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There's no better time to start than today.
A few steps to take to manage your property tax bill.
With advances in technology, filing and paying your taxes has become as easy as checking email.
Eduardo Saverin renounced his U.S. citizenship last year and now is a resident of Singapore. How much did he save on his taxes by making the switch then?
Q: I think taxpayers should be told if the Bush tax cuts expire this year.…I would like to know, and I consider myself an average confused taxpayer.
For some people, the best tax strategy is simply to pack up and leave. That is the lesson from the disclosure that Eduardo Saverin, the 30-year-old billionaire who helped found Facebook, has renounced his U.S. citizenship to become a ...
SINGAPORE—Facebook co-founder Eduardo Saverin's recent decision to give up his U.S. citizenship in favor of long-term residence in Singapore has drawn fresh attention to the appeal of residing and investing in the wealthy city-state and ...
The Bush-era tax cuts—enacted in 2001 and 2003—are scheduled to expire at the end of this year. Unless Congress acts, most taxpayers will see rate and other increases.
When Jefferson County, Ala., defaulted on some municipal bonds last month, investors may have been surprised to learn that the county lacked the authority to fulfill the most basic obligation of its "general obligation" debt: It didn't have ...
The debate over the taxation of carried interest has been bubbling for years in Congress, to little, if any, effect. But the release of Mitt Romney's tax returns during the Republican presidential primaries—showing that much of the ...
Prices in many real-estate markets may be close to bottoming out. We hope. So the old adage about buying low may be something to consider if you have a kid who will soon be heading off to college. The idea is to buy a condo for the kid to ...
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Imprisoned former hedge-fund executive Raj Rajaratnam has been ordered to give a deposition from prison in a long-running dispute over a tax-shelter strategy he used in 1999 and in 2000.
If you just discovered a mistake on that tax return you filed earlier this year, relax. You aren't alone. Thanks to our increasingly complex tax laws, it's easy to make costly mistakes on our returns. The usual solution is to file what is ...
Where to retire? It's an age-old question that for many people centers on two big variables: housing costs and taxes. They should add a third criterion to their list: the percentage of people collecting pensions.
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TOKYO—Japanese officials are signaling they could intervene in the currency market if the yen's rise threatens the government's top policy priority: the doubling of the sales tax.
Investors are focusing on Facebook's offering price as the company prepares to go public as soon as next week. Tax specialists are paying attention to something else: how half a dozen of the firm's luminaries, including founder Mark ...
If you received a hefty income-tax refund from Uncle Sam this year, you had plenty of company. As of April 27, the Internal Revenue Service had authorized more than 99.1 million refunds for the 2011 tax year—up about 1% a year earlier. It ...
Last time, I looked at why something that's bad for us—getting a big tax refund—feels good. Our rational side knows we shouldn't give Uncle Sam an interest-free loan by overpaying our taxes throughout the year, but our emotional side seems ...
SAN FRANCISCO (MarketWatch) — Whatever their opinion of the health-care reform law, wealthy Americans have a lot of money at risk in the Supreme Court’s coming decision on the law’s constitutionality.
Wars, abortions, bridges to nowhere—you may be for or against these things, but you pay your taxes because it is an honor to provide revenue for your country.
Small-business owners often complain of feeling caught in the cross hairs of the tax code. For a change, here's good news. The Tax Court has just blessed a new technique that owners of closely held businesses—and wealthy families—can use to ...
BOSTON (MarketWatch) — Finishing your taxes typically is more of a relief than a feel-good moment, but turning on your shredder can brighten your mood even more.
It is one of life's conundrums: If we hate paying taxes, then why do we consistently overpay them, collectively lending Uncle Sam some $300 billion year after year—interest free?
Do you pay your fair share in taxes? Even as President Barack Obama pitches the "Buffett rule" to ensure that millionaires pay at least a 30% tax rate, some commentators are decrying the fact that about half of U.S. taxpayers don't pay any ...
Is a tax sin haunting you? Maybe you paid a baby sitter under the table, or "forgot" to declare income, or deducted personal expenses as business costs. Perhaps you didn't know a large tax or a form was due and found out only later. Maybe ...
BOSTON (MarketWatch) — As mutual fund investors put the finishing touches on their tax returns for 2011, they should also give up hope that the confusing, complex way funds are taxed will get better anytime soon.
Q:Is there any recent information on the federal estate-tax law scheduled to expire after 2012? P.R., Coronado, Calif. A: Nobody knows what will happen to the federal estate tax after this year.
Selling a stock or a mutual fund is getting a lot more complicated. New tax rules are changing how your brokers report sales of stocks, exchange-traded funds and mutual funds to the Internal Revenue Service and could deny you the full tax ...
