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.
February 18, 2006 |
President Bush rejected the possibility Friday that the mortgage interest deduction will be eliminated from the U.S. Tax Code. During a question-and-answer session, Bush was urged by a home builder to make sure that housing remains affordable. "Maybe you're hinting at whether or not the mortgage deduction would be part of a plan," Bush responded. "I don't think you have to worry about the mortgage deduction not being a part of the income tax law."
November 2, 2005 |
The President's Advisory Panel on Federal Tax Reform recommended changes Tuesday to simplify the tax code. Here's a look at how key proposals would affect taxpayers. * Q: Would there still be tax brackets? Yes, but not as many. Currently there are six brackets ranging from 10% to 35%. The panel proposed two alternatives. Plan A would create four tax rates -- 15%, 25%, 30% and 33%. Plan B would establish three rates -- 15%, 25% and 30%. Q: What happens with deductions?
June 25, 2005 |
A former IRS special agent who has become a prominent leader among challengers of the U.S. income tax was acquitted this week on federal charges that he had helped file false tax returns. Joseph Banister, 42, of San Jose quit the Internal Revenue Service in 1999 after delivering a 95-page memo to his bosses questioning the legality of the income tax law. He has since become a lecturer and expert witness on the tax protest circuit. A U.S.
January 8, 2005 |
President Bush on Friday named a nine-member panel to prepare options for overhauling the U.S. tax code, a process that could rival Social Security restructuring as the dominant domestic policy issue of Bush's second term. Bush appointed former Sens. Connie Mack (R-Fla.) and John B. Breaux (D-La.) to lead the commission. He gave the panel seven months to present its proposals to Treasury Secretary John W. Snow, who will distill the findings into a final set of recommendations by year's end.
March 11, 2001 |
Los Angeles attorney Roman Melnik is used to sweating the details. But he may have met his match in the U.S. tax code. Melnik, an attorney with the firm of Irell & Manella, had to file amended federal tax returns three years running. Among other things, he forgot to deduct state disability insurance premiums on his federal tax return and missed some itemized deduction phaseouts. "I have never had a return where I didn't catch an error later," Melnik said.