Income Tax

After weeks of prodding from his main opponent for the Democratic presidential nomination, Bernie Sanders finally released the remaining forms and schedules of his 2014 tax return on April 15. The result? No major surprises – the Vermont senator ...

The former Secretary of State and New York Senator, who has been living in a fish bowl since her husband Bill became governor of Arkansas and ascended to the presidency, recently released copies of her joint tax returns for the last eight years.

The Obamas claimed claiming more than $145,000 in itemized deductions on their 2015 return, including donations to charity such as the Fisher House Foundation, a longtime favorite. The couple is in line for a refund of almost $23,000.

The “Tax Filing Simplification Act of 2016” requires the IRS to develop a free service for filing tax returns directly with the federal government and prohibits the nation’s tax collection agency from entering into agreements restricting the use of ...

The basic rules are as follows: The income you realize from a vacation home rental is generally taxable, but you can offset the tax liability with deductions for expenses attributable to rentals, including mortgage interest, property taxes, insurance ...

Congress may have more to say about how the IRS “runs its business” in upcoming years. Four new bills marked up and passed on April 13 by the Ways and Means Committee, the tax-law writing body of the House, would dictate IRS certain practices, if enacted.

We can’t go back in time and start doing our taxes earlier, but perhaps we can look forward to the passing of the recently introduced Tax Filing Simplification Act of 2016, which promises to simplify and decrease the cost of filing our tax returns.

The home stretch of tax season means heavy workloads and long hours for accountants. This time of year, nerves are frayed and tensions are high. It’s no walk in the park for managers either. In addition to your client load, you’ve got to keep your ...