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Tax Report

Last Build Date: Tue, 24 Apr 2018 00:31:40 EDT

Copyright: copyright © 2018 Dow Jones & Company, Inc.

Look Out, Meghan Markle! The IRS Is Watching

Sun, 15 Apr 2018 21:57:38 EDT

Meghan Markle may not know the tax torment many American expats face when they marry non-U.S. citizens. Nearly every financial move they make, and other moves they don’t regard as financial, raises a U.S. tax issue.

Top 20% of Americans Will Pay 87% of Income Tax

Fri, 06 Apr 2018 11:10:55 EDT

One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes.

The Hot Debate: Can You Deduct Prepaid Property Taxes?

Tue, 03 Apr 2018 17:42:05 EDT

With just two weeks to go before the April 17 tax filing deadline, American taxpayers and their advisers still don’t agree on whether all those people who prepaid 2018 property taxes can deduct them in full.

Last-Minute Tips as Tax Day Approaches

Mon, 16 Apr 2018 08:54:49 EDT

As the mad dash to file 2017 tax returns nears the finish line, here is the most important tip: with forms in hand, start thinking about this year’s taxes. And, there still are a few ways to cut your 2017 taxes.

Do You Own Bitcoin? The IRS Is Coming for You

Fri, 16 Mar 2018 13:01:59 EDT

The IRS is moving to crack down on cryptocurrency scofflaws, collecting data on about 13,000 Coinbase account holders who bought, sold, sent or received digital currency worth $20,000 or more between 2013 and 2015.

Check Your Withholding Math or Risk a Painful Tax Shock

Fri, 02 Mar 2018 10:40:56 EST

The tax overhaul has probably given your paycheck a welcome bump. Now it’s important to check your withholding—or risk a bad tax surprise in a year.

When 'Married, Filing Separately' Lowers Your Tax Bill

Sat, 24 Feb 2018 14:27:10 EST

The rarely used “married, filing separately” tax status is a boon for the few Americans who choose it each year. More will likely join that club in 2018.

What to Do Now, Before the Tax on Capital Gains Is Cut

Mon, 28 Nov 2016 12:17:07 EST

High-earning American taxpayers are likely to benefit from a significant rate drop for capital gains in 2017. That’s because major changes are likely for taxes on individuals’ investment income next year, when Republicans will control both the White House and Congress.

Some Tax Deductions Are Now on Endangered List

Mon, 21 Nov 2016 22:56:41 EST

American taxpayers should take advantage of several big tax deductions, such as charitable giving, as they are likely to be far less valuable or even disappear next year.

U.S. Investors May Owe China

Sun, 26 Apr 2015 08:50:01 EDT

As access to mainland-listed ‘A shares’ expands, there are questions about tax on gains from 2009 through last year.

When Your Broker 'Outs' You

Mon, 04 Mar 2013 11:39:27 EST

Last year, did you sell stocks, mutual funds or exchange-traded funds held in a taxable account? Better read this.

How Much Will Your Taxes Jump?

Sun, 06 Jan 2013 21:20:49 EST

The Congressional deal averted bigger hikes but could still spell pain for a broad swath of taxpayers.

Tax Changes For 2011: A Checklist

Fri, 02 Dec 2011 19:38:41 EST

After December's last-minute Congressional theatrics, many taxpayers are confused about all the tax changes. Here's what you need to know.

File Away, but Pick the Right Status

Sat, 13 Mar 2010 15:40:45 EST

There are five separate tax filing statuses, and choosing the wrong one can cost you a bundle. Here are some pointers.

Used-Car Donations Take a Hit

Thu, 11 Sep 2008 17:46:00 EDT

While many taxpayers still are giving away used cars, it's generally no longer as attractive for tax purposes as it once was.

Think You're A Trader? IRS May Disagree

Fri, 12 Sep 2008 10:49:00 EDT

Even if you make hundreds of stock-market trades a year, that doesn't automatically make you a trader -- at least in the eyes of tax collectors. And that means you wouldn't be eligible for certain breaks that traders can take.

The Ranks of the Ultrawealthy Grow

Thu, 28 Aug 2008 09:33:00 EDT

About 47,000 people had a net worth of $20 million or more in 2004, the latest available year, according to new IRS estimates. That's up 62% from 29,000 in 1998. Plus, more findings from IRS data on the nation's upper crust.

A Tax Revolt Is Quietly Brewing

Wed, 20 Aug 2008 15:27:00 EDT

While Americans are focusing on the presidential race, voters in Massachusetts and other states will decide the fate of dozens of state and local tax and spending issues. Here are a few of the most high-profile tax battles.

How AMT Confuses Taxpayers

Tue, 12 Aug 2008 23:44:00 EDT

If you're confused by the alternative minimum tax, you have lots of company according to a new report. Congress is expected to approve a measure this year designed to prevent the number of AMT victims from soaring.

