The Trump administration is moving forward with its plan to slash taxes on businesses, which means the government will have to get at least some of that money from elsewhere. Now comes news that taxpayers may have to choose between two common tax deductions that millions of Americans have long benefited from. [More]
income taxes
Which Tax Deduction Would You Rather Lose: Your Mortgage Interest Or Your State/Local Taxes?
By 10.4.17
SCOTUS Decision: The Financial Benefits For Married Same-Sex Couples
By 6.26.15
While most things about marriage have changed throughout human history, one thing remains true. No, not love: marriage for love is a modern innovation. Married couples have always been an economic unit, from ancient farms to modern condos. This morning’s Supreme Court decision legalizing same-sex marriages nationwide will have important effects on the finances of married gay and lesbian couples, whether they live in a state that currently allows them to legally marry or not. [More]
Former NFL Player Wins Case Over Cleveland’s “Jock Tax” Methods
By 4.30.15
Most people dreaming of a career in professional sports that will take them around the country to play for huge crowds in major U.S. cities are probably imagining the glitz and glamor that goes with that job. But then there’s the un-fun parts, like paying taxes in each one of those states, as well as some cities that levy taxes against income earned locally. One former NFL player filed a lawsuit against Cleveland’s so-called “jock tax,” not to dispute that he owed taxes there, but because of how the city calculated what he owed. [More]
Healthcare.gov Open Enrollment Extended As Uninsured File Taxes
By 2.20.15
If you went without health insurance during 2014, you’re now facing a modest financial penalty of $95 or 1% of your income. Next year, that penalty will increase. All of this is news to some uninsured people. That’s why, as predicted, the federal government and some state exchanges are creating an extra open enrollment period to help these people out. [More]
4 Things To Think About Before Paying Your Taxes With A Credit Card
By 2.20.15
Millions of Americans will owe the IRS anywhere from a few dollars to many thousands of dollars when they file their income tax returns, and not all of them have funds available to pay what they owe. The simple answer might be to just put that bill on your credit card, but you could end up paying a lot more than you expect. [More]
Minnesota Stops Taking Returns Filed With TurboTax, Citing Possible Fraudulent Activity
By 2.6.15
UPDATE: Intuit announced this afternoon that it’s halting all state e-filed tax returns while investigating reports of fraudulent activity. [More]
CT Tax Commissioner: Walmart Tax Refund Service Just A Lure To Get You To Shop At Walmart
By 1.29.15
Walmart recently announced a service that allows consumers who use certain participating tax preparers to pick up their refunds at a Walmart store. The program already has one high-profile detractor in the form of Connecticut Commissioner of Revenue Services Kevin Sullivan who says he believes the program is intended to get consumers to spend their refunds at Walmart. [More]
I Give Up: How Do I File For An Extension On My Tax Return?
By 4.15.14
Humans are a procrastinating bunch. Sure, many punctual and responsible people have already filed their federal and state tax returns, especially people who are owed a refund. Not you. You’re missing an important document or are too confused about all of this stuff to stay up doing the e-filing equivalent of running inside the post office door at 11:57 PM. You give up. This post is for you. [More]
Ask Tax Dad: Doula Deductions, Pension Distributions, And The Sandwich Generation
By 4.14.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Ask Tax Dad: I Just Can’t Quit Itemizing My Deductions
By 4.11.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Ask Tax Dad: Mobile Home Sale, Sisterly Support, And Son Leaves The Nest
By 2.26.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Ask Tax Dad: How Do I E-File? What’s A Deduction, Anyway?
By 2.3.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Ask Tax Dad: Micro-Business, Rental Home, Deadbeat Ex, And Government Shutdown
By 1.28.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he’s taking a leave of absence to campaign for the legalization of medical catnip. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Ask Tax Dad: Send Us Your Questions For Consumerist’s Tax Columnist
By 1.27.14
It’s almost time for W-2s and other tax documents to start winging their way from employers to our homes, and for the anxiety-inducing yearly tax season to begin. But taxes don’t have to be scary if your dad is there to help. Or, if your own dad isn’t around or doesn’t know anything about taxes, how about my dad? [More]
Mississippi Takes Man’s Tax Refund Twice To Pay Child Support For Kid He Doesn’t Have
By 5.23.13
It has to feel completely awful to get a letter from the government saying it’s holding onto your refund check. But even worse, as one couple found out, is the feeling of that happening twice. And then there’s this doozy: Tax officials claim the refunds were put on hold because the state of Mississippi twice has said the husband owed back child support payments. Problem is, the couple has never lived in Mississippi and the man hasn’t father a child there either. Not once, and definitely not twice. [More]
Maybe You Can’t Deduct Nose Jobs & Sex Toys From Your Taxes, But Someone Can
By 4.15.13
One of the only entertaining things about tax season has to be the crazy deductions. Because honestly, what other joy can be reaped from this most dreaded of days? Well, besides a refund, if you get one. While you might not be able to write off a nose job or your excessive sweating as tax deductions, somewhere out there, someone can. We salute you, crazy deduction-takers. [More]
Ask Tax Dad: Professional Organizations, Accident Settlements, And No Refund In 2014
By 3.29.13
Usually, our staff Certified Tax Cat handles readers’ questions about taxes, but caught his tail in an antique adding machine and is out on medical leave. Filling in for him is Laura’s dad, a retired accountant and independent tax preparer. The April 15th filing deadline is coming up, and Tax Dad is here to dispense his wisdom in between e-mails gently urging his daughter to just send over her 1098-E already. [More]
Intuit (TurboTax) Spends Millions To Keep Us From Filing Taxes Quickly And For Free
By 3.27.13
Here’s something to keep in mind as you wait in line at 11:30 PM on April 15th: filing your taxes could be so, so much easier. Bills have been put before Congress that would let taxpayers choose to have the Internal Revenue Service calculate their taxes due for them, and send them a bill or cut a refund check accordingly. Only there are companies lobbying to keep things exactly as they are. The biggest spenders aren’t accounting firms, or even Big Tax Cat. It’s Intuit, the maker of popular tax-filing program TurboTax. The company has spent more than $11 million lobbying to keep tax returns around forever. [More]
