Since the recession began, a number of new businesses started to supplement or substitute incomes during situations of job loss. It is important for these small businesses and their owners to be cognizant of the hobby loss rule instituted by the IRS.

If you got a lot of cash, this may be your year to kick the bucket. 2010 is a year in which Congress has permitted the estate tax to slip which means heirs to a fortune will be receiving their inheritance without having to pay the government. This is the first time in nearly 100 [...]

Taxes have been the bane of many American’s existence since way back. With the current state of the economy and budgetary concerns of state governments, tax relief is not in the cards any time soon on a large scale but there may be some highlights on a smaller scale.

With the Bush tax cuts set to expire and a Democratic led congress at work, America could potentially see a tax increase of $115 billion for the next year- a scenario of minute desirability to anyone, especially when juxtaposed with the present economic climate. From higher income taxes and individual state taxes, to halved child [...]

The US Government has been charged with the task of setting the American people back to work after the devastating effects of the financial crisis. The Government recognizes that massive unemployment only exacerbates the situation and so it has tried to come up with initiatives to stimulate employers to hire additional staff or to retain [...]

Between her two reality TV shows, clothing store DASH, and LA Laker husband Lamar Odom,  Khloe Kardashian has still somehow managed to score herself a tax lien. Last time I checked, reality TV, luxury retail, and basketball all pay pretty well, but apparently just not well enough. Either that, or Khloe is just another celebrity [...]

Beginning in 2011, the Internal Revenue Service will be changing the rules for tax preparers who are paid to complete and file an individual or a business tax return. The IRS will require all paid tax preparers to register with the agency and take tests of competency and pass successfully. The only caveat is that [...]

Just about one year ago, we reported on funny guy Chris Tucker owing over 3 million in back taxes. You’d think that his reported $20 million ‘Rush Hour 2’ and $25 million ‘Rush Hour 3’ paychecks would have had him more than able to pay off the bill, but apparently his taxing situation has only [...]

After our last post on infamous rappers known for more than one thing (to us- rapping, to the IRS- back taxes), we’ve discovered four more artists with recent tax issues. If Method Man, Swizz Beatz, And Fat Joe didn’t satisfy your oh-so-unfortunate-rappers-who-owe-money-to-the-IRS fix, then maybe these guys will. Lil Wayne, Chamillionaire, DMX, and Nas- ever [...]

The IRS 1099-Misc form has always been used to track payments made from one company to either an individual or another company that are not salary-based.  If you hire someone to design a website, it’s a one time payment.  If that payment is more than $600, then you issue that person a 1099-Misc form, and [...]