New Tax Rules May Hurt House-Hoppers

Wed, 06 Aug 2008 19:29:00 EDT

Part of the housing-stimulus package recently signed into law could reduce the appeal of a tax-saving strategy used by wealthy home-hoppers. Many owners might not be eligible to claim the full exclusion on a vacation or rental home they convert to a primary residence.

Online Sellers Face New IRS Rules

Thu, 31 Jul 2008 23:40:00 EDT

If you often sell items on online auction sites, you may find yourself on the IRS's radar due to recent tax legislation. Here are tips for eBay entrepreneurs on how to protect themselves and their profits, while complying with tax laws.

Wiping Out Tax Debt Gets Tougher

Tue, 22 Jul 2008 23:26:00 EDT

For taxpayers in debt with the IRS, turning to a private company for help may backfire: The nation's largest tax-resolution company recently settled with 18 states over allegations that it misled consumers and failed to produce results.

Scam Highlights Abuses in Write-Offs

Wed, 16 Jul 2008 20:09:00 EDT

A recent criminal case provides an object lesson in how not to give to charity. Advice from lawyers and accountants on how to avoid trouble.

IRS Takes Heat Over Audits

Tue, 08 Jul 2008 23:50:00 EDT

Many taxpayers facing questions from the IRS in recent months have suffered needless aggravation because agency workers frequently fail to follow procedure.

How to Cheat the Estate Tax

Wed, 02 Jul 2008 12:09:00 EDT

Congress and the next president are expected to reach a compromise on future estate tax rules. Here's a look at what tax plans could lie ahead and how families would be affected by them.

IRS Flooded With Stimulus Calls

Wed, 25 Jun 2008 16:12:00 EDT

The IRS has been flooded with questions about the economic-stimulus payments. Here's an update on the stimulus checks, where the glitches are and where to get help.

Your Tax Bill: How McCain, Obama Differ

Thu, 19 Jun 2008 15:01:00 EDT

As the presidential campaign heats up, investment and tax advisers are warning upper-income clients to prepare for higher capital-gains taxes no matter who gets elected. Here is a look at Obama and McCain's still-evolving tax plans.

States Move to Cut, Cap Property Taxes

Wed, 11 Jun 2008 16:18:00 EDT

Soaring property values in recent years swelled the coffers of counties and municipalities, raising calls for property-tax cuts. Now, even as foreclosures and dwindling home sales shrink local tax bases, a number of state governments are slashing or capping property-tax rates.

Tax-Shelter Users Get Some Rare Good News

Tue, 03 Jun 2008 22:52:00 EDT

Many investors battling the IRS in high-stakes tax-shelter cases may take some hope from the government's defeat in a recent court case. But IRS lawyers view the decision as merely a temporary setback on the road to annihilating the badly battered shelter business.

Law Makes Escape Tougher For Tax Exiles

Fri, 30 May 2008 23:35:00 EDT

Hundreds of Americans formally renounce their U.S. citizenship every year, many in order to protect their wealth from income, estate and gift taxes. But last week, Congress may have made life less rewarding for tax exiles.

Offshore-Account Holders Bite Their Nails

Tue, 20 May 2008 22:39:00 EDT

As government officials intensify a multinational crackdown on offshore bank accounts, many wealthy Americans who use them to illegally shield income are facing a difficult decision: whether to turn themselves in -- and if so, how.

What Congress May Do to Your Tax Bill

Tue, 13 May 2008 20:46:00 EDT

Look for Congress to revive several popular tax breaks and to shield people from being caught in the tangled web of the AMT. But it's unclear what some of the key details will be. As a result, many people may face difficulties with making tax-planning decisions in coming months.

Searching for the Taxpayer's Best Friend

Tue, 06 May 2008 21:28:00 EDT

Need help cutting through IRS red tape? In many cases, one of the best places to go is the Taxpayer Advocate Service. Its mission: to help taxpayers resolve problems and to identify problems affecting groups of taxpayers and propose changes.

Answers to Rebate-Payment Questions

Tue, 29 Apr 2008 23:40:00 EDT

The federal government this week began delivering the first wave of economic-stimulus payments. Here is a refresher course on the basics, as well as answers from the IRS and Treasury to a few of the questions that have poured in.

New Tax Forms Offer Relief

Tue, 19 Feb 2008 23:23:00 EST

A new tax deduction this year will help some people who purchased and paid for mortgage insurance during 2007. Here's an overview of this and other major changes to tax forms this year and how they might affect your pocketbook.

The Skinny on the Stimulus Plan

Tue, 12 Feb 2008 21:43:00 EST

Millions of taxpayers are asking what the economic-stimulus package has to offer them. Here are answers to some of the most frequently asked questions, based on interviews with government officials, accountants and tax lawyers.

