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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.
Taxpayers prepared more than 43 million tax returns on their own this year.That’s nearly 40% of all tax returns filed. Yet, 70% of the American taxpaying population is eligible to file their federal return online for free, according to the ...
Home sales often occur during or shortly after divorces. With real estate values on the upswing in many areas (finally), the federal income tax exclusion for principal residence sale gains can come in handy. However, divorcing individuals ...
The media spotlight has recently been on Apple Inc. for shifting profits overseas to avoid U.S. taxes. In its international tax strategy, though, Apple is no different from other American technology companies, which (like Apple) began ...
When you get married, your tax situation changes — for better or for worse. Here are the most important things to know.Married at year-end means married for the whole year
Q:I am 72, retired and went back to work. At what point do I not have Social Security tax deducted from my pay?
You know you’ve really made it when you become a category on “Jeopardy!” On May 28th, the first Double Jeopardy! category was “If Early Investors Used Kickstarter.”
We hope you’ll never need to know how payments for personal injuries are taxed. But here’s the story, just in case you or a loved one does need to know.
Parents set up custodial accounts for children for various reasons, some legitimate and some not. Aunt Gertrude gives $10,000 to little Johnny: set up a custodial account to hold the money. Parents want a tax shelter for little Stephanie’s ...
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Planning on getting married soon? Uncle Sam might be celebrating as well.An inconvenient truth of marriage is that it often brings a tax increase compared with what the couple would pay as two single people. And the problem is only getting ...
Apple is a tax dodger. A cheat. Among the “biggest tax avoiders” in America. A company using “gimmicks” and “the Holy Grail of tax avoidance” in order to deprive the U.S. taxpayers of billions in revenue.
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It's getting trickier to put up your feet and sidestep taxes at the same time.Investors getting ready to retire have long looked at state and local tax laws in deciding where to settle when their working days are over, alongside sunny ...
Apple's tax strategies came under harsh scrutiny in the Senate, where lawmakers are finding it easier to call for a simpler tax code than to produce one. CEO Tim Cook defended the company's practices and said it pays all taxes due.
LOVE HAS NO BORDERS, of course, which may help explain why it's not just the economy that's gone global. To hear estate and tax planners talk, cross-border marriages are skyrocketing—along with a host of international estate and ...
Back in 1998, Congress promised not to tax the Internet, when it passed the Internet Tax Freedom Act. Well, that promise is about to be broken by the Marketplace Fairness Act. Sort of.
The District of Columbia’s Office of Revenue Analysis reviewed the estimated property, sales, auto and income taxes a family paid in 2011 in the largest city in each state. One of the biggest factors in how much a family can expect to pay ...
WASHINGTON—Apple Inc.'s tax strategies came under harsh scrutiny Tuesday in the Senate, where lawmakers are finding it far easier to call for a simpler tax code than to produce one.
Don’t miss these top stories:Why IRS scandal is good for tax cheatsWhen ‘loser’ ETFs close, investors can lose too.Gen Xers may never be able to afford to retire.
If your local real estate market is on the upswing, you might be thinking about becoming a landlord. You might even consider doubling down by renting out your current residence and buying another place to live in. If you convert your ...
As lawmakers and government officials probe the Internal Revenue Service’s targeting of conservative groups, tax cheats may be smiling.In addition to facing multiple congressional hearings and a change in leadership, thanks to budget cuts, ...
The Internal Revenue Service hasn't been under such intense public scrutiny since the hearings in the 1990s that led to the Tax Reform and Restructuring Act of 1998 (also known as the Taxpayer Bill of Rights 3). Last time, the targets were ...
If you work for yourself, I hope you already know about the deduction for self-employed health insurance premiums. It is allowed for sole proprietors (including single-member LLC owners who are treated as sole proprietors for tax purposes), ...
Next month, iShares, the largest exchange-traded fund provider by assets, will do something it hasn’t done in more than a decade: close one of its 290 ETFs.
The Senate is expected to vote Monday on the Marketplace Fairness Act, which requires online retailers to collect sales tax on all purchases. Under current law, states can only require online sellers to collect sales tax if they have a ...
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A controversy in Washington over the Internal Revenue Service's treatment of certain tax-exempt groups highlights the confusing rules governing the political activities of nonprofits.
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A U.S. Tax Court decision offers a cautionary tale for people who want to invest individual retirement account funds in "alternative" assets, especially operating businesses.
One of the toughest calculations taxpayers have to make is figuring out how much they owe Uncle Sam for their investment income.Taxpayers generally have two options when calculating taxes owed after selling stock holdings, but there’s more ...
