Taxes

Obama proposes limits on IRAs for the rich

President Obama on Wednesday announced a plan that would prohibit individuals from reaping tax advantages on IRAs and other tax-preferred retirement accounts when funds exceed $3 million.  More

What's in Obama's budget

President's $3.77 trillion proposal would cut deficits by another $1.8 trillion over a decade.  More

Obama's tax agenda

To date, President Obama has raised tax rates on the rich, extended a few of his new tax breaks for the middle class, and kept their income tax rates down. Here's what the president will push for now.  More

Budget cuts cause long wait times on IRS help line

Budget cuts are causing delays all around at the IRS, including long lines for those seeking free tax advice.  More

Help with taxing problems

These MONEY heroes help retirees and members of the armed forces with their tax returns, and assist people caught up in legal problems with the IRS.  More

Crazy tax deductions

Air conditioning for sweating problems, tuna, sex toys, and used underwear. These are some of the craziest tax deductions preparers have seen people try to claim.  More

Offshore tax shelters disclosed in leaked documents

International Consortium of Investigative Journalists says its study of millions of leaked documents detail growing abuse of offshore tax shelters.  More

3 tax scams to avoid

Taxpayers beware: These 3 schemes made the IRS's list of "Dirty Dozen" tax scams for 2013.  Play

Top income tax rate: How U.S. really compares

The top combined federal and state income tax rate in the U.S. falls in the middle of the pack of those in OECD countries. And it kicks in at a much higher level of income.  More

When the top tax rate really kicks in

When combining federal and state income tax rates, the U.S. top rate was far from the highest relative to other OECD countries in 2012. And it kicked in at a much higher level of income than most.  More

IRS says taxpayers making fewer mistakes

Math errors on tax returns are on the decline, as more taxpayers file electronically.  More

Facebook's Mark Zuckerberg faces $1 billion tax bill

Even among billionaires, the Facebook founder's massive tax bill is fairly rare.  More

IRS warns of 'dirty dozen' tax scams

The IRS releases its "dirty dozen" list of tax scams to watch out for this tax season.  More

Which state has highest income tax rate?

Take the quiz: Uncle Sam isn't the only one collecting tax money. State and local governments also get their slice.  More

12 smart ways to cut your tax bill

You can't escape the paperwork, but you can find ways to save on your taxes.  More

Marriage ruling could save same-sex couples thousands

Should the Supreme Court overturn the federal law that defines marriage as solely between a man and a woman, some married same-sex couples could save $8,000 or more in income tax.  More

Fewer people expect tax refunds this year

More people expect to owe Uncle Sam this year, while fewer people expect a tax refund, according to a survey by American Express.  More

12 tax audit red flags

To avoid catching the attention of the IRS, beware of these tax audit red flags.  More

Donate to disaster relief? Don't expect a tax break

Americans who made charitable donations in the wake of Superstorm Sandy and the school shooting in Newtown, Conn., may not get the tax deductions they are expecting.  More

Why your donation may not be deductible

Even though you gave money out of the good of your heart, you might not be able to deduct the donation from your taxes if the organization is not recognized by the IRS.  Play

Russia's adoption ban costs families their tax credit

Families barred from completing adoptions due to Russia's ban are losing thousands of dollars - including an adoption tax credit worth up to $13,000.  More

Same-sex couple: We want tax equality

One California couple talks about how much money they would save in taxes if the Defense of Marriage Act is overturned.  Play

Ryan tax plan may lead to $200K cut for rich

Millionaires would win big under Paul Ryan's budget, which calls for taxing income at no higher than 25%.  More

IRS has $917 million in unclaimed 2009 tax refunds

Taxpayers who haven't filed 2009 tax returns are missing out on federal tax refunds totaling $917 million, the IRS announced Thursday.  More

More than 600,000 returns delayed

Some taxpayers will have to wait up to six weeks longer for refunds this tax season because their returns were improperly filed by tax software providers.  More

3 tips to get you through tax season

The tax filing deadline is approaching. Here are three important things to know.  Play

The rich pay majority of income taxes

Put down your pitchforks. The wealthiest 10% pay a big majority of federal income taxes. Pick up your pitchforks. The story is more complicated than that.  More

Beware pricey new tax refund loans

A new breed of fee-laden tax refund loans is cropping up among payday lenders and tax preparers.  More

3 ways to lower your tax bill

Before you start planning for 2013, you still have 2012 taxes to worry about.  More

What the tax deal means for you

The fiscal-cliff tax deal kept nearly all rates low and threw in some tax breaks, but a few thorny issues remain.  More

The rise and fall of Andy Zaky

How an Internet-trained Apple analyst lost tens of millions of other peoples' money  More

Marijuana dealers get slammed by taxes

Thanks to a 1980s-era law aimed at drug smugglers, businesses legally selling marijuana face effective federal tax rates of up to 75%.  More

Adoption tax credit for same-sex couples

Same-sex couples can qualify for a tax credit that opposite-sex married couples can't: a tax credit for adopting a partner's child.  More

Use your retirement plans to lower your taxes

Having savings in a variety of accounts that receive different tax treatment gives you more leeway for managing withdrawals -- and your tax bill.  More

Taxpayers claiming education credits can file next week

If you're claiming an education credit, the IRS will accept your tax return starting on February 14.  More

