The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
How To Find Missing Money
The I-R-S says more than $67 million in refunds remains unclaimed by taxpayers. In addition, there's hundreds of millions more in missing money waiting to be found. Is any of that money yours?
Update On Tax Changes
In 1997, the laws that taxed the profits from the sale of your primary residence were changed. Out went the 24-month rollover replacement rule and the one-time exemption. However, many tax questions remained unanswered.
Tax Tips For The End Of The Year
At the end of the year you can take some steps to prepare for your taxes for the next year. You can prepare for taxes by saving money to your 401(k) account or prepaying your mortgage. What else can you to do prepare for filing your taxes?
Making The Most Of Your Tax Deductions
If you made any donations last year, it's time to find the value of those deductions. Donated items must have been donated by the end of the year, and the total value of the deduction can't exceed 50 percent of your adjusted gross income. If the value of a donated item exceeds $500, you'll need to file a special form with the IRS.
Income Tax Scams To Watch Out For
When you're getting ready to file your income taxes you may hear about ways to cut your tax bill. Income tax scams abound so you need to be very careful when someone tells you they know a way that you can pay less in taxes. Among the tax scams is one where you can take deductions for a home based business.
Serial Home Buyers And Renovators
Every home buyer approaches the challenge of owning a home differently. Gone are the days when families lived in their homes for 30 or more years. Now buyers are continually renovating, upgrading, selling and buying again. These " serial home buyers" have been enabled to continue with friendly tax laws allowing the sellers to pocket the gains, tax free.
Real Estate Not OK For Retirement Investment
Some consumers are pushing toward the idea of investing their retirement dollars in real estate. But the IRS prohibits real estate investments for Roth IRAs, 401(k)s and other retirement accounts. Retirement accounts can only be used in buying and selling mutual funds, bonds, CDs and company stocks.
Mistakes Home Sellers Make
Are you making a mistake with your home sale? Everyone makes mistakes when selling their home. Sellers who think their homes are worth way more than market value are only setting themselves up for disappointment.
2001 Tax Rate Changes Explained
Two weeks ago, as part of The Economic Growth & Tax Relief Reconciliation Act of 2001, the new tax rates went into effect. With all the hullabaloo about how much money everyone was going to save, the effects on your paycheck won't be as dramatic as all the fireworks that came along with the rhetoric. Take a look at how your paycheck might change:
Buyer Has Two Real Estate Agents
When you're looking for your first home, you may be looking in multiple states. There may be real estate agents who work in more than one state if they border each other. What can you do if you're working with two real estate agents? How much should you share with a real estate agent about how much you can afford to spend when you're buying a home?