In the military? Don't miss out on these tax benefits

From tax-free combat pay to special travel and moving deductions, members of the U.S. Armed Forces are entitled to a slew of tax breaks that can lighten at least one of their burdens.  More

You've never seen IRS penalties like these

Eye-popping penalties may await U.S. taxpayers who have never told the IRS about their foreign financial accounts.  More

The average tax refund is now $2,893

The IRS has paid out more than $191 billion in refunds so far this tax season to 66.1 million filers.  More

Free ways to file your taxes

Preparing and filing your taxes is an annual -- and potentially expensive -- ritual that can be a burden, especially if you don't make a lot of money. But there are a few free tax-prep and e-filing options available.  More

Federal workers owe the IRS $3.5 billion

About 3.1% of federal workers and retirees are late paying their taxes, according to the IRS.  More

4 easy ways to combat tax fraud

While it's not "easy" to outwit criminals in the age of hacking and opaque online transactions, experts at a Senate Finance hearing agreed that there were a few relatively simple things lawmakers could do to stop more tax fraudsters.  More

Scammer tries to swindle top tax-crime fighter

Criminals posing as IRS agents over the phone have duped taxpayers out of $15.5 million so far, said one of the country's top tax-scam investigators.  More

IRS: Claim this refund now or you're out of luck

The IRS has $1 billion in unclaimed refunds for the 2011 tax year that will soon become the property of the U.S. government if taxpayers don't come forward to claim them.  More

Uncle Sam says my Swedish kid is American

Children born abroad to Americans are generally automatically granted U.S. citizenship -- which comes with a major tax responsibility.  More

Don't want to file your taxes? Get ready to pay ... a lot

Sticking your head in the sand at tax time is an expensive habit. If you owe taxes and just don't file, you'll actually be hit harder by failure-to-file penalties than failure-to-pay penalties during the first year.  More

12 biggest tax scams to avoid

There's no end to the creative ways scammers will try to steal your identity and your money. And tax time is one of their favorite times of the year. Here's how to spot a top scam and protect yourself.  More

IRS delaying refunds for thousands of Obamacare enrollees

National Taxpayer Advocate Nina Olson said the IRS is delaying refunds for tens of thousands of Obamacare enrollees.  More

8 tax audit red flags

Budget cuts at the IRS may mean fewer audits this year, but it doesn't mean everyone is getting off scot-free. Here's what you need to do to avoid getting snagged by the IRS.  More

Everyone in Colorado may get a pot tax refund

The state is expected to pull in $59 million this year from pot sales, but it may have to give it all back to taxpayers thanks to a quirky rule only in Colorado.  More

Average tax refund is $3,120 so far

A month into tax filing season, 83% of returns that were filed qualified for a tax refund, the IRS said.  More

Filing a false tax return comes with big penalties

Allow a tax preparer to understate your income on a 1099 or W-2 to lower your tax bill or get you a bigger refund, and you could be in big trouble if the IRS finds out.  More

Don't file a 'frivolous' tax return

No one wants to pay taxes, but some people fall for scams that convince them they don't owe any - when, in fact, they do. The IRS warns consumers to stay away from so-called "frivolous tax arguments."  More

A record 3,415 Americans ditch their passports

A record 3,415 Americans gave back their passports last year, queuing up around the globe to renounce their U.S. citizenship. The numbers have spiked a staggering 1,400% since 2008.  More

Hiding money in a tax shelter can come back to bite you

When someone tries to sell you on a scheme that promises to slash or eliminate your tax bill by putting your money into a complicated financial structures such as trusts, captive insurance or limited liability companie, think twice. It's likely to be a scam.  More

Tempted to pump up your fuel tax credit? Don't

Most people aren't eligible to claim the federal fuel tax credit. And yet the IRS sees a lot of excess claims being made and is cracking down.  More

Beware of TurboTax email scams

TurboTax resumed electronic filing of state returns after a fraud scare last week. But now it's warning customers of other problems.  More

Illegal ways people are nabbing bigger tax credits

Most people out to scam the IRS understate their income. But in some cases, falsely inflating income can net a bigger refund. And like any other lie on your tax return, it's not allowed.  More

Millions to owe Obamacare tax penalty

Up to 6 million uninsured Americans will owe an Obamacare penalty.  More

Won the Powerball jackpot? Here comes the taxman

You may or may not owe federal and state income taxes depending on where you live and where you bought the ticket.  More

Obamacare penalty payers ask, 'Where's my refund?'

Many people who owe an Obamacare penalty say their refunds are in limbo. IRS says there are no delays.  More

The 2014 tax breaks you'll be able to take

Congress waited until the last minute to decide what to do with a slew of expired tax breaks. They extended most of them, and a handful will affect individuals directly.  More

IRS rehired problem employees, report finds

Hundreds of former IRS employees that have been rehired in recent years were found to have prior performance and conduct issues, including
failing to file taxes, gaining unauthorized access to taxpayer information and abusing the agency's leave policy, an new oversight report found.  More

Taxing the rich: The record under Obama

While most of the president's budget proposals to tax the rich have been DOA with Republicans, that doesn't mean his push hasn't had an influence. The top 1% are now paying an average tax rate that's 6 percentage points higher than when Obama first took office.  More

Fake charities prey on your goodwill to make bank

To avoid being suckered into giving money to a bogus charity, the IRS recommends first verifying that the group is legitimate -- especially if their name sounds similar to a well-known and respected charity.  More

IRS to tax cheats: Stop hiding your money offshore

The IRS said it has carried out thousands of audits of offshore schemes and pursued criminal charges that have resulted in "billions of dollars in criminal fines and restitutions." And it won't stop there.  More

IRS warns of shady tax preparers stealing refunds

Most tax preparers are honest and don't scam their clients. But some do. Here's how to spot them before they mess with you.  More

IRS to tax cheats: Stop hiding your money offshore

The IRS said it has carried out thousands of audits of offshore schemes and pursued criminal charges that have resulted in "billions of dollars in criminal fines and restitutions." And it won't stop there.  More

ID thieves stealing tax refunds still a big problem, IRS says

Identity thieves are stealing people's Social Security numbers and other key pieces of personal information in order to file a fraudulent tax return and claim a refund, the IRS warned Monday.  More

IRS warns of phishing tax scams, fake emails

Tax season is prime time for cons. Tax scammers are sending out so-called "phishing emails" that appear to be from the IRS and claim that the recipient either owes money or is due a refund.  More

Fake IRS phone calls tops list of tax scams

Scammers impersonating IRS agents are targeting the elderly and new immigrants threatening them with arrest, deportation or the loss of their driver's license. And the IRS says this scam is on the rise, topping its list of "Dirty Dozen" tax scams this year.  More

How much Obama would raise the capital gains rate

The president is calling for a 28% rate on capital gains and dividends on high-income households. That includes a 3.8% Medicare surtax on wealthier households.  More

Wal-Mart customers can pick up their tax refunds in cash

Wal-Mart partnering with 25,000 tax preparers to allow taxpayers to get their refunds in cash at stores rather than in checks or direct deposit.  More

London mayor bends to IRS, settles U.S. tax dispute

After steadfastly refusing to pay an "absolutely outrageous" tax bill demanded by American authorities, the mayor of London is back in the good graces of the IRS.  More

Obama proposes scaling back benefits of 529 college savings plans

The President has proposed removing a key tax-saving feature.  More

How Obama would close the 'trust fund loophole'

President Obama wants to make sure the "wealthiest Americans pay their fair share on inherited assets," according to a White House fact sheet. His proposal: Change a rule that protects capital gains from taxes when an investment is bequeathed to family.  More

IRS will do fewer tax audits this year

Five years of budget cuts have reduced IRS enforcement staff and that's meant the agency has not been able to collect billions of dollars owed through tax audits, said IRS Commissioner John Koskinen.  More

States where taxes hit the poor hardest

In Washington state, the poor pay a far larger share of their income toward state and local taxes than the top 1%, making it the most regressive tax state in the nation, according to an analysis by the Institute on Taxation and Economic Policy.  More

'Devastating erosion' of taxpayer services at IRS

Congressional budget cuts have resulted in an "unacceptably low level" of taxpayer service, according to the latest report from National Taxpayer Advocate Nina Olson.  More

IRS warns of tax refund delays

Due to budget cuts, the IRS expects some tax refunds to be delayed by an extra week, if not longer. Staff reductions are also expected to result in fewer audits, the agency's head wrote in a memo Tuesday.  More

Nearly 8 out of 10 U.S. taxpayers get refunds

Whether out of fear of owing money to the IRS or through tax breaks, nearly eight out of 10 taxpayers receive a federal tax refund. The average amount they get: $2,800.  More

A Democratic plan for big middle class tax breaks

Chris Van Hollen, a top Democrat in the House, unveils plan that would usher in large tax cuts for low- and middle-income Americans -- while curbing tax breaks for the wealthy.  More

Kansas tax cuts on trial amid huge budget deficit

Cut taxes, grow the economy and swell government coffers. Sounds good, but Kansas is facing steep budget shortfalls just two years after enacting some of the biggest tax cuts in the state's history.  More

'Miserable' tax season could be worst in years

Budget cuts coupled with a heavier and more complex workload are likely to hamstring the agency's efforts to provide a seamless tax filing experience for many taxpayers.  More

Obamacare tax surprise looming

Obamacare enrollees who received subsidies soon will have to report their 2014 income. They may end up owing money or getting a smaller refund.  More

Not American? You still might have to file U.S. taxes

Foreigners married to Americans could still be on the hook to file U.S. taxes.  More

The other Bush on taxes

Jeb Bush, the former two-term governor of Florida and scion of one America's most influential political dynasties, has left a long trail on taxes.  More

Top 1%: What they made, what they paid

The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%.  More

Meet the 'accidental American' with a big tax bill

Israeli citizen Elad Shahar may owe the U.S. government $6,000 in taxes, even though he hasn't lived in America since he was seven and has never earned a penny there.  More

5 fat roadblocks in the way of tax reform

There's consensus on what needs to be done to reform the corporate tax code in 2015. But there are many reasons it likely won't happen.  More

Giving up your U.S. passport? It's going to cost you

Thinking about bidding Uncle Sam goodbye? Not so fast. Renouncing your U.S. citizenship isn't cheap, and can result in enormous tax bills for decades to come.  More

Senator Tom Coburn: Congress hands out 'targeted tax breaks to the well-connected'

Retiring Republican Senator Tom Coburn has a parting gift for his fellow lawmakers: A 320-page report detailing wasteful, poorly targeted or misused tax breaks for companies big and small, and for taxpayers rich and poor.  More

Nobody escapes U.S. taxes - even astronauts

Americans just cannot escape the Internal Revenue Service -- even by strapping on a space suit and blasting themselves into outer space.  More

The money at stake in the tax break fight

A slew of expired tax breaks may soon be renewed retroactively for 2014 at a cost of $42 billion. Not a budget buster by itself, except that it's the kind of money Congress has been spending every year or two when it renews virtually the same "temporary" tax breaks over and over.  More

Your tax breaks in limbo as Washington quarrels

With less than two weeks before they leave town for the year, lawmakers have yet to decide how to handle a host of oft-renewed tax breaks that expired at the end of 2013. At least 7 of those breaks affect individuals directly.  More

Prisoners got $70 million from fake tax refund claims

In 2012, nearly 138,000 inmates filed for a total of $1 billion in fraudulent refunds, according to a report from the Treasury Inspector General for Tax Administration.  More

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