Tax News

The Latest

  • March 21, 2013

    You do — which comes to most people as a surprise.

    You probably know that you owe a nanny tax on the wages of a regular babysitter. That same tax applies to any household employee. That includes someone you hire to clean your house, even...

  • March 11, 2013

    A lot of people get uneasy when they hear about potential tax audits. However, there are certain red flags that are all but certain to increase their odds of receiving one. MoneyTalksNews.com's Stacy Johnson discusses what can increase the...

  • March 10, 2013

    NEW YORK (MainStreet) — What a difference a year makes.

    Not that 2012 was easy-peasy for tax filers. In fact, the entire U.S. tax code filled...

  • February 27, 2013

    NEW YORK (MainStreet) — Did you move because of a new job or a job location last year? You may be entitled to an “above-the-line” deduction for your unreimbursed moving expenses.

    You...

  • February 25, 2013

    NEW YORK (MainStreet) — The tug of war over what credits and deductions the U.S. government allows and what taxpayers take is a grim and calculated struggle, and one that repeats itself...

  • February 21, 2013

    You do. That is, if hope to take a child-care credit on your income tax return without running into problems with the IRS.

    The child-...

  • February 20, 2013

    There are two types of tax deductions. “Above the line” deductions are claimed on Page 1 of Form 1040 and reduce Adjusted Gross Income. “Below the line” deductions are claimed on Page 2 of the 1040 and reduce Taxable Income. The “line” is your...

  • February 20, 2013

    Most people know that April 15th is the tax deadline. Fortunately, most people file their taxes in a timely manner. However, a lot of people don't and may not initially realize that they may incur IRS penalties for filing or paying their taxes...

  • February 19, 2013

    NEW YORK (MainStreet) — One of the expired tax breaks extended by the recently passed American Taxpayer Relief Act of 2012 is the cumulative “Nonbusiness Energy Property Credit” for...