkles,” said Mark Williams, who […]

  • BBB on Seniors: Be aware of scams during tax season

    Tax season is upon us once again and there are a number of tax scams preying upon people’s fears of making a tax return mistake or appeal to their desire to get a bigger refund. Every year, the IRS issues its list of the dirty dozen worst tax scams. These scams appear online, by email […]

  • Disappearing Deductions Cost Taxpayers

    Changes to tax laws last year reinstated some income-based phase outs of some widely used personal exemptions and itemized deductions, leaving many taxpayers with higher tax bills. Hardest hit will be those with higher incomes, who will be disappointed to see that deductions they previously claimed on their 2012 tax returns have been reduced or […]

  • Taking Advantage of Tax Deductions

    If ever there was a year to look for deductions to your tax bill, this is it. The reason? Millions of Americans will be paying more because of higher tax levels imposed by Obamacare and the ironically named American Taxpayer Relief Act of 2012. But even if you aren’t subject to the higher rates, it […]

  • IRS Steps Up Tax Crime Enforcement and Convictions

    The Internal Revenue Service has significantly increased its enforcement actions against tax criminals and its rate of convicting them, according to a new report from the IRS’s Criminal Investigation unit. The CI unit increased by 12.5 percent the number of investigations it initiated in the fiscal year ending Sept. 30, 2013, compared to the prior […]