How much do we love Apple? Let's drag them before a U.S. Senate subcommittee and fawn all over them.Tell them the panel is investigating how Apple legally paid zero taxes on $74 billion in overseas income between 2009 and 2012. Then ...
This week, the Internal Revenue Service announced a cooperative effort to combat offshore tax evasion, teaming up with the tax authorities in the United Kingdom and Australia. The IRS has already closed off Switzerland, once a major haven ...
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It isn't really "double taxation," but it can feel like it.Retirees pay taxes on dividends, interest and retirement-account distributions. If they plow the money back into the market, they then will owe taxes on any future dividends and ...
RICK KAHLER can't explain the mysteries of string theory, speak Mandarin or quote long passages from the Odyssey, but after buying and selling hundreds of properties for 30 years, he has a virtual Ph.D. in real estate.
NEW YORK (MarketWatch) — For many taxpayers, the full brunt of this year’s tax changes may not feel real until next year’s filing season — when it’s too late to cushion the hit.
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Senators who want to offer legal status to the nation's 11 million illegal immigrants often say that the process won't be speedy or easy. Among other things, illegal immigrants would first have to pay all back taxes they owe.
Q:In a recent column, you said the maximum earnings subject to Social Security taxes increased from $110,100 in 2012 to $113,700 in 2013. That is a 3.27% increase. Social Security recipients received a 1.71% increase in benefits from 2012 ...
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For taxpayers who can't manage the April 15 deadline, the Internal Revenue Service offers an automatic six-month filing extension. This year the due date is Oct. 15, and taxpayers qualify by filing Form 4868.
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Taxpayers who gave substantial assets to family members last year could be in for a nasty surprise this tax season: potential errors on federal gift-tax returns that could result in donors owing taxes on gifts they thought were tax-free.
It's that time of year again. Many taxpayers who actually managed to get their tax returns in before last week's April 15 deadline, rather than filing for a six-month extension, are looking forward to their refunds.
Although 2012 is in your rear-view mirror, it’s not too late to make some moves that will save taxes on Form 1040 and maybe on your state income tax return as well. Here are three possibilities.
“Man forced to put off retirement for two years due to lost tax records.” Could that happen to you? Yes, it could. Or worse.One of the most frequent questions that comes to TaxMama is — Can I throw out my tax records? Really, how long must ...
The proposal unveiled today shows that President Obama did cut the budget — by 16 pages.At 240 pages, the 2014 budget proposal is 6.25% slimmer than its 2013 counterpart. In contrast, actual spending in the budget was cut by only 0.7%. But ...
When most of us think of April, we immediately think of paying our taxes.Indeed, April is probably the month we spend the least because we are holding off to see what we will be giving to Uncle Sam. But if you’re in a spending mood this ...
If you just discovered a costly mistake on those tax returns you filed recently, don't despair.Every year, millions of frazzled taxpayers make mistakes, ranging from forgetting to include some of their income to overlooking valuable ...
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President Barack Obama's fiscal year 2014 budget proposes a host of tax increases on individuals. Some are new, while others appeared in earlier budgets. Here are a few, with the 10-year revenue estimate for each:
Most people think tax season is torture — and this year, it was more tortuous than usual. We started with longer delays for e-filing, confusion about qualifications and licensing of tax professionals, and endless wrangling about a new ...
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Despite the year-end cliffhanger on Capitol Hill, lawmakers made few surprising changes to the tax code for 2012.But that doesn't mean taxpayers won't stumble into trouble, given the rise of electronic filing, expanded reporting ...
The Supreme Court reconvened Wednesday for a second day of arguments on the rights of same-sex couples to marry. Whatever the high court decides, the controversial issue is proving to be not just a social and civil rights issue, experts ...
Are you sure you want to be a landlord? I have clients who love to regale me with stories about their fun experiences with tenants. Like the one who took almost every fixture when he moved out: carpeting, curtain rods, towel bars, you name ...
NEW YORK (MarketWatch) — Enthusiasm for closed-end municipal bond funds, long a favorite of income-starved investors, is starting to wane.The funds, which use leverage to magnify yield, have been a go-to investment. But prices are down in ...
With local real estate markets now improving in many areas (drastically in some cases), who can blame you for thinking about becoming a landlord? Plus there are some nice tax advantages of being a landlord, as I explained last week.
By now, your tax return for last year has probably been filed, and it’s time to focus on cutting taxes for the rest of this year. So here’s an idea for those running a small business as a sole proprietorship or husband-wife partnership. ...
April is the height of spring — and a total financial drain. Do you know how many different tax-related payments you have to make this month? Let’s take a look at them all.
