Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
The House of Representatives Ways and Means Committee approved a bill that would offer tax breaks to first-time home buyers. The proposal would allow first-time home buyers, within income limits, a refundable tax credit of up to $7,500 that would have to be repaid to the government over a period of fifteen years. The tax…
With apologies to my brother and his family who no doubt voted for some of the representatives in the South Carolina legislature, the state should be embarrassed for its constant attempts to make the state fit someone’s view of morality. Just a few short days after South Carolina passed a law to give married couples…
As it turns out, the economic stimulus plan is costing us even more money than the $100 billion being mailed out “for free” to Americans. At least $200 million more. Here’s the scoop: The letter that was mailed to you that advises that you might be eligible for a refund cost the IRS $42 million….
Apparently, the IRS is trying to relate to the current generation. No, they’re not texting you – yet. But they are on YouTube. Here, Linda Stiff (acting IRS Commish – no jokes about her name) talks about rebate checks – apparently Alan Thicke was unavailable: (Hat Tip: TaxProf blog)
Lots of people like being right. But in the tax world, just like in other situations, being right isn’t always enough. A good friend recently asked me to review his tax return before he submitted it to the IRS. I did and I noticed something that I didn’t love – a huge refund (and I…
Over the past ten years, the tax burden on wages has eased in most of the world’s industrial countries, according to the Organization for Economic Co-operation and Development (OECD). Those changes have benefited the lower and middle class, for the most part. Only, there some exceptions. The OECD pointed fingers at a small group of…
The IRS has announced that there are unclaimed refunds totaling approximately $1.2 billion for folks who failed to file a federal income tax return for 2004. However, due to the statute of limitations, in order to collect the money, 2004 federal income tax returns must be filed no later than April 15, 2008. Why would…
Hey, you didn’t hear it from me. I’ve sworn off commenting on Murphy, remember? I’ve said my piece on Murphy – and argued with opposing counsel. I’ve posted my mea culpa. I’ve updated regarding Murphy’s petition for rehearing and the subsequent rejection of that petition. I’ve also referenced the Ninth Circuit’s decision not to address…
This week, the US marked the fifth anniversary of the war in Iraq. President Bush is expected in his remarks on tomorrow to confirm that the war in Iraq was necessary, saying, “Removing Saddam Hussein from power was the right decision, and this is a fight America can and must win.” He is also expected…
A federal judge has ruled that New Jersey cannot limit the interest rates and fees national banks can charge for taxpayer RALs (refund anticipation loans) even though the judge noted that the loans’ APR average 115%. Nope, not a typo, that’s well over 100%. New Jersey law limits interest and fees to 30% of the…