When it comes to taxes, beware of frivolity. Despite repeated court rulings to the contrary, some people continue to insist there is no law requiring them to pay federal income taxes. Or that wages, tips and other compensation for personal ...
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NEW YORK—The yen strengthened against the dollar Monday, bouncing back from an eight-month low. Market participants said the currency had fallen too far recently, having dropped 5% since the Bank of Japan boosted the size of its ...
Uncertainty over the fate of the looming 3.8% tax on investment income is fueling new focus on a trusted tax maneuver: the "backdoor" Roth individual retirement account.
Financial advisers and their clients are starting to plan for, if not yet act on, a possible jump in taxes on dividends. Dividend-producing stocks have had a special attraction among investors in recent years, in part because of the ...
As the deadline approaches for taking advantage of the government's $5 million gift-tax exemption, estate planners are dealing with the fear of "donor's remorse." Families are looking to set up so-called irrevocable ...
Tax laws change with alarming frequency, but some taxpayer errors are perennial. Here are 10 things that tax filers commonly forget to do, according to Greg Rosica, a tax partner at Ernst & Young and lead author of the Ernst & Young ...
The tax filing deadline, April 17, is coming up soon—and experts say this year's returns are littered with potential land mines. Among them: a new form for reporting foreign financial assets (with large penalties for not filing) and a ...
With the economy sluggish, a growing number of Americans are providing financial support to relatives, including so-called boomerang children and aging parents. Come tax day, those who pay a significant portion of the bills on behalf of a ...
Divorces cause tax issues, including which parent is allowed to claim valuable child-related tax breaks. Sometimes, it depends on which parent is allowed to claim the child as a dependent.
WASHINGTON (MarketWatch) — Internal Revenue Service Commissioner Doug Shulman said Thursday the tax service is “putting a big dent in offshore tax evasion” as part of its plan to focus on large businesses.
A pair of changes for 2011 could mean big headaches for taxpayers who report business or partnership income on their individual tax returns.
The Internal Revenue Service announced last week additions to its Fresh Start program for struggling taxpayers. The new features include penalty relief for the unemployed and expanded installment-payment options. The agency began the Fresh ...
Q: I bought a new personal car in November 2011. Am I allowed to deduct the $600 sales tax on that car? I itemize deductions, file a joint return and have adjusted gross income of about $110,000. I live in Wisconsin and pay state income ...
As more people refinance home mortgages, some are getting tripped up by tax-deduction rules. Those who decide to borrow more than they owe on their existing mortgage often assume they can write off interest on the whole new loan, but in many ...
It is an attractive vision. As a small, independent, European nation, Scotland would enjoy competitive corporation tax and good public services, thus becoming the destination of choice for business and high-net-worth individuals. The ...
Individuals got some income tax breaks in the federal budget on Friday, but its net benefit could be muted because Finance Minister Pranab Mukherjee also raised indirect taxes and took a step to make gold costlier.
Apple's dividend announcement this past week is good news for income investors, but bad news might be lurking around the corner. Unless Congress takes action, the top tax rate for the highest earners on most dividends, currently 15%, is ...
PALO ALTO, Calif. (MarketWatch) — Millions of Americans have worked hard for a lifetime, paid their mortgages, in some cases put their kids through college, donated to charity, and somehow tucked away enough money to take care of their ...
Owning a portfolio of offshore holdings is about to get much riskier, thanks to new U.S. tax-reporting rules, financial advisers say. As a result, some advisers are urging clients to shift money back to the U.S.
Epic failure in Washington is causing epic uncertainty for taxpayers. This week, Congress's special 12-member deficit-cutting committee failed to agree on even a broad outline for addressing the U.S.'s fiscal woes. It marked the ...
Q: I know I can donate money from my individual retirement account directly to charity this year and not pay taxes on the amount withdrawn. Will the same rule apply next year?
Generosity is its own reward. But if you want to deduct your donations, make sure you understand the tax law's fine print. First, you can't deduct charitable contributions on your federal income-tax return unless you ...
With stock markets volatile, tax rates uncertain and estate laws facing review next year, these are challenging times even for the best professional advisers. Are yours making the grade?
I am 78 and have been taking minimum distributions from my IRA. I use TurboTax and haven't encountered a provision to separately account for the after-tax contributions I've made. As far as I can tell, I am paying full tax on my ...
The holidays are here and everything important is done, right? Well, maybe not everything. Some will find themselves racing next week to meet year-end tax deadlines to make charitable gifts, plan taxes on investments and make annual gifts to ...
The tax treatment of frequent-flier miles is at center stage following the disclosure that thousands of Citibank customers received notices in January that miles they received for opening new accounts last year produced taxable income.
