Back Taxes

Most individuals are required to file their individual income tax returns or pay all of their back taxes by April 15th of each year. If you have failed to file your return, ...

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How Do I Know if I Should Use the Standard or Itemized Deductions

When you prepare your federal income tax return, you must choose between using the standard deduction or using itemized deductions.  There is not an option whereby you can use both in the same tax year.


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FAQs about Same Sex Marriage and Income Tax Laws, Part 2

Following is Part 2 in a series of articles on frequently asked questions about federal income tax laws and same sex marriage as addressed by the IRS.  Part 1 of this FAQ at FAQs about Same Sex Marriage and Income Tax Laws, Part 1.


What Expenses Can I Deduct if I Am Self Employed?

If you own or operate your own business, the IRS allows you to deduct certain expenses related to your business.  The IRS has a specific definition about what expenses you can deduct.


Bridge Repairs by Inexperienced Chinese Firm Cost Taxpayers Millions

California taxpayers are feeling the loss today after state officials revealed they had to spend millions in additional taxpayer dollars to repair the San Francisco-Oakland Bay Bridge after paying a Chinese firm to perform the work.


Protecting Your Tax Records in the Event of a Natural Disaster

A natural disaster that damages or destroys documents that support a taxpayer’s federal income tax return can mean a lot of extra stress of a taxpayer.  Without the appropriate documentation to support expenses and other deductions, the taxpayer may find in some cases that the IRS will disallow claims for casualty loss.


Washington D.C. Plans Tax Changes, Affected Businesses Protest

Last week, the Washington D.C. City Council approved various tax changes that would reduce income tax.  However, certain businesses affected by the tax changes are now protesting the planned changes.


Sale of Los Angeles Clippers Carries Enormous Capital Gains Tax Bill

Shelley Sterling, the wife of Donald Sterling, has accepted an offer to sell the Los Angeles Clippers to Steve Ballmer for $2 billion dollars.  However, the financial windfall for the Sterling family brings with it a very large tax bill.


Indexing of Gas Tax to Inflation Key Issue in Massachusetts Elections

In 2013, the Democrat-controlled state legislature voted to index the tax rate on gasoline to inflation.  A gas tax indexed to inflation could mean the tax increases as often as annually depending on changes with the U.S. Consumer Price Index.  Democrats running for state Legislature seats may learn the cost of that tax in the elections this fall.


Federal Employees Set Poor Example, Owe $3.3 Billion in Back Taxes

The Internal Revenue Service (IRS) published data this week showing that employees of the federal government owe more than $3.3 billion in back taxes.


Swiss Bank Pleads Guilty to Helping Americans with Tax Evasion

Credit Suisse, the second largest Swiss bank, plead guilty on Monday to criminal charges stemming from helping Americans hide millions of dollars for the purpose of tax evasion.  As part of entering the guilty plea, Credit Suisse agreed to pay fines totaling $2.6 billion.


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