Taxes

November 2, 2008

  • Lower Your Property Taxes

    Lower Your Property Taxes
    As many as 60 percent of us pay TOO MUCH on our property taxes. So how do you get your taxes lowered? Money Editor Stacy Johnson has some suggestions in this short (1:38) video…

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September 19, 2008

  • Taxes: One Myth Dispelled

    Taxes: One Myth Dispelled
     
    There used to be a policy stating that anyone aged 55 and over could exclude up to $125,000 of his/her gains from the sale of a house. This was availed of under the premise that this is done only once.
     
    The newer rules now are actually more specific. In one amendment, the [...]

August 16, 2008

  • Housing Bill Offers Breaks for Taxpayers

    Housing Bill Offers Breaks for Taxpayers
     
    The federal housing and foreclosure relief legislation just signed into law by President Bush contains a little-noticed—but potentially far-reaching—change in real-estate tax policy.
     
    It permits millions of homeowners who don't itemize on their federal tax filings to claim a deduction for at least part of their local and state property taxes. [...]

May 19, 2008

April 12, 2008

April 8, 2008

March 31, 2008

  • New Tax Breaks Will Aid Some Homeowners

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March 30, 2008

  • Taxes: Changing Mistakes

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March 28, 2008

March 12, 2008

  • Taxes: Do You Have to File?

    Taxes: Do You Have to File?
     
    Don't you hate filing taxes?  Well, millions of people don't even have to file a return.  But if you think that sounds lucky, you might want to think again.
     
    Our Money Talks editor Stacy Johnson explains in this video (runs 1:25) 

     
    If you have a comment or question..leave it for us by clicking [...]

February 23, 2008

  • Time to Think About Tax Help

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February 19, 2008

January 3, 2008

  • AMT Relief - May Be Too Late for Christmas Bills

    AMT Relief - May Be Too Late for Christmas Bills
     
    More than 20 million families will be spared an extra $2,000 tax hit on average after Congress excluded them from a higher alternative tax originally aimed at untaxed multimillionaires.
     
    An eleventh-hour vote to put a one-year freeze on growth of the alternative minimum tax shields many middle- [...]

November 8, 2007

  • Tax Notification Scam

    Tax Notification Scam
     
    Don't fall for the latest email scam that tries to bait you into thinking you're due a refund from the IRS!  It looks something like this:
     
    Internal Revenue Service (IRS)
    United States Department of the Treasury
    ————————————————
    After the last annual calculations of your fiscal activity we have determined that you are eligible to receive a tax [...]

October 20, 2007

  • Phantom Income Bll Update:

    Phantom Income Bll Update:
     
    In a move to relieve some of the burden that faces homeowners filing for foreclosure, the US House of Representatives voted to remove a tax penalty known as "phantom income" tax.
     
    Under present rules, if a lender or creditor forgives all or part of a debt due to a foreclosure or short sale [...]

September 10, 2007

  • Understanding Property Taxes

    Understanding Property Taxes
     
    Property tax increases are a popular method used by municipal and county governments to raise revenue, but they can also have a big impact on the local real estate market.
     
    In most cases property taxes are levied as a percentage of a home's value, or an acceptable representation of the home's value.  Governments generally [...]

August 30, 2007

  • Why Some Sellers May Get a Break From the IRS

    Why Some Sellers May Get a Break From the IRS
     
    Most people who sell their home after having owned it for at least two years don't have to pay federal taxes on their gain.  A sale in less than two years after the purchase, however, often triggers some sort of tax hit.  But even owners who [...]

July 8, 2007

  • Paying Too Much in Property Taxes?

    Paying Too Much in Property Taxes?
     
    More than half of homeowners pay too much because their property has been wrongly assessed.
     
    Property-tax increases are based largely on rising home values, not the increase of taxes by local governments.  Different formulas are used to figure property taxes, but it all depends on a home's assessed value.  Some jurisdictions [...]

June 14, 2007

  • Consider Income Taxes When Relocating

    Consider Income Taxes When Relocating
     
    As many states close their budget gaps by raising taxes, an important factor in the calculus of where to live is shifting, particularly for retirees or people with an option of choosing between neighboring states.  In the past 3 years, 26 states have raised taxes significantly in one way or another.
     
    Of [...]

June 5, 2007

  • Vacation Homes Can Raise Your Tax Load

    Vacation Homes Can Raise Your Tax Load
     
    People who spend a lot of time relaxing in one state while calling another home can trigger state income tax in both. A common way to go wrong is to hold on to a condo and social connections after moving away to a tax haven such as Florida or [...]

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