Shopping online is a convenient way to save on just about anything but great deals may soon be harder to come by. Congress is currently considering the passage of the Marketplace Fairness Act, which would impose a sales tax on a significant majority of Internet purchases. While the bill doesn’t necessarily represent a tax hike, it [...]

President Obama’s proposed budget for 2014 is projected to boost revenues and reduce the federal budget deficit by $1.8 trillion over the next decade. The budget plan includes significant cuts to key federal programs, including Medicare and Social Security, but it also features several new tax measures. The proposals, which are expected to bring in more [...]

In an effort to tackle the national debt and overhaul the tax code, Congress has proposed a number of measures that could potentially impact millions of taxpayers. Among the topics currently up for debate include making changes to the mortgage interest deduction, which allows homeowners to deduct any and all interest paid on up to [...]

Working from home can eliminate some of the stress associated with the traditional workplace but it can also lead to big headaches at tax time. While the IRS allows taxpayers to claim a deduction for expenses related to maintaining a home office, figuring out just how much you can write off can be complicated to [...]

Amid worries that the country would fall off the “fiscal cliff”, Congress established a deal that would head off major government spending cuts and help the majority of Americans avoid a significant tax hike. As part of the deal, certain taxpayers saw an increase in their federal tax rate, paired with limitations on the value [...]

If you’re worried about stashing away enough cash for your golden years, the IRS is making it easier to add to your nest egg. Beginning in 2013, taxpayers will be able to contribute even more to their qualified retirement accounts. Along with the increase in contribution limits, the IRS is also making a few other [...]

Each year the IRS takes a look at the deduction allowed for mileage based upon gas prices, driving expenses, maintenance, registration costs and other costs that are associated with driving. For 2013 the IRS has increased the rates by 1 cent per mile from their 2012 levels for business and medical/moving driving miles. The amount you [...]

Understand what the Fiscal Cliff is, as well as what tax increases are expected and spending cuts. What you don’t know is that 80% of the reduction in the deficit for 2013 will come from taxpayers.

One thing that is changing over the last few years is that more Americans are giving up their US citizenship. This trend coincides with not only relatively recent legislation that discourages expatriation and foreign bank accounts, but also proposed legislation that makes expatriation more expensive and tax compliance mandatory for an American’s right to passport. [...]

President Obama plans to make a few major changes to the tax code in his second term as President of the United States. The basis of Obama’s plan is to keep fighting to keep taxes for middle-class families low, simplify the tax code, and to have millionaires and billionaires pay their “fair share” in order [...]