Taxes

Thinking of buying a home? We look at the initial and ongoing costs as well as the so-called benefits.

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Find out why 25 U.S. states currently confiscate unused gift card balances.

While Madoff's victims hope he dies in jail, other notorious fraudsters still have future careers ahead of them.

Revenue Act of July 1, 1862 created the Bureau of Internal Revenue.

Take advantage of the federal and state money being offered to apply for an FHA mortgage and get the cash you need to go to closing.

Appealing an unfavorable or unfair tax ruling may be your last chance to save your finances.

On this day in 1943, the Current Tax Payment Act was signed into law.

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Home buyers with low down payments may get stuck with higher mortgage payments. Find out what you get for the extra money.

The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.

In the midst of WWII, the U.S. government ran into trouble funding the war effort. The problem did not originate from citizens dodging taxes, but from the lack of regular flow of tax income. The massive expenditures required to fund war usually were financed with government debt, like war bonds.

Section 501 of the Internal Revenue Service (IRS) tax code exempts qualified nonprofit organizations from federal taxes. A nonprofit organization is an organization that engages in activities for both public and private interest without pursuing the goal of commercial or monetary profit.

Don't let these simple errors take the luster off your golden years.

Debt settlement sounds like a free lunch, but it has tax consequences.

It depends. Let's address the two penalties that will apply - the 10% early-withdrawal penalty and the 20% federal withholding - separately.Early-withdrawal penaltyIf the distribution from your Deferred Retirement Option Program (DROP) fund is made to you after you separate from service with your employer, ...

Child care costs can be a shock to new and expecting parents, but are some programs in place to help with the first few years.

401(k)s, pensions and profit-sharing plans can be a source of cash, but there are consequences to this option.

If the sight of your W-4 has you in the doldrums, read on to learn how to beat the tax blues.

If tax rules and regulations are Greek to you, read on to learn how to decipher them.

Overfunded variable universal life insurance policies can be an all-in-one financial solution.

Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and goals.

The tax implications for a foreign investor will depend on whether that person is classified as a resident alien or a non-resident alien. To be considered a non-resident alien, a person must meet several guidelines. First of all, the person cannot have had a green card at any time during the relevant ...

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While salary deferral contributions to a savings incentive match plan for employees of small employers (SIMPLE) IRAs and SIMPLE 401(k)s are not subject to income tax withholding, they are subject to tax under the Federal Insurance Contributions Act (FICA), the Federal Unemployment Tax Act (FUTA) and ...

The principles that contribute to success in business can also help you achieve your financial goals.

Tax loss carry-forwards can help reduce the tax burden of owning a profitable fund.

Because most states protect life insurance policies from creditors, most buyer questions come from the confusion created with ownership and beneficiary designations because of tax treatment. This is a rather complicated issue when it comes to life insurance proceeds, because there are two tax issues ...

If an IRA contribution was deducted on a tax return, but the contribution was never made to the IRA by the taxpayer's tax filing deadline (no extension included), the tax return must be amended to remove the contribution. Generally, Form 1040X must be filed within three years after the date the original ...

Corporations may not legally deduct the dividend payments before taxes but there is another approach - a corporate structure called an income trust. Income trusts allow a firm to deduct dividends, or trust payments, before taxes are calculated. The essence of an income trust is to pay all of the earnings ...

Find out why moving to a less expensive city may not reduce your expenses.

Thanks to a special tax code clause, you can surrender a variable annuity without paying income tax.

It depends. An individual who receives commissions can be treated in the same manner as an individual who receives straight salary. In that case, the employer would withhold taxes from the individual's compensation and remit the amount to the tax authorities on the individual's behalf.

Most tax preparation software does a good job. However, like any recipe, the end results are only as good as what goes into it. As such, whether you use tax preparation software or the services of a tax professional, you will want to ensure that you provide all the information and data necessary to ensure ...

An unrealized loss occurs when a stock decreases after an investor buys it, but he or she has yet to sell it. If a large loss remains unrealized, the investor is probably hoping the stock's fortunes will turn around and the stock's worth will increase past the price at which it was purchased.

Whether you file your return yourself, or have it done by a tax professional, you want to make sure you include all your deductible expenses and income on your return. Failure to do so may result in you having to pay more taxes than you should, or file an amended tax return, which means additional associated ...

How do you plan to spend your refund this year? We provide some smart suggestions.

At a very high income level (say from $300,000 plus per year), you may be able to contribute and deduct the $100,000 contribution each year, or possibly more. However, as you may already know, defined-benefit plans involve complex calculations and usually require the assistance of a competent plan administrator ...

The cost basis of any investment is the original value of an asset adjusted for stock splits, dividends and capital distributions. It is used to calculate the capital gain or loss on an investment for tax purposes. At the most basic level, the cost basis of an investment is just the total amount invested ...

These savings vehicles may be better than college saving funds for some families.

Most of us will shy away from doing our own tax returns, especially if it involves reporting capital gains or losses, education expenses or deducting interest paid on mortgages, and we prefer to have it done by tax experts.If you fall into this tax-return category, but you can't afford to get your taxes ...

Ignoring a big tax bill will only increase your pain. Fortunately, there are ways to diffuse the tax time bomb before it explodes.

It is true in most cases. When you sell your home, the capital gains on the sale are exempt from capital gains tax. Based on the Taxpayer Relief Act of 1997, if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home.

Trusts are an estate plan's anchor, but the terminology can be confusing. We cut through the clutter.

Proper planning will help ensure that your wishes are honored and your heirs are well cared for.