Too young to vote doesn’t necessarily mean too young to file a tax return. In fact, minors who have significant income often are required to...
Taxes
All Taxes Articles
Taxes for People Who Are New to the US
Most Americans agree that the US tax code is too complicated. It can be even more impenetrable for taxpayers who are new to the country,...
Dr. Allen Sinai’s Economic Forecast for 2025
What’s the outlook for the economy and the two-year-old equity bull market after President Donald Trump’s shocking political comeback and a Republican sweep of Congress? “Firing...
What Is Nontaxable Income?
Who wouldn’t love to avoid paying tax on their income? Well, in some cases, you can. Here’s what you need to know about when you...
Lessons From US Tax Court
Taxpayer alert: After clawing back more than $1 billion in back taxes last year, a more assertive IRS has pledged to raise tax-return audit rates...
Are Political Donations Tax-Deductible?
Every four years, America holds a Presidential election…and early the following year, many American taxpayers make an unwelcome discovery—the political donations they made to their...
Is My Annual Bonus Taxed?
Hoorah! You received a year-end bonus from your employer. But the bonus check you receive likely is less than you were promised—22% less. The reason...
Second-Home Tax Traps and Opportunities
Owning a second home can create unexpected tax traps as well as tax-saving opportunities, says attorney Timothy B. Borchers, coauthor of the upcoming edition of Saving...
How to Save Tax Documents — Digitizing Is the Answer
So where do you keep all those tax documents? There are several potential solutions—but only one truly makes sense. You could sort through your tax...
How Long Should You Keep Tax Returns?
How long do you keep tax returns and related paperwork? If you look for guidance about recordkeeping from the IRS website, the answer seems straightforward—retain...
States With No Income Tax: Do They Really Cost Less?
Nothing is certain except death and taxes—and even some taxes aren’t certain if you choose the right state. Examples: Alaska, Florida, Nevada, South Dakota, Tennessee,...
Cash Yields and Taxes
Savers reveling in 5% yields on cash in money-market funds got a rude surprise this past April—they owe ordinary income tax on that income…as high...