IRS nabs identity thieves in crackdown

In its ongoing effort to prevent identity theft, the IRS launched a nationwide crackdown last month that resulted in 109 arrests and 189 indictments.  More

Tax tips for confused contractors

While handling a fluctuating income stream can be a challenge, many freelancers and contractors find the complications of paying taxes even more difficult.  More

When taxes first hit the middle class

Throughout his New Deal, FDR emphasized income taxes on the very rich. But with World War II and its enormous funding demands, he pushed to raise taxes on a much broader swath of workers. Income tax was changed forever.  More

Get ready to file your taxes

Wednesday marks the beginning of tax season, when most Americans can submit their tax returns to Uncle Sam.  More

The truth behind Mickelson's taxes

Phil Mickelson says he may leave California because he pays 63% taxes. But he's doing the math wrong.  More

Taxpayers claiming education credits must wait

The IRS announced Monday it won't begin accepting tax returns claiming certain education credits until mid-February.  More

Prisoners rake in millions from tax fraud

Tax fraud among prisoners has ballooned in recent years, with inmates pocketing millions of dollars in refunds a year.  More

Big home sales, big tax savings

By selling their luxury homes before the end of 2012, these wealthy homeowners avoided two tax increases on Jan. 1 and a huge payout to the IRS.  More

Home office deductions to get easier

The IRS announces an easier way to calculate and claim the home office deduction.  More

Victim of ID theft? Expect to wait for your tax refund

The IRS told victims of identity theft that they can expect to wait six months to receive their tax refunds, according to an annual report from the Taxpayer Advocate Service.  More

Middle class tax breaks on the line

President Obama wants to balance spending cuts with tax increases. But experts say he can't do that without hitting the middle class.  More

IRS will accept tax returns starting Jan. 30

Fiscal cliff negotiations delays start of tax season to Jan. 30. The IRS will begin processing tax returns then.  More

Fiscal cliff deal raises taxes on 77% of Americans

More than three in four Americans will pay higher taxes because of the end of the payroll tax break and an increase in rates on the rich.  More

More can convert to Roth 401(k)s under fiscal deal

An unexpected provision in the fiscal cliff deal gives more workers the option to convert their 401(k) to a Roth 401(k), allowing them to pay taxes now on their retirement savings instead of later on.  More

Young adults fear budget cuts will hit loans

The fiscal cliff deal kept a number of education and low wage tax breaks. But young adults are worried about student loan and job training programs at stake in the coming budget cuts.  More

Family tax breaks protected

Key tax breaks for families were extended for at least five more years under the fiscal cliff deal.  More

Smaller paychecks coming

Payroll taxes are going back up thanks to the fiscal cliff. Explaining the paycut to workers isn't easy for business owners.  More

Families worried about their tax credits

Many families will see tax hits next year if a deal to avert the fiscal cliff isn't reached.  More

Your taxes under the fiscal cliff deal

The fiscal cliff deal contains a wide array of tax provisions that will affect taxpayers. Here's the list of what is -- and isn't -- in the agreement:  More

Why your paycheck is getting smaller, no matter what

Come 2013, most of the country's 160 million workers will pay from $700 to $2,200 a year more if the payroll tax cuts expire.  More

The rich will pay more taxes next year - no matter what

Taxes are going up on the rich in 2013 to pay for Obama's health care law no matter what Congress does.  More

How can I cut my property taxes?

Lowering the value of your home by reducing your home's usable space is one way to lower your property taxes.  More

Financial planners: How to survive fiscal cliff

Financial planners are bracing clients for a series of tax hikes and spending cuts that could occur if Congress can't reach a fiscal cliff deal by the end of the year.  More

'Marriage penalty' could make costly return

Couples could be hit with the marriage penalty in 2013 unless Congress acts to avert the fiscal cliff.  More

Cliff may delay 100 million tax returns

Without a fiscal cliff deal that includes an AMT fix, 100 million tax returns might be delayed.  More

Top fiscal cliff tax dodgers

These company founders and heirs could collectively dodge more than $1 billion in post fiscal cliff taxes because of special dividends and a company sale.  More

What happens if the payroll tax cut expires

As Republicans and Democrats search for a plan to avert a fiscal cliff, it's looking more likely that the payroll tax cut will expire.  More

Parents await fate of four key tax breaks

With less than two weeks left until we hit the fiscal cliff, Congress is running out of time to extend four of the most important tax breaks for parents.  More

Tax bite on the rich if rates go up

After Boehner's latest offer, it seems clear tax rates on the rich are going up. But it remains unclear how high rates will be and who will get hit.  More

Small businesses worry about the fiscal cliff

Owners of a limousine company and a jewelry business weigh in on what the fiscal cliff means for their bottom lines.  Play

Fiscal cliff indecision leaves paychecks up in the air

Congress still hasn't dealt with the fiscal cliff and decided what tax rates will be in 2013, leaving companies in the dark about how much to withhold from workers' early January paychecks.  More

Favorite tax deductions of the rich

The average rich guy would owe $14,000 more in federal income taxes, on average, if itemized deductions were limited to $50,000.  More
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Tax facts: Half of us really don't pay up?

Much of the debate about the economy in this election is about taxes -- how much we pay, who pays it, if the burden is shared fairly. As the rhetoric heats up, these numbers can help you separate truth from spin.

Quiz: What the rich really pay in taxes

Many people think they know what the rich pay in taxes and have strong opinions about it. But the reality isn't always as black and white as they think.

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