Latest Personal taxes News

Beshear files for governor, urges opponents to release taxes

Jan. 15, 2019 8:57 PM EST

FRANKFORT, Ky. (AP) — Kentucky Attorney General Andy Beshear has officially filed to run for governor, calling on his Democratic opponents to release their tax returns ahead of the primary on May 21. Beshear is the second Democrat to file for the race, joining former state employee Geoff Young. Two other...

The IRS is recalling 46,000 workers to handle tax returns

Jan. 15, 2019 7:30 PM EST

WASHINGTON (AP) — The