Lawmakers Want Cheaters to Pay Up

Tue, 05 Feb 2008 22:32:00 EST

Lawmakers are likely to give the IRS money and resources to combat tax cheating, seeking to squeeze money out of those who owe taxes instead of raising taxes.

IRS Targets High-Income Taxpayers

Tue, 29 Jan 2008 23:14:00 EST

The IRS plans to increase the number of audits of high-income taxpayers as the agency faces heavy pressure from Congress to raise additional revenue and shrink the nation's $290 billion "tax gap."

Trust-Fees Ruling Causes Pain

Tue, 22 Jan 2008 22:52:00 EST

The Supreme Court handed down a painful decision last week for many people who rely on trusts for income, ruling that investment advisory fees paid by a trust can't be deducted in full for income-tax purposes.

Fear of the Home-Office Deduction

Tue, 15 Jan 2008 22:56:00 EST

Fears of getting audited when claiming the home-office deduction are unwarranted, advisers say.

Donors Harvest Tax Benefits of Hot Stocks

Tue, 06 Nov 2007 22:29:00 EST

With stock markets up strongly -- gifts of stock, mutual-fund shares and other investments have jumped, several charity officials say. But in donating securities, as with most tax strategies, there can be pitfalls.

Taxpayers Find Ways to Lessen AMT's Impact

Tue, 30 Oct 2007 22:25:00 EDT

Taxpayers are increasingly factoring in the alternative minimum tax when devising their year-end tax-planning strategies.

Taxable Payouts on Many Funds Set to Surge

Tue, 23 Oct 2007 22:46:00 EDT

Many mutual funds are estimating that they'll make big taxable distributions to shareholders this year, and that means investors planning to buy or sell fund shares in the weeks ahead should tread carefully.

Why Taxpayers Are Leaving Billions on the Table

Wed, 17 Oct 2007 00:13:00 EDT

Millions of people overlooked an important tax break and made other costly mistakes on their 2006 returns, according to Treasury report.

IRS Steps Up Scrutiny of Tax Strategy

Tue, 09 Oct 2007 20:25:00 EDT

The IRS is stepping up scrutiny of a popular tax strategy used by real-estate investors. The use of like-kind exchange has surged as real-estate investors searched for legitimate ways to postpone, or avoid, taxes on big gains.

Cutting Your Tax Bill as Stocks Soar

Wed, 03 Oct 2007 22:22:00 EDT

With stock prices surging, many investors are realizing big gains when they sell off some of their holdings. But they should focus on their losers and not just their triumphs.

An Early Look at Tax Brackets for Next Year

Tue, 09 Oct 2007 20:25:00 EDT

Most people will get a modest dose of tax relief next year, but high-income taxpayers are likely to receive a bigger portion. Here's a look at tax brackets for 2008.

U.S. Expats Get Additional Tax Relief

Tue, 18 Sep 2007 22:15:00 EDT

Some Americans working abroad are getting an additional dose of relief. The Treasury Department issued new limits on housing costs that Americans in foreign locales may deduct or exclude on their 2007 tax returns.

The IRS Has a New Weapon: Your Tax Pro

Tue, 10 Jul 2007 22:38:00 EDT

A new law "deputizes" tax preparers to police their clients, and it could lead to more paperwork and higher fees for taxpayers.

Deadbeats Risk Cybershame

Tue, 26 Jun 2007 21:41:00 EDT

California will become the latest state to threaten tax delinquents with public humiliation, by posting names on the Internet. States that have launched similar programs say the efforts improve collections.

The Tricky Math of Returns

Tue, 19 Jun 2007 23:14:00 EDT

Many people who prepare their own tax returns make mistakes figuring how much of their Social Security benefits are taxable. Even experts agree the rules are surprisingly complicated. Here's some advice.

State Tax Collections Start to Taper Off

Tue, 05 Jun 2007 22:16:00 EDT

After years of strong tax-revenue gains, most states are in good financial shape. But prospects for widespread tax cuts are dimming as governors and budget officials brace for a slowdown in tax-revenue growth.

Congress Closes 'Kiddie Tax' Loophole

Tue, 29 May 2007 22:53:00 EDT

A new tax law further tightens the screws on wealthy parents who have made gifts to a child in order to take advantage of a lower tax rate on children's investment income.

IRS Could Be Wrong, So Check Returns

Tue, 22 May 2007 22:24:00 EDT

When the IRS questions your tax return, it's tempting to cut a check and make the problem go away. But instant surrender may be a costly mistake, because IRS notices may contain significant errors.

Pressure Mounts to Crack Down on Nonfilers

Tue, 24 Apr 2007 22:04:00 EDT

The IRS faces growing pressure from Congress to do a better job of nabbing those who should be filing tax returns but haven't.