Here’s What the IRS Does to People Who Fudge the Truth on Charitable Donations
Court nullifies $37,000 deduction for donations of used property to charities, then adds 20% penalty.
Court nullifies $37,000 deduction for donations of used property to charities, then adds 20% penalty.
With only a few hours to go before the April 15 deadline to file income tax returns, some who got a late start or need more time may contemplate filing a six-month extension.
The new Pub. 590-B applies to 2014 tax returns filed in 2015. Two aspects that have often befuddled taxpayers in the past are the RMD rules for Roth IRAs and the options available when inheriting traditional IRAs.
Usually, a transaction that occurs during the tax year is reflected on the tax return for that particular year. For instance, if you realize a capital loss on the sale of stock in 2015, the loss offsets tax liability on your 2015 return.
In his sixth year in office, President Obama’s taxable income has continued to decline, according to his 2014 tax return.
April 15 is ingrained, implanted permanently in most Americans' minds as the deadline for filing annual income taxes with the Internal Revenue Service. But what if I told you that you don't really have to file your form 1040 by April 15?
Generally, your deduction for an IRA contribution is phased out if you are an active participant in an employer-sponsored retirement plan (or your spouse is an active participant, if married) and your modified adjusted gross income (MAGI) exceeds an ...
During the announcement of his candidacy for president last month, Cruz kicked off another controversy by advocating the elimination of the IRS. He said that the U.S. could impose a “simple flat tax that lets every American fill out his or her taxes ...