As the tax-filing deadline draws closer, beware of scam artists trying to lure you into handing over sensitive personal financial information that can be used to steal your identity and raid your financial accounts.
Most U.S. taxpayers spend far more time worrying about making a mistake on their tax return than trying to scam the system. Not so for some IRS workers and tax preparers.
Want to amend something on your just-filed tax return? You may have to wait until at least April 17.In the tax-preparation world, April 16 has gained fame as the unofficial “accountant holiday” — a much-needed respite following weeks of ...
Saving money for retirement is difficult enough. Don’t undermine your hard work by paying a steeper-than-necessary tax bill.Planning for taxes is complicated, of course, and will vary depending on your situation. Consulting an expert makes ...
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Tax specialists say some common and easily avoided errors for 2012 can cost taxpayers dearly. Here are the most important.• Overlooking retroactive changes Congress made in January. Lawmakers reinstated for tax year 2012 some provisions ...
Earlier this month, my colleague Jonnelle Marte explained how to correct your tax filing with an amended return. As the IRS explained, sometimes you don’t have to bother amending -- the agency will essentially do it for you. But there are ...
"Taxes:"Of life's two certainties, the only one for which you can get an automatic extension."This observation comes from "Buzzwords: The Official MBA Dictionary," a delightful book written about 30 years ago by John Freund and David ...
Say you sold your principal residence for a nice profit a few years ago in a seller-financed deal. That means you took back a note from the buyer to cover part of the sale price. Unfortunately, not all seller-financed deals turn out as ...
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It's time to grapple with the new 3.8% tax on investment income.The ordeal of 2012 taxes is barely over. But it isn't too early to understand and cushion the blow of the investment-income levy, which Congress passed in 2010 to help fund the ...
Don’t miss these top stories:Senate spares e-books from sales tax.Why everyone is wrong about austerity.Investing tips from the NFL Draft.Online pharmacies carry a big dose of risk.
Looking to live abroad? Americans who get a mortgage from an overseas lender can end up with lower interest rates, more lenient repayment terms and tax perks to boot.
Q:What is the maximum amount of wages and self-employment income subject to the Social Security tax this year? What about Medicare taxes? How do they work?
About 8% of Americans will qualify for the new federal health-insurance subsidies next year, according to a report released today.A study by Families USA, a Washington, D.C.-based nonprofit group that advocates for lower health-care costs, ...
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What is worse than filing your tax return? Finding out someone already did—using your name and Social Security number to grab an illegal refund.
While the government has cracked down in recent years on wealthy Americans stashing millions in offshore accounts, tax pros say it isn’t just the high rollers who might merit a double take from the IRS.
Most online purchases will be subject to sales tax under the law under consideration in Congress. But there’s one big exception: digital books, music, or any other content composed of ones and zeros.
You may have shored up your finances by settling most nonmortgage debt with creditors in 2012, but there's no escaping the tax man: The Internal Revenue Service expects you to pay taxes on that dodged debt, which is now considered "income."
This week it may be easier to get Barack Obama on the phone than the IRS.The days following Presidents Day tend to be the toughest times to phone the tax man, since the number of returns filed — and inquiries about refunds — spike just ...
This year, several important tax changes tied to the federal health overhaul will start affecting consumers—including new limits on medical deductions and higher tax rates for some higher-income taxpayers.
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Chances are your capital-gains taxes are going up this year—and if you aren't careful, you could end up paying more than necessary.Amid the political drama surrounding the "fiscal cliff" negotiations, some investors overlooked significant ...
When they file their returns this year, some Americans will get a medical bill with their tax bill.Starting next January, the Affordable Care Act mandates that every American have health coverage, and those who remain uninsured will pay a ...
French actor Gerard Depardieu’s decision to renounce his citizenship in order to avoid paying taxes might be tempting to those moving into ever high brackets. But experts warn that making such an exit is often a complex and costly process.
Early in the morning of January 1, Congress finally got around to dealing with the tax part of the fiscal cliff drama by passing what is inaccurately named the American Taxpayer Relief Act of 2012. Thanks to the demise of the so-called ...
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Several emerging-market currencies slid Monday as investors once again turned cautious on U.S. fiscal cliff concerns, with the Hungarian forint leading the declines.
While the economy has improved, it’s still underperforming, and it may not have gotten any better for you personally. So let’s cover some tax-saving opportunities that are likely to be helpful between now and whenever the sunshine really ...
The big news in do-it-yourself tax preparation is help. Lots of it. The tax software companies have come to the conclusion that the only way to woo taxpayers away from tax professionals is to offer answers. Not just technical guidance on ...
