Tax News

road sign with tax refund written on it

Best Ways to Spend Your Tax Return

The big financial question for America over the next few months is: How should I spend my tax refund? The Internal Revenue Service says most of you – somewhere between 75 and 80 percent – are getting one. The average tax refund in 2015 is going to be around $3,539. The IRS knows this because […]

Read More
file tax return on a calendar

Didn’t File Taxes Yet? Here’s How To Limit Damage

April 15 has come and gone, but millions of Americans are still fretting over their taxes, mostly because they haven’t paid them yet. The IRS estimates that 25 percent of taxpayers missed the April 15 deadline, meaning about 30-40 million people haven’t filed taxes, paid taxes or both. That behavior is heavily frowned upon by […]

Read More
As April 15 tax deadline approaches, IRS warns of identity theft and fraud.

Taxpayers Beware: Filing Scams and Refund Fraud on the Rise, Says IRS

There is encouraging news from the IRS this week: Statistically speaking, you likely are due a refund when you file a tax return. There is also discouraging news: That refund may end up with someone who stole your identity. So it goes with America’s most feared – and loathed – government agency. The IRS started […]

Read More
Education tax credits can help young couples

Education Tax Credits Offer Big Savings for College Students and Their Families

As the April 15 deadline to file taxes approaches, it’s important for college students and their parents to be aware of education tax credits, which can save families thousands of dollars a year. The American Opportunity Tax Credit and the Lifetime Learning Credit are education tax credits that can be subtracted from your federal income […]

Read More
Tax return preparation

IRS Shares Tips on How to Avoid Fraudulent Tax Preparation Services

Tax fraud related to identity theft is a rapidly growing problem. It involves thieves using your personal identifying information to file false tax returns in order to receive big refunds. Thieves can get ahold of your information in any number of ways, such as by finding old paperwork. But what about when people willingly hand […]

Read More
Counting bills next to tax form

Identity Theft, Tax Fraud Increase as IRS Attempts to Curb Crimes

As if tax season isn’t difficult enough, taxpayers must now be on alert for suspicious activity that could indicate that they are victims of tax-related identity theft. During last year’s tax season, the Internal Revenue Service (IRS) received about 450,000 claims of fraudulent tax returns, an 80 percent increase from a year earlier. Such crimes […]

Read More
Payroll tax hike affects everyone

Payroll Tax Hike Could Throw Economy into Reverse

The government is taking a bigger bite of American workers’ paychecks this year, which could mean another slowdown of the U.S. economy. American workers are paying 2 percentage points more in Social Security taxes this year after Congress and President Obama allowed the Temporary Payroll Tax Cut to expire on Jan. 1. The slight increase […]

Read More
Tax refunds delayed

Delay in Tax Filing Season Means Later Refunds for Many

Millions of taxpayers banking on refunds from the IRS will have to wait a little longer to get them this year. The last-minute passage of the American Taxpayer Relief Act – better known as the fiscal cliff bill – has pushed back the start of tax filing season until Jan. 30, and the refund process […]

Read More
Alternative Minimum Tax

Taxpayers Beware: Alternative Minimum Tax Could Mean Huge Hit

If you’re a taxpayer worried about Congress not extending the Bush tax cuts by Jan. 1, brace yourself: An even bigger hit – the Alternative Minimum Tax – might be waiting for you on New Year’s Day. About 28 million middle-class Americans could be subject to the Alternative Minimum Tax (AMT) for the first time, […]

Read More
U.K. comes after U.S. companies

British Officials Accuse Starbucks, Google, Amazon of Avoiding Taxes

British government officials blasted Starbucks, Google and Amazon for complicated accounting practices they say the American companies are using to reduce their tax burden in England. “Global companies with huge operations in the U.K., generating significant amounts of income, are getting away with paying little or no corporation tax here,” Labor legislator Margaret Hodge said […]

Read More