That’s right, we’re giving away copies of TurboTax Deluxe Edition 2011 (valued at $69.95) to two lucky Facebook fans! How to Enter Entering is simple. All you have to do is go to the BTH Tax Blog Facebook page and click the “Like” button by February 29th. Contest Rules Anyone can enter between the dates [...]

Because taxes can significantly impact the economy by changing the cash flow available to both individuals and businesses, a presidential candidate’s view on taxes has become an increasingly hot topic during the past several election seasons. Each presidential candidate’s view on tax policy is different. Some candidates weigh heavily on the standpoint that tax money [...]

Mitt Romney released his tax returns on January 24th, 2012. His 2010 earnings showed $21.7 million in income with an effective tax rate of just 14%. Newt Gingrich shared his tax return last week and his tax rate came in around 31%. Why is Romney’s Tax Rate so low? Unlike Newt, Romney’s income mostly comes [...]

Newt Gingrich shared his 2010 tax returns on his website on January 19th, 2012. Newt and his wife, Callista, filed a joint tax return with an adjusted gross income of $3.14 million. They paid a total of $994,708 in income taxes. According to the tax returns, Callista was paid $191,827 in W-2 wages in 2010 [...]

As if Lindsay Lohan hasn’t had enough negative publicity lately, she has now been hit with an IRS tax lien. According to official documents filed in Los Angeles County, the actress failed to pay $93,701.57 in federal income taxes back in 2009. Sources for Lohan told TMZ that the 25-year-old had no knowledge of her [...]

Record producer, songwriter and rapper Jermaine Dupri (also known as “JD”) has finally paid off his back taxes from 2007 – but at a cost nearly twice the amount of the initial tax lien filed against him, according to TMZ. JD’s original tax bill totaled $254,782.64. However, Georgia records show that late fees, penalties and [...]

If you’ve been doing your research on tax credits and deductions, some of the sources that you’ve come across might mention that you’ll want to watch out for the AMT when using them. The alternative minimum tax (AMT) system is intended for higher-income taxpayers, but over time has come to affect middle-class families as well, [...]

The 2012 IRS mileage rates vary depending on whether you are claiming mileage for business travel, moving expenses, charitable work or medical-related traveling. Each category of travel has its own mileage rate used to calculate the tax deductible expenses related to driving your vehicle. IRS mileage rates are determined through analysis of fuel prices, average [...]

The IRS has filed a $258,017 tax lien against Redskins wideout Santana Moss. The lien comes as a result of more than $250k in taxes that the 11-year NFL veteran neglected to pay back in 2006, despite his earning more than $1.9 million that year. The Detroit News reports that the tax lien was filed [...]

The IRS has announced that interest rates will not change for the first quarter of 2012, which begins on January 1, 2012 and goes through March 31, 2012. Interest Rates for Q1 2012 IRS interest rates will continue to be charged as follows: 3% for overpayments (2% for corporations) 3% for underpayments 5% for large [...]