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Tax News

IRS record-keeping rule: What receipts to save in substantiating charitable donations

A fairly recent record-keeping rule has been a surprise for many audited taxpayers. The IRS has tightened up a number of taxpayer loopholes in the…


Small business owners favor tax reform to reduce complexity

Complexity and inconsistency within the tax code continue to be major issues for small business owners. According to a survey conducted by the National Small…


How to estimate where you stand on income tax withholding

You do not want to use the IRS like a bank account. Believe me, the money withheld from your paycheck would be better spent elsewhere…


How does the Federal Insurance Contributions Act (FICA) affect my taxes?

Calculate your FICA bill and understand what you are paying for You may have noticed a bigger bite out of your paycheck since January, 2013.…


Who does the IRS trust, and are you on the list?

Using IRS data on tax filings and audits in 2012, I look at what types of businesses, tax forms, and income levels are at the…


IRS has no plans to verify tax returns ahead of refunds

The Internal Revenue Service is a long way from developing a system to verify an individual's annual income-tax filing before sending out a refund, a…


Coming clean on your taxes

It goes without saying that you should file your tax returns each year and pay what you owe. But if you mess up, there are…


A tax strategy for all seasons

Just when you may have thought that federal tax policy was set - that January's "fiscal cliff" deal meant you could go about your financial…