Christian Lopez caught Derek Jeter's 3,000th career hit, at Yankee Stadium. You know what else he's likely to catch? That's right...a bill from the IRS!
Los Angeles Dodgers owners Frank McCourt and his wife Jamie are contesting an especially bitter divorce. Frank McCourt is accused of borrowing more than he could afford to buy the team in the first place, then using the team as a personal ATM to finance an extravagant lifestyle. But there's one opponent who's batting zero against the McCourt's, and that's the tax man.
Guys, your friends might snicker if they find you paying for dates. Ladies, you probably wouldn't want to tell your mother. But forget what your friends and family think. What does the IRS think of getting paid to date?
Will there be any tax breaks for Weiner, to help ease the shame that he must feel, as he and wife Huma Abedin prepare to welcome a little Weiner into their family?
Have you ever wondered how Washington can set out to make tax policy â?? starting with the best possible information and most up-to-date projections â?? and get it so completely wrong?
Every great once in awhile, the legislators who make up the United States Congress set aside short-term politics to craft truly historic legislation that improves the lives of Americans for generations to come.
Up until the Civil War, the government raised nearly all its revenue from excise taxes and tariffs. But the Civil War challenged the Treasury like no other crisis before it. Congress passed the first "emergency" income tax on July 1, 1862.
Can you believe that the uprisings in the Middle East - especially the conflict in Libya - may actually work to cut your tax bill?
It's March Madness, and the NCAA Men's Basketball Tournament is in full gear. If you win your local pool, and pocket a nice prize for your picks, you might find yourself with an unexpected partner in success. That's right, the IRS.
Sitcom star Charlie Sheen's public meltdown is front page news. So naturally, we were wondering, is there any help waiting for him from the IRS?
Promises to simplify the tax code sounds like Bill Murray's film, "Groundhog Day." Last week President Obama delivered his second State of the Union address - and his comments sounded depressingly familiar to those of us who follow tax policy.
In today's era of trillion-dollar deficits, even sacred cows like the mortgage interest deduction have come under fire. But one longtime tax break appears to remain safe, even as lawmakers gradually chip away at it. That's the deduction for medical and dental expenses.
The IRS Oversight Board released their 2010 survey, based on 1,000 completed interviews. (Oh, and get this - those interviews are conducted by phone from locations including San Jose, Costa Rica, and Cebu, Philippines. Way to keep those jobs in America!)
Actress Teri Polo, 41, is best-known for playing Pam Focker, DeNiro's daughter and Stiller's wife, in all three "Meet The Focker" films. But she's just made off-screen news as well. That's right, the IRS and State of California has filed liens against her for unpaid taxes.
You know who really celebrates when an innocent prisoner walks away with a well-deserved settlement? That's right, the good old IRS.
Is Uncle Sam as guilty of "cooking the books" as any corporate scamster? If he were running a publicly-traded company the way he's running the government, he may be serving time in one of his own prisons!
We get a little tax relief in our holiday stockings-- and this year, just about everyone is on the "Nice List." Congress finally passed the "Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010."
When you think of Santa, you probably focus on what he gives. But have you ever thought about what he pays? You can be sure the grinches at the IRS do!
Can that single figure, $.51/mile,adequately summarize your real expenses? Or are you better off using the "actual expense" method to deduct your mileage?
Los Angeles Lakers center Lamar Odom is no stranger to the spotlight. Now Odom is making the news for taking on the IRS. Specifically, he's filed suit in U.S. Tax Court to contest $87,000 in taxes and penalties from 2007. He's even acting as his own attorney!
Washington says the magic number to define rich is $250,000. But who's to say that $250,000 is "rich"? For starters, it depends on where you live. That $250,000 goes a lot farther in Minneapolis than in Manhattan.
Perhaps the most controversial part of the bill is so-called "individual mandate" to buy health insurance. President Obama has stated that it is not a 'tax', but the Justice Dept. claims that it is a tax...because the Constitution does not allow for 'mandates'. Either way, it will change how you pay taxes.
January 1, 2010, Washington loosened rules for converting traditional IRAs (with taxable withdrawals) to "Roth" IRAs (with tax-free withdrawals), but only until December 31, 2010.
Woods has said he would like to play for the U.S. in October's upcoming Ryder Cup, but may have to skip it, due to British tax rules.
Last week, Yankee slugger Alex Rodriguez -- "A-Rod" to legions of fans and foes -- became the seventh and youngest major leaguer to hit 600 home runs. So how does A-Rod's homer affect his taxes?
