As a general rule, an individual taxpayer who is not considered insolvent or in bankruptcy may have to treat cancelled debt unrelated to their personal home as taxable income.
George Steinbrenner, the former Yankees owner, was in the news in 2010 when he died during a period of time when the estate tax was repealed, but the rest of us will likely not be as lucky (bad word choice?) as the estate tax appears to be around for the foreseeable future.
When taxpayers mix pre-tax and after-tax contributions in the same retirement account such as a 401(k) or other defined contribution retirement plan, withdraws and rollovers can have unintended tax consequences if not properly planned.
The Bipartisan Budget Act of 2015, which was signed into law on November 2, 2015, is closing some of the advantageous Social Security filing options that were formerly available.
What would be your reaction to a letter from the IRS saying that you owe money because your charitable deductions are being disallowed?
Many people do not know about the billions in property that has been left unclaimed over the years.
This blog will explain the tax savings and other basic features associated with implementing a 401(k) for a company.
To learn the basics of the Free Application for Federal Student Aid (FAFSA), Section 529 College Savings plans, and how they work together, read on.
Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues.