It’s Fix the Tax Code Friday! I was chatting with a client today who mentioned that her tax picture should be better this year because she had a baby. Poof! An extra exemption.
Should we allow parents to receive an exemption simply for having children? And if the child doesn’t live with the parent, should that parent be entitled to claim the child as an exemption?
Taxpayer asks: Thanks for your blog entries on the Making Work Pay tax credit – very helpful. I’m wondering if the tax tables have been “fixed” for 2010 so that people with more than one job or spouses who both work don’t get the tax credit twice. About 3 – 4 months ago the story…
K is for Kiddie Tax. It’s no secret that Congress is concerned about tax fraud. With loopholes and exceptions galore (all, ahem, actually created by Congress), Congress believes that taxpayers are trying to evade taxes left and right. And who among these thieving schemers are the worst offenders? Kids. In 1986, Congress was so concerned…
(UPDATED: Intuit has temporarily suspended transmission of returns in all states. See this article for more details.) Minnesota Department of Revenue has stopped accepting tax returns submitted using Intuit’s TurboTax software. Rumors started flying about potential problems earlier this week and there were whispers that the Gopher State might stop accepting TurboTax returns as a…
The health care reform bill, also known as the Patient Protection and Affordable Care Act, which was signed into law in March 2010 is massive (you can catch some of the highlights here). It’s divided into ten titles and is roughly 2,400 pages long (that’s longer than a standard King James Version of the Bible)….
Ready to file your tax return? Here are 10 quick facts about the upcoming tax season that you need to know.
The Internal Revenue Service (IRS) has announced that tax relief is available – retroactively – for veterans who received disability severance pay after January 17, 1991, and included that amount as income on their taxes. Approximately 130,000 separated military members who received disability severance pay as income may be affected. Typically, Disability Severance Pay is…