How To Become Biden Roadkill

President Joe Biden just issued his raft of tax increases. Here’s the focus: the president wants to raise rates on the top earners across the board. Highest-earning individuals, investors, and corpora...

FDR’s Tax Increase Scared Him Off Hiring 87,000 IRS Agents

One of the delicious errors in Thomas Piketty’s Capital in the 21st Century is this assertion: “Roosevelt came to power in 1933 [and] immediately decided on a sharp increase in the top income tax rate...

Moving in Retirement to Cut Tax Costs? Consider These 4 Factors First.

When an affluent suburban Chicago couple came to John Campbell, senior wealth strategist at U.S. Bank Private Wealth Management, planning to retire in New Mexico because of its weather and lower incom...

Opinion: Bernie Sanders and Elizabeth Warren’s bold tax hike to shore up Social Security

Elizabeth Warren and Bernie Sanders want to shore up Social Security by raising the top rate of income tax by a third, and the top rate of capital-gains tax by more than a half. The Democratic senator...

Here’s how much you can make in 2023 and pay 0% capital gains taxes

vitapix | E+ | Getty Images Planning to sell some investments this year? It’s less likely to affect your 2023 tax bill, experts say. Here’s why: The IRS made dozens of inflation adjustment...

‘I am trying to feverishly save for retirement’: My fiancé pays $1,700 a month to the IRS and owes student debt. We’re both 57. Should I marry him for his Social Security and pension?

Dear Quentin, My fiancé and I met at age 42 after being recently divorced. We have (now-grown) children from our previous marriages, but none together. We keep our finances separate. Neither one of us...

What to know about $10,000 deduction limit for state and local taxes

Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images A group of bipartis...

IRS says people in most states who got inflation-relief payments don’t have to report it on their taxes. Here’s where.

The IRS is not going to tax payments from most of the states that cut checks to residents last year in order to help them defray rising living costs. This week, the IRS has been trying to determine if...

Record-Breaking Cryptocurrency Adoption Leads The IRS To Release New Reporting Requirements

WASHINGTON, DC – APRIL 15: The Internal Revenue Service (IRS) building stands on April 15, 2019 in … [+] Washington, DC. April 15 is the deadline in the United States for residents to file...

Don’t risk an audit. Here are four reasons the IRS may flag your return

dmphoto | E+ | Getty Images Tax season is underway and there’s been increased scrutiny of the IRS as the agency starts deploying part of the nearly $80 billion approved by Congress in August.  W...

IRS more likely to audit Black Americans’ taxes, study finds

Jeffrey Coolidge | Photodisc | Getty Images Black Americans are roughly three to five times more likely to face an IRS audit than other taxpayers, according to a new study. While there isn’t evi...

Tax credits vs. tax deductions: How they differ

D3sign | Moment | Getty Images It’s tax season, and households are confronted by a lot of tax jargon when preparing their returns. Two types of tax breaks stand out among all the lingo: credits ...

5 things to know as filing season opens

Damircudic | E+ | Getty Images This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in ever...

IRS says ‘Tax Day’ will be different this year — put these important tax dates on your calendar

It’s not too early to start thinking about your 2022 income-tax return, if you can bear the thought. That’s because the tax-filing season is scheduled to start on Monday, Jan. 23, the Internal Revenue...

IRS wraps up paying people this lucrative pandemic-era tax break. Here’s how much money they can expect — and why they’re getting it.

Nearly two years after lawmakers temporarily changed tax rules in the middle of the filing season in order to exclude a major chunk of jobless benefits from federal income tax, the Internal Revenue Se...

Opinion: Opinion: Trump’s low tax payments are what happens with a too-complex tax code

People tend to have one of two reactions to the revelation that former President Donald Trump paid little to no taxes in recent years: He’s either an amoral tax cheat or he’s smart. To me, it reveals ...

Democrats release six years of Trump’s tax returns, and CPAs have questions: ‘The personal tax return is just the tip of the iceberg.’

The nonpartisan committee’s findings also raised several red flags related to the filings, namely Trump’s carryover losses, loans to his children that may or may not also be considered taxable gifts, ...

Donald Trump paid $0 in taxes in 2020. He’s not alone: 60% of households paid no federal income tax that year, but for very different reasons.

It’s not that unusual. Former President Donald Trump and his wife, Melania, paid $0 in income taxes for 2020, according to a report released late Tuesday by the congressional Joint Committee on Taxati...

New electric car buying incentives kick in Jan. 1, and a lot has changed. Here’s an explainer.

Congress changed the rules governing electric car tax credits over the summer, but the changes didn’t immediately take effect. Some will kick in soon, while others will taper in over time. The evolvin...

What the pro-business tax agenda is chasing in a changing Congress 

Sunrise hits the U.S. Capitol dome on September 30, 2021 in Washington, DC. Chip Somodevilla | Getty Images News | Getty Images Main Street could find itself stuck in gridlock next year in terms of ad...

Dear Tax Guy: ‘I’ve accumulated a lot of junk.’ I plan to make $6,000 selling stuff on eBay. Can I put it into an IRA instead of paying income tax?

I am retired with Social Security and a state pension. Over the last 30 years I’ve accumulated a lot of “junk” from eBay EBAY, +0.17%. Now, I’m also trying to clean out my house, and sell it at cost o...

Market Losses Can Reduce Your Tax Bill for Years. Here’s How.

This year’s market mayhem could shave your tax bill for years to come. With just weeks to go, 2022 is poised for steep negative annual returns in both stocks and bonds, a correlated collapse that has ...

What 5 key personal finance issues mean for you

As Americans head to the polls, several key personal finance issues are weighing on voters’ minds and wallets. This week, the Federal Reserve enacted its fourth consecutive 0.75 percentage point...

40% of households will pay no federal income tax this year. Why that’s good news.

Millions of workers are bouncing back — and making enough money to pay Uncle Sam. Some 72.5 million households or 40% of households will pay no federal income tax this year, down from the pre-pandemic...

Taxes Are High On The Little Guy—Thanks, FDR

In a Tax Notes review of our Taxes Have Consequences: An Income Tax History of the United States, tax history project director Joseph Thorndike writes that the book is a history of income tax rates, n...

An Economy Based On LeBron James

In the viral “Hastily Made Cleveland Tourism Videos” of the Great Recession era, comedian Mike Polk provided a panorama of his faded hometown. The scenes were of “crippling depression,” the opportunit...

New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad news.

In a time of rising costs, the Internal Revenue Service just raised income-tax brackets through new inflation adjustments for next year. It might feel tough sometimes to link the IRS with the concept ...

How much income you can have for 0% capital gains taxes in 2023

If you’re planning to sell investments or rebalance your taxable portfolio, you may be less likely to trigger a tax bill in 2023, experts say. This week, the IRS released dozens of inflation adj...

All About The IRS Tax Inflation Adjustments For The 2023 Tax Year

Getty Images Key takeaways This week, the IRS tax inflation adjustments for the 2023 tax year were released The announcement includes changes in 2023 standard deductions and 2023 IRS tax brackets The ...

IRS bumps estate-tax exclusion to $12.92 million for 2023

Bernd Vogel | Getty Images Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.  Starting in 2023, individuals can transfer up to $12.92 million...

Here are the new income tax brackets for 2023

Andersen Ross | Blend Images | Getty Images Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency has boosted the income t...

GOP Calls Warnock’s Parsonage Benefit A Tax Dodge. It Used To Defend It.

General view of the interior of Ebenezer Baptist Church (Martin Luther King church) in King Historic … [+] District getty The National Republican Senatorial Committee blasts on its website ICYMI...