Tax Strategies

GUIDANCE ISSUED ON TAX STATSWashington, D.C. - The Internal Revenue Service has issued interim guidance on the ability of a tax return preparer to use statistical compilations of anonymous tax return information to support their business.

Alaska Governor Sarah Palin will have to pay taxes on $16,951 in travel allowances that she billed the state for days she worked from home in Wasilla.

The stimulus bill signed into law this week includes significant tax savings of up to $1,000 per year for workers who commute by mass transit.

Tax return examiners at the Internal Revenue Service often select the wrong prior or subsequent year’s tax return when looking for inconsistencies with the current tax return.

Here is some advice from the Internal Revenue Service about reporting gains and losses on tax returns:

Swiss bank UBS has worked out a deal with the Justice Department and the Securities and Exchange Commission to reveal the identities and account numbers of U.S. citizens who have been stashing their money in previously secret bank accounts.

Intuit has updated its payroll service with the latest tax changes, forms and credits to comply with the newly passed economic stimulus bill.

President Barack Obama plans to sign the stimulus bill into law in Denver on Tuesday after Congress passed the massive $787 billion bill.

Education tax credits can help offset the costs of higher education for yourself or a dependent.

How much, if any, of your Social Security benefits are taxable depends on your total income and marital status.