March 25, 2014
IRS Says Bitcoin is Considered Property, Not Currency
The question has lingered for about two years, but the IRS has finally decided how to treat Bitcoins and other virtual currencies when it comes to taxes.
March 25, 2014
IRS Gives Colorado Flood Victims Extension for Claiming Damages
Taxpayers in Colorado who suffered property damage during last year's flooding are being given additional time to decide on when they will claim those losses against their taxes.
March 23, 2014
2014 IRS Tax Calendar for Businesses & Self-Employed
View business due dates with the IRS's online tax calendar.
March 20, 2014
10 Income Tax Breaks for the Rich and Famous
Many federal income tax breaks are reserved for low-income families – the earned income tax credit (EITC) instantly comes to mind – but that doesn’t mean that wealthier individuals can’t get their fair share of the pie.
March 19, 2014
March Madness Tax Tips – Keep Your Betting In-Bounds with the IRS
Have you finished polishing your March Madness brackets? Whether you're betting with a small group of friends or taking part in a major pool, there are some tax implications you need to consider.
March 11, 2014
Want to Make the IRS Better? Volunteer for the Taxpayer Advocacy Panel
The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns, and makes recommendations for improving IRS services.
March 10, 2014
Does Your Business Qualify for the Health Care Tax Credit?
Income tax filing deadlines for most small business are coming up soon, and the Internal Revenue Service is reminding small employers who offer health insurance to their employees to check out the small business health care tax credit and then claim it if they qualify.
March 7, 2014
IRS Accepting Applications for Electronic Tax Advisory Committee
The Internal Revenue Service is opening the nomination and application process for membership on the Electronic Tax Administration Advisory Committee (ETAAC). The deadline for submitting applications is April 21, 2014.
March 7, 2014
10 Major Tax Changes in President Obama’s Budget
President Obama has just released a new 2015 budget designed to raise more than $1 trillion in revenue over the next ten years by boosting income taxes for upper-income individuals, closing or tightening tax loopholes and scaling back estate tax benefits.
February 27, 2014
10 Key Points to Know About Tax Reform Proposal in Congress
Tax reform is back in on the table. On February 26, 2014, U.S. Representative Dave Camp (Rep.-Mich.), the chairman of the House Ways & Means Committee, released a much-anticipated draft of a major tax overhaul. Camp’s proposed reforms, which were three years in the making, reflect bipartisan efforts to simplify the tax code and provide…
February 27, 2014
What’s In (And Not In) Your Social Security Account?
Someone just asked TaxMama if there is a way to get her father’s earnings information from back in 1977-78. She needs it because his income in those years is not on his Social Security record.
February 26, 2014
Cheating On Income Taxes Not a Big Deal, Say 14% Of Americans
Fudge a few numbers on a tax return? It's illegal and could set a taxpayer up for some serious fines and penalties but ... 14 percent of Americans say it's not a big deal. Yet at the same time, a vast majority think tax preparer standards of competency are highly important.