February 15, 2009
- Stimulus Checks Tripping Up Taxpayers
Stimulus Checks Tripping Up Taxpayers
The Internal Revenue Service warns that many taxpayers are mistakenly trying to double-dip on last year’s federal tax rebate when they file their tax returns this year — and the IRS is catching the errors.
A sampling of returns shows 15% of early filers made mistakes in the section dealing with the [...]
February 10, 2009
- Tax Withholding: Should You Change Yours?
Tax Withholding: Should You Change Yours?
Many tax and financial experts are encouraging taxpayers to review their 2009 withholdings now, as it may be that, due to economic conditions, taxpayer's income may be reduced due to layoffs or cutbacks on the job.
Essentially, this means, you could be having more tax taken out of your pay [...]
November 2, 2008
- Lower Your Property Taxes
Lower Your Property Taxes
As many as 60 percent of us pay TOO MUCH on our property taxes. So how do you get your taxes lowered? Money Editor Stacy Johnson has some suggestions in this short (1:38) video….
September 19, 2008
- Taxes: One Myth Dispelled
Taxes: One Myth Dispelled
There used to be a policy stating that anyone aged 55 and over could exclude up to $125,000 of his/her gains from the sale of a house. This was availed of under the premise that this is done only once.
The newer rules now are actually more specific. In one amendment, the [...]
August 16, 2008
- Housing Bill Offers Breaks for Taxpayers
Housing Bill Offers Breaks for Taxpayers
The federal housing and foreclosure relief legislation just signed into law by President Bush contains a little-noticed—but potentially far-reaching—change in real-estate tax policy.
It permits millions of homeowners who don't itemize on their federal tax filings to claim a deduction for at least part of their local and state property taxes. [...]
May 19, 2008
- Taxes: Your Odds for an Audit
Taxes: Your Odds for an Audit
If you've already filed your taxes this year, and are now relaxing for another year, don't get too comfortable just yet. Seems the IRS is now auditing more taxes than ever, and the number is only expected to get larger in the future.
Being rich has some fairly obvious advantages. But [...]
April 12, 2008
- Taxes: Adjusting Your Withholding
Taxes: Adjusting Your Withholding
Tax refunds don't always mean good news… Sometimes, no news is good news. Stacy Johnson explains…
(video runs 1:20)
April 8, 2008
- Tax Changes in 2008
Tax Changes in 2008
New changes to the tax law will lower your taxes in 2007, but raise them in 2008. Learn about those changes in this short video (runs 1:21)
If you have questions or comments, contact us using the "comment" link below. Your privacy is protected. We NEVER publish anyone's email address on this site. [...]
March 31, 2008
- New Tax Breaks Will Aid Some Homeowners
New Tax Breaks Will Aid Some Homeowners
Before filing your federal income-tax return, check to see if you're eligible for a few new breaks.
Among them is a deduction for private mortgage insurance premiums. Claim it on Schedule A, line 13. The insurance must be "in connection with home-acquisition debt," the IRS says. Premiums paid on a [...]
March 30, 2008
- Taxes: Changing Mistakes
Taxes: Changing Mistakes
Taxes can be complicated, which means it's easy to make mistakes…mistakes that could have gotten you a bigger refund…or could get you in hot water with the IRS.
But just because a mistake is made doesn't mean it can't get corrected. Here's money reporter Stacy Johnson with some quick advice on fixing problems now [...]
March 28, 2008
- Taxes: Paying With Plastic
Taxes: Paying With Plastic
Are you filing your taxes electronically this year? If so, and you happen to owe the IRS money… chances are you'll be among the those who'll pay with their credit cards.
Money reporter Stacy Johnson has some advice on a less taxing option. (Runs 1:37)
Are you going to owe taxes this year? Getting [...]
March 12, 2008
- Taxes: Do You Have to File?
Taxes: Do You Have to File?
Don't you hate filing taxes? Well, millions of people don't even have to file a return. But if you think that sounds lucky, you might want to think again.
Our Money Talks editor Stacy Johnson explains in this video (runs 1:25)
If you have a comment or question..leave it for us by clicking [...]
February 23, 2008
- Time to Think About Tax Help
Time to Think About Tax Help
We're smack in the middle of tax season again. Many people fill out the short form, mail it in, and are done with it. Good for you. Lots of us have more complicated financial lives. In many cases, those complications will be handled by a hired tax professional. But some [...]
February 19, 2008
- Rebates: What You Need to Know
Rebates: What You Need to Know
Lawmakers have given their final seal of approval to a $170 billion plan intended to spark the slowing economy. The centerpiece? Tax Rebates.
Questions abound about how the program will work, and officials at the Treasury Department and IRS are scurrying to work out the details, but for the time being, [...]
November 8, 2007
- Tax Notification Scam
Tax Notification Scam
Don't fall for the latest email scam that tries to bait you into thinking you're due a refund from the IRS! It looks something like this:
Internal Revenue Service (IRS)
United States Department of the Treasury
————————————————
After the last annual calculations of your fiscal activity we have determined that you are eligible to receive a tax [...]
October 20, 2007
- Phantom Income Bll Update:
Phantom Income Bll Update:
In a move to relieve some of the burden that faces homeowners filing for foreclosure, the US House of Representatives voted to remove a tax penalty known as "phantom income" tax.
Under present rules, if a lender or creditor forgives all or part of a debt due to a foreclosure or short sale [...]
September 10, 2007
- Understanding Property Taxes
Understanding Property Taxes
Property tax increases are a popular method used by municipal and county governments to raise revenue, but they can also have a big impact on the local real estate market.
In most cases property taxes are levied as a percentage of a home's value, or an acceptable representation of the home's value. Governments generally [...]
August 30, 2007
- Why Some Sellers May Get a Break From the IRS
Why Some Sellers May Get a Break From the IRS
Most people who sell their home after having owned it for at least two years don't have to pay federal taxes on their gain. A sale in less than two years after the purchase, however, often triggers some sort of tax hit. But even owners who [...]
July 8, 2007
- Paying Too Much in Property Taxes?
Paying Too Much in Property Taxes?
More than half of homeowners pay too much because their property has been wrongly assessed.
Property-tax increases are based largely on rising home values, not the increase of taxes by local governments. Different formulas are used to figure property taxes, but it all depends on a home's assessed value. Some jurisdictions [...]
June 14, 2007
- Consider Income Taxes When Relocating
Consider Income Taxes When Relocating
As many states close their budget gaps by raising taxes, an important factor in the calculus of where to live is shifting, particularly for retirees or people with an option of choosing between neighboring states. In the past 3 years, 26 states have raised taxes significantly in one way or another.
Of [...]
