April 12, 2008 |
The federal tax bill for President Bush and his wife in 2007 was $221,635. That's how much the Bushes owed on their adjusted gross income of $923,807 that year, according to a joint return released Friday. The Bushes have paid $203,894 so far, which means they owe the government $17,741. Their income total includes a $150,000 advance received by Laura Bush for the children's book she co-wrote with her daughter Jenna. Last year, the Bushes paid $186,378 in federal taxes on income of $765,801.
July 25, 2007 |
Low- and middle-income people are paying millions of dollars in fees to file their tax returns because of an Internal Revenue Service decision to end a free telephone filing service, an inspector general said Tuesday. "Once again the IRS has made a taxpayer service decision based on questionable data," said J. Russell George, Treasury inspector general for tax administration.
June 6, 2007 |
The federal government has widened its probe into whether the nation's No. 2 tax-return preparer helped customers file fraudulent returns to get bigger refunds. One large franchisee of Jackson Hewitt Tax Services Inc. was accused of fraud two months ago, and the company hired a former Internal Revenue Service commissioner to review the allegations.
April 19, 2007 |
Taxpayers who couldn't electronically file last-minute returns using Intuit Inc.'s TurboTax, ProSeries and other software won't be penalized for delays caused by the company's overtaxed servers, the IRS said. A record number of returns from individual taxpayers and accountants choked the Mountain View, Calif.-based company's computers Tuesday, leading to delays in customers receiving confirmation that their returns had been submitted successfully, Intuit spokeswoman Julie Miller said.
April 11, 2007 |
Jackson Hewitt Tax Service Inc., the second-largest U.S. tax preparer, said Tuesday it would stop offering "pre-season" tax-refund anticipation loans that some state officials and consumer advocates said took advantage of low-income taxpayers. Finance companies that helped the firm provide the loans left the business and Jackson Hewitt decided to follow suit, the Parsippany, N.J.-based company said.
March 25, 2007 |
Joe and Melody Sheridan had no idea that the federal government would help them finance their 21-year-old daughter's college education until a few weeks ago, when a tax-savvy friend happened to mention it. "This means that we may be able to save a little -- and not deplete our savings account so much," said Joe. The fact that he would have completely missed a $4,000 deduction if not for this coincidence is tragically common, tax experts say. The U.S.
March 25, 2007 |
Pity the taxpayer who tries to go it alone this year. What with stealthy deductions, rule changes and the usual stultifying complexity, taxpayer error rates are climbing. And if you make a mistake, it's likely to be in the government's favor, not yours. There are plenty of pitfalls. Three specialized breaks aren't printed on the 1040 form, making them easy to overlook.
March 5, 2007 |
Most American taxpayers are likely to get an extra $30 to $60 in their refund checks this year, thanks to a one-time credit available to anyone who made long-distance phone calls. But nine people whose returns were filed electronically from a Riverside halfway house for drug and alcohol abusers last month sought phone-tax refunds totaling $439,632 -- an average of $48,848 each, according to the Internal Revenue Service. Fat chance, tax investigators said.
January 7, 2007 |
Legislation designed to fix some pension, healthcare and energy problems ushered in a host of minor tax breaks -- and a handful of tax traps -- that will affect 2006 returns. That could make filing returns more rewarding, but even more bedeviling than usual this year. "Sales taxes, college tuition and out-of-pocket expenses for teachers are all deductible again, but they're not on the tax return," said Mark Luscombe, principal tax analyst with CCH Inc.
April 18, 2006 |
Spotted two extra days by a friendly calendar, procrastinating taxpayers scrambled Monday to file their returns on time -- and grudgingly give up whatever they owed. In Little Rock, Ark., Ronald Edwards said he had been clinging as long as possible to the $2,500 he owed to the state and federal governments. He finally gave in on the last day. "If I had a refund, you wouldn't see me here right now," said Edwards, a 49-year-old computer programmer.