It’s that time of year again, when tax questions start pouring in. Among the most frequently asked: What’s the best way to deal with an IRS audit and reduce any penalties? Here are some strategies to help you get past those fears — and face ...
Last month’s fiscal-cliff legislation included lots of tax provisions. Media attention has focused heavily on changes that affect individuals. But the new law also provides some valuable tax-saving breaks for businesses. Here’s the most ...
Seventy percent of American taxpayers — more than 100 million people — are eligible to file their tax returns for free, says Timothy D. Hugo, executive director of the Free File Alliance, a coalition between the IRS and a group of ...
Some people have a good reason for not filing their tax returns yet: They can't.But procrastinators, beware. That excuse will soon disappear.
It’s already time to start thinking seriously about filing your Form 1040 for 2012, especially if you expect a refund. Here are seven little-known tax-saving goodies that could make your refund bigger or cut what you owe.
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Financial advisers are making sure that older clients who like to give to charity take advantage of a popular tax strategy while they can.Under the American Taxpayer Relief Act, traditional IRA owners, those 70 1/2 years old and above, can ...
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AND NOW FOR a history lesson. As Americans prepare their taxes for April, the annual pain begins. It could be worse: For more than half the time the income tax has been around, the top rate on individuals was sky-high by current standards.
It's time to rethink how much you're saving for retirement and how you're saving it.For one thing, the recent budget deal in Washington (aka the American Taxpayer Relief Act) didn't renew the so-called employee payroll-tax holiday. That ...
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Better late than never.On New Year's Day, Congress renewed the highly popular but expired individual retirement account charitable-rollover provision for people at least 70½ years old. The extension is retroactive to Jan. 1, 2012, and will ...
Amid the ever-increasing cost of health care, it’s essential to be constantly vigilant in looking for chances to claim tax breaks for medical expenses. Unfortunately, changes taking effect this year make that more difficult. Here’s the ...
Due to an editing error, a previous version of this article incorrectly characterized the IRS’s statements.A tax-preparation software glitch caused more than 600,000 returns to be filed incorrectly, delaying refunds by as much as six weeks, ...
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Sometimes life's biggest changes can save you a bundle in taxes—if you know how to take advantage of them.What was new in your life last year? Did you get married or divorced, or adopt a child? Did your parents move in—or your adult child? ...
Are you a glutton for punishment? To put it another way: Do you still prepare your own tax return?If so, you are in the minority. As our tax laws have grown increasingly complex, more taxpayers have hired someone to figure out the mysteries ...
Worried about how you’re going to pay your tax bill? It might be tempting to slap it on plastic.After all, you can charge your 2012 federal income taxes on a Visa, MasterCard, Discover Card or American Express. What if you want a filing ...
In March of 2011, David Parker filed his 2010 income-tax return with a check for what he owed the Internal Revenue Service.Three months later, weeks after the check was cashed, the Seattle resident discovered during a mortgage refinancing ...
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Many employers are planning to add a Roth 401(k) option to their offerings of corporate benefits in the next 12 months, a new survey suggests, making it easier for workers to save money that can be withdrawn tax-free in retirement.
Many taxpayers are facing a severe identity crisis.Internal Revenue Service officials said recently they are intensifying efforts to combat the growing problem of identity theft and tax-refund fraud. The IRS now has more than 3,000 ...
Nearly one in seven American tax returns is filled out at H&R Block, in part, industry pros say, because its national brand inspires confidence. But are its 90,000 “tax professionals” really experts? Rival preparation company Intuit — ...
Taxpayers overwhelmed with recent tax law changes may be more tempted to have their tax returns handled by a pro this year. But that extra help is likely to come with a higher price tag.
Here are some questions and answers about what the tax deal means for millions of Americans.What happens to individual tax rates? For most people, rates stay the same as last year. There's a new permanent top rate of 39.6%, compared with ...
Despite the fact that home mortgage interest rates are near record lows, only 65.4% of Americans own homes, according the U.S. Census Bureau’s 2012 report. (See Homeownership Rates by State: 1984 to 2012) In fact, home ownership in the U.S. ...
Uncle Sam is pitching savings bonds as a good place to sock your tax refund, but financial advisers and other experts recommend thinking twice.
1. Pro-Tax Obama Wins Re-electionFor the past four years, it’s been clear that President Barack Obama would like to raise taxes — especially on “rich” folks with incomes above about $250,000. Due to the lousy economy, however, the president ...
It’s been a year since U.S. regulators largely curtailed the “refund anticipation loan,” a popular but controversial product which allowed taxpayers to get their refunds instantly — for a fee. Now tax-preparation firms are marketing ...

There's no better time to start than today.
A few steps to take to manage your property tax bill.