Tax laws can be scary. But sometimes . . . just sometimes . . . they're like those monsters hiding under your bed. They lurk there in the dark, ready to pounce . . . but they never make that final leap.
The Boston Herald reported last week that Massachusetts Senator and former Presidential candidate John Kerry engaged in some sales-tax planning with his new yacht "Isabel" -- a 76-foot New Zealand-built sloop
We'll see if the "dream team" of James, Dwayne Wade, and Chris Bosh really deliver the NBA championship James seeks. But the superstar's move already nets him one win â?? TAXES.
Hollywood celebrities have always spent small fortunes on professional advisors - agents, accountants, attorneys, and business and investment managers among them. Are there at least any tax advantages to ease the sting of the bill?
Tax increases can be like oil slicks too. Why? Because, you can see them drifting towards you from miles away!
Capital gains taxes are going up. It is time to prepare to your taxes down. Read this interesting take on Ralph Lauren & Polo.
They say nothing is certain in life except death and taxes. That makes the estate tax, sometimes called the "death tax," especially painful.
Avoiding taxes is as American as baseball. But you might be surprised just how hard it can be to strike out the IRS!
Payroll withholding and employee benefits were direct results of the wartime economy during WW II.
The IRS "Statistics of Income" Division has just released the Spring 2010 SOI Bulletin. The big news in this issue was this: in 2007, 4,535,623 Americans reported "adjusted gross incomes" of $200,000 or more. 10,456 of them paid zero federal income tax. Zip. Zilch. Nada.
How tax planning can even help the President of the United States.
Here's where it gets weird. There's no way for the government to enforce the penalties!
Important tax changes included in the healthcare reform bill and the companion "reconciliation" bill now before the Senate.
There's always one guaranteed winner who never appears on the red carpet, and that's every star's favorite bureaucracy: the IRS!
The IRS estimates we Americans spend 6.6 billion hours and $194 billion every year just to comply with the law.
The IRS has just released a new report analyzing income and taxes for the top 400 earning Americans. This particular report offers some fascinating insights into how those ultra-fortunate earn their money, how they pay tax on it, and how you can benefit from the strategies they use.
The recent earthquake in Haiti reminds us all to count our blessings. Here are some tips for making the most of your earthquake relief donations, along with a special opportunity to carry deductions back to 2009:
Three news "nuggets" on the subject of taxes, as we head towards April 15
Holiday gift-giving can get expensive fast. But if you run your own business or professional practice, the IRS may not be the "Scrooge" you would expect. In fact, you might be surprised by how much holiday gift giving you can deduct!
You probably don't realize, however, just what role tax policy plays in promoting college football. Generous tax exemptions have played a key role in making college sports the spectacle they are today.
The Joint Committee on Taxation has published a list of 17 tax increases, totalling $370.2 billion over the next ten years, included in the proposed bill. It's worth examining this list to see just how tax policy and healthcare reform are joined at the hip
On November 9, President Obama signed the Worker, Homeownership, and Business Act of 2009. The new law also extended the credit, up to a limit of $6,500, for buyers who have maintained the same principal residence for any five-consecutive year period during the eight-year period ending on the date they buy a new principal residence.
Generous rules for deducting charitable gifts let you do well for yourself while you do well for others. These include generous breaks for cash gifts, or course, as well as breaks for noncash gifts of securities, real estate, and even used clothing and household items.
Right now you can convert your regular IRA to a Roth IRA -- but only if your "modified adjusted gross income" is under $100,000. Starting in 2010, however, you'll be able to do it regardless of how much you earn. What's the catch? You have to pay tax on the full amount you convert now.
At midnight on December 31, some of the most valuable tax breaks will turn into pumpkins...like Cineralla's carriage
It's popular in some circles to say that "the rich" just need to pay their fair share. It's not hard to find examples of "the rich" skating without paying their fair share. But beyond those standout, recent IRS data shows this just isn't the case.
You're probably not looking to claim tax benefits from burning down your house. But this case shows just how valuable the right tax-planning strategy can be - even in some pretty unique circumstances!
The Obama administration appears committed to healthcare reform. And taxes will play at least some role in accomplishing that goal.
Estate taxes can claim up to 55% of an estate. A little tax planning can go a long way towards avoiding large tax bills.
Buying or leasing a car is an important financial and tax decision, especially if you use it for business.
Your tax returns aren't likely to wind up in front of the U.S. Senate! But starting a sideline business, or even joining a network marketing program, can have serious tax consequences.