For all the risks that come with investing in 529 college-savings plans in a period of market tumult, investors in most states have one certainty: that they'll receive state tax benefits for their contributions to their home ...
Here's an irony: Even as the U.S. government is cracking down on illegal foreign accounts, other new laws and proposals could present big incentives for the wealthy to move more money offshore.
You probably know the conventional wisdom: When spending retirement savings, drain taxable accounts first, to give the money in tax-deferred 401(k)s and individual retirement accounts more time to grow, and leave tax-free Roth IRAs for ...
The Internal Revenue Service estimated that Americans underpaid their taxes by $385 billion for tax year 2006 in its latest report on the nation's "tax gap"—an estimate of taxes owed but not paid.
Q: Is there any hope that Congress will extend the sales-tax deduction on our federal income tax returns for 2012 and on? B.W.B., Lake Worth, Fla.
NEW YORK—U.S. prosecutors labeled Switzerland's oldest bank a "fugitive" after its representatives failed to appear at a court hearing Friday on charges it helped wealthy Americans hide from U.S. tax authorities more than ...
Many retirees make estimated tax payments four times a year. But due to uncertainty in the tax laws in 2012—in particular, the expiration of the patch for the alternative minimum tax—calculating those payments may prove more difficult than ...
About five years ago, George Papadopoulos shifted his clients' assets out of tax-managed mutual funds and into exchange-traded funds. A certified financial planner in Novi, Mich., he says the move made good financial sense and pleased ...
Q: I hear much about reducing the payroll tax. Is this the same as reducing the general income tax rate? W.W., Croton-on-Hudson, N.Y. A: No. Those are separate issues.
A surprise proposal in Congress to drum up tax revenue from inherited IRAs is raising eyebrows—and making some financial advisers nervous. A Senate Finance Committee proposal floated this past week as part of a highway-funding bill would ...
Tax season is unnerving for most people—and it can be especially so for 20-somethings who have little or no experience with the process. Though young adults generally have relatively simple returns, they're prone to making big mistakes ...
How did they do it? That is the question many Americans are asking of Mitt and Ann Romney's 2010 tax bill, disclosed on Monday evening. While the couple paid almost $3 million in taxes, that amounted to less than 14% of their $21.6 ...
It's that time of the year again – time to think about your taxes. With just two months before the financial year-end, now is the time to make tax-saving investments and provide their proof and other documents to your employer, helping ...
It is a new year, but taxpayers already are feeling déjà vu. A slew of major tax cuts is set to expire at year's end—as was the case in 2010. Now, as then, Washington faces the choice of letting income, capital-gains, estate and other ...
Earlier this year, an Iowa farmer called up nonprofit consultant Bryan Clontz looking to donate 15,000 bushels of soybeans to charity. Mr. Clontz got a quote from a local commodities broker, and all told, the farmer ended up donating about ...
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TOKYO—Four obscure companies at the center of Olympus Corp.'s bookkeeping scandal share the same auditor—an accountant whose tax strategies for an entrepreneur drew objections in 2003 from tax authorities for pushing the boundaries of ...
The Treasury Department's aggressive crackdown on offshore tax dodging announced Wednesday is sure to heighten many people's fears of drawing IRS ire, say tax experts -- even among those who don't stash millions abroad.
BOSTON (MarketWatch) — When it comes to individual retirement accounts, better known as IRAs, you might think you’ve got it all figured out. After all, these accounts have been around since 1974 and, with few exceptions, haven’t changed all ...
If your income is high, your chances of getting a visit from the Tax Man are on the rise—and there isn't much you can do about it. Last year, the Internal Revenue Service sharply increased face-to-face audits of upper-income taxpayers, ...
If you are self-employed and in the top echelon of earners, there is a big potential retirement-plan tax break available to you—and you don't even have to be Mitt Romney to get it.
What's the best way to handle an inherited IRA? A recent column about an IRS ruling sparked a slew of reader questions about the mechanics of transferring individual retirement accounts from one generation to another without running ...
You may not be in the same financial league as Mitt Romney, but look on the bright side: Your tax return this year probably is much simpler than his.
Even with barely a month left in the year, there are still moves you can make to limit your 2011 federal income taxes. Here are a few things you can try between now and New Year's Eve that might ease this year's tax burden and set ...
Tax planning is seldom simple, but lately it has been next to impossible. At year's end, a host of temporary provisions expire, and lawmakers have put forth radically different proposals for what to do next. Throw in an election year, ...
Could two obscure taxes paid by a wealthy heiress save a former politician from prison? Quite possibly, say tax- and election-law experts. The curious tale offers a lesson for ordinary taxpayers as well.
Here's a wake-up call for state-tax scofflaws: On Oct. 4, California Gov. Jerry Brown signed a bill requiring the Golden State's motor vehicle department to suspend the driver's licenses of its worst delinquents.
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There is no way to sugarcoat the market plunge of the past two weeks— it has been brutal. The good news is that it isn't forever. And in the meantime, there are ways for investors to take advantage of lower stock prices to pick up ...
Some retirement savers might rue the big tax bill that came from their decision to convert a traditional individual retirement account to a Roth IRA. But those who made a conversion in 2010 still have a couple of weeks left to undo their ...
More baby boomers are downsizing or helping their parents pare possessions, fueled by the poor economy and aging population. But those doing so should take note: Whether unloading belongings on Craigslist.com, at a garage sale or by making ...
It's application season, and not just for high-school and college seniors. The weak economy is also prompting older workers to return to school to refresh their skills or acquire new ones.
The outlook for summer jobs for young people remains cloudy. Although the unemployment rate of 17.3% for workers ages 16 to 24 was down slightly in May compared with the 18% rate of a year ago, it was still far higher than the prerecession ...
WASHINGTON—U.S. patent number 7,698,194 isn't an ingenious new machine or a breakthrough medical treatment. It's a method of analyzing the taxes associated with college-savings plans.
The Internal Revenue Service just made it easier for some individuals to free themselves of liability for a spouse's tax debt. Last week, the IRS eliminated a rule that disqualified taxpayers from the "innocent spouse" relief ...
Maybe it's your brother-in-law, who has a new Mercedes and likes to quip that only fools pay all their taxes. Or else a contractor who overcharged for a home renovation and then demanded you make the check payable to "cash." ...
Planning to live and work outside the U.S.? Make sure you do your homework before getting on the plane. While becoming an expatriate can be exciting, wealth managers say it's essential to understand legal, tax and financial issues in ...
Commodities are hot, but exchange-traded funds and other vehicles that hold them are causing massive tax headaches for investors. Just ask Darren Neuschwander, an accountant in Robertsdale, Ala., with high-net-worth clients around the ...
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A self-described "cat lady" named Jan Van Dusen from Oakland, Calif., in June won a Tax Court decision against the Internal Revenue Service that broadened the scope for deducting animals on tax returns.
Thinking of renting out your home for a short period this summer? If so, it might be helpful to familiarize yourself with what tax experts refer to as the 14-day rule.
It's no secret that millions of Americans are looking for work, from recent graduates to downsized late-career employees who aren't ready to retire.
Q: Will the Internal Revenue Service be allowing taxpayers a sales-tax credit for purchasing a new vehicle in 2011 like they did last year? P.C.A., Roseville, Calif.
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Attention, investors: Uncle Sam will share your pain—if you let him. In the midst of market turmoil, it is easy to forget how generous the U.S. tax code is to investors. Not only is the 15% top rate on long-term capital gains less than half ...
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SÃO PAULO—Less than one month after the announcement of a cut in taxes for some industrial sectors in Brazil, the government announced an increase in the tax on cigarettes to compensate for the reduction in collections.
Investors in one of Main Street's hottest investment products may get an unexpected parcel this holiday season—a tax bill. Exchange-traded funds, which are baskets of securities that follow an asset class or sector, have been a hit for ...
Q: A few years ago, I heard a lot about how important it is to close the so-called "tax gap." What's the latest? Has the IRS issued an updated estimate?
Get the letter. Get the letter. Get the letter. That should be the mantra of taxpayers who make charitable gifts of $250 or more. "The letter" refers to the charity's missive acknowledging your donation, and it must say ...
The prospects for President Barack Obama's $447 billion jobs plan grew dimmer Monday as he unveiled the fine print of how it would be paid for—primarily through tax increases that Republicans said would destroy jobs, not create them.
Republican presidential candidate Rick Perry rolled out an economic plan aimed at appealing to conservatives by lowering taxes, flattening tax rates and sharply shrinking the size of government.
WASHINGTON—The foundation is being quietly laid for a tax-system overhaul as bipartisan members of the House Ways and Means committee have started rounds of private meetings with the Joint Committee on Taxation to dig into the tax code.
More than six million children in the U.S. fall into the "special needs" category, and their ranks are expanding. The number of those affected by one developmental disability alone—autism—grew more than 70% between 2005 and 2010.

There's no better time to start than today.
A few steps to take to manage your property tax bill.
Now playing: sequels, 3-D reruns and long ads.
Need an alternative to the $25,000 to-do? Introducing the stealth approach, where couples quietly trade "I dos" in a host of public forums.
Technology stocks have rebounded and are once again the darling of the market. Can the resurgence last?
Arends: That 60/40 portfolio of stocks and bonds your adviser is pushing might not work.