The Adoption Tax Credit was introduced in 1996 as a means of helping low and middle-income families offset some of the costs of the adoption process. While the credit is meant to ease the financial burden of adoption, a report from the Taxpayer Advocate Service suggests that claiming this key tax break may have inadvertently ... Read More
Tax News
Proposed Airline Tax Could Make Travel More Expensive
Over the past decade, the airline industry has struggled to maintain its economic footing in the face of higher gas prices and an overall increase in operating costs. While average ticket prices have remained relatively steady, passengers are shelling out more than ever for additional charges such as baggage and exchange fees. A ... Read More
How Does the Proposed Internet Sales Tax Affect You?
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, ... Read More
Obama Budget Plan Brings Higher Taxes for Rich, Middle Class
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 ... Read More
Congress Debates Key Changes to Mortgage Interest Deduction
In an effort to tackle the national liability 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 ... Read More
IRS Eases Collections in 2012 as Result of Fresh Start Tax Program
Owing back taxes to the IRS can be an overwhelming and stressful situation, particularly if you're facing fines, penalties or liens. The IRS created the Fresh Start Program in 2011 in an effort to aid struggling taxpayers to resolve their back tax issues. The program has since been expanded, resulting in more help to taxpayers ... Read More
IRS Makes Claiming the Home Office Deduction Easier in 2013
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 say the least. ... Read More
IRS Sequester Could Result in Fewer Audits
Earlier this month, the federal government entered a sequestration period, which effectively translates to big spending cuts for certain agencies, including the IRS. While the budget cuts have let to speculation that tax refunds could be delayed for millions of Americans, the sequester could be good news for taxpayers who are ... Read More
New Limits on Itemized Deductions Impact High-Income Taxpayers
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 of ... Read More
Changes With the American Taxpayer Relief Act of 2012
After all of the hype about the Fiscal Cliff, the House passed the American Taxpayer Relief Act of 2012 (ATRA) and President Obama signed it into law. At the end of 2012 many tax provisions that were temporarily set up to keep taxes lower were set to expire. With the passage of the ATRA, many of the feared tax effects of the ... Read More
Fiscal Cliff Deal Preserves Key Tax Breaks for Families
The government’s plan to avert the fiscal cliff generated a sigh of relief from millions of Americans who were concerned about an immediate increase in taxes. As part of the deal, lawmakers agreed to extend or make permanent a number of tax credits, many of which are designed to benefit families. Taking advantage of these ... Read More
IRS Offers Tax Relief to Hurricane Sandy Victims
The physical destruction caused by Hurricane Sandy has left many victims struggling to recover financially. In an effort to ease some of the burden, the IRS is offering tax relief to those who were impacted by the storm. Filing deadlines extended The IRS is extending certain filing deadlines for both individuals and businesses ... Read More
