Topics: Taxation - 55 results

Legendary songstress Dionne Warwick on Mar. 21 filed for bankruptcy in federal court in New Jersey, where she lives, hoping to end a decades-old battle with the Internal Revenue Service over her tax debt.   No Other Choice Warwick is reportedly blaming a former manager for “negligent and gross financial mismanagement” resulting in the tax mix-up that left her $10.2 million in the hole with the IRS and the State of California. Over the years, the singer was paying off …

Lawyers.com reported on Mary J. Blige’s tax troubles, as the state of New Jersey has filed a $900,000 lien against her home. But you can stay out of trouble and possibly even save money by knowing tax laws. The TurboTax infographic below shows 10 strange but legitimate ways to possibly reduce your federal taxes. Your child’s taking clarinet lessons, your quitting smoking and moving family pets are some of the interesting but little known deductions that might save you money …

Mary J. Blige’s financial woes deepened in mid-February when the state of New Jersey reportedly filed a $900,000 lien against her New Jersey home. While most people don’t own homes worth that much, Blige’s case is a reminder of what can happen when income taxes go unpaid.   Mansion Targeted The singer has been in hot financial water for some time, with two banks having already sued her for defaulting on loans worth about $511,000 and $2.2 million, and a …

At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top 1 percent of taxpayers will bear the biggest burden, the new law will affect most U.S. families in one way or another.   Income Tax Brackets Rates will increase for only the highest income tax bracket, increasing from 35 percent to 39.6 percent. These changes apply only to individuals …

After the close of another year, income taxes of course come to mind. While it’s clear we have to pay tax on our income, there are plenty of provisions in the tax code that require federal taxes to be paid on things you may not normally think of. As you’re gathering your forms and preparing to submit your returns, consider the following checklist of surprises, groaners, and ironies.   Unemployment Benefits It’s ironic but true – you have to pay …