Category: News

IRS gives tax relief to hurricane victims

Victims of Hurricane Sandy may be entitled to some tax relief, according to an announcement by the IRS. Certain tax filing and payment deadlines from late October on will be extended until…

IRS issues consumer fraud alert

The IRS is warning people to be aware of fraud connected with Hurricane Sandy. As is usually the case following a natural disaster, scam artists are impersonating charities to get money or…

Capital gains and losses: New twists for 2012

The end of the year is the traditional time for securities investors to "harvest" capital losses for federal income tax purposes. But there's an added wrinkle in 2012…

Supreme Court upholds 2010 health care law

In a 5 to 4 decision, the Supreme Court ruled on June 28 that most of the Patient Protection and Affordable Care Act of 2010 was constitutional. Chief Justice John Roberts wrote

Cancelled debt can result in taxable income

With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but…

To avoid identity theft, think before you click

The email from your bank gets your attention right away. It says you need to log into your account in the next 48 hours to continue your online privileges. Something about a system upgrade. You wonder, is it legitimate? How can you know for sure?

Tax Alert: Plan now for changes coming in 2013

What's the summertime forecast? From a tax perspective, the outlook calls for planning now to prepare for changes gathering on the horizon − specifically, provisions currently expected to take effect in January 2013. Here are four new rules to think about during your mid-year tax review.

Payroll tax cut extended through 2012

Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February. The extension means

Animal lovers win court case

If you provide care for stray or feral animals in your home for an IRS—approved charity, you may be able to take a tax deduction for your out—of—pocket expenses.

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“Tax Freedom Day” came later in 2011

Tax Freedom Day fell on April 12 in 2011, three days later than in 2010. According to the Tax Foundation, all the money earned by taxpayers in the first 102 days of 2011 will go to pay their federal, state, and local taxes.

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