In the tax world, half a loaf, or at least part of a loaf, is usually better than no loaf at all. This principle applies if you’re selling your principal residence, but you don’t qualify for the generous home-sale gain exclusion.
The new tax law signed earlier this year—the American Taxpayer Relief Act (ATRA)—bestowed valuable estate and gift tax benefits on taxpayers. But a longtime gift tax break may have gotten lost in the shuffle.
The IRS refused to back off its plans to shut down two key services for tax pros.
Is your son or daughter getting married this fall? Even though you might be losing a personal tax exemption, your child may benefit from filing a joint tax return with his or her spouse. The “marriage penalty” often doesn’t apply to newlyweds who recently graduated.
Sometimes it pays to be just “average.” If your deductions line up close to the average for taxpayers in your income category, you’re more likely to fly under the IRS’ radar.
According to the National Taxpayer Advocate (NTA), the problems facing the IRS due to the “Tea Party scandal” are just the tip of the iceberg.
The heads of the two main tax-writing committees in Congress crisscrossed the United States this summer to solicit feedback about potential tax reform and ways to simplify the tax code.
Q. I’ve heard about a new tax on medical devices. Will this affect me in 2014? J.M.G., San Bernardino, Calif.
Q. I’ve had a home office for several years. Do I owe any tax if I sell the home? A.L., Manhasset, N.Y.
Q. I have several IRAs and I’m in my 70s. Do I have to take a set percentage from each one? I.S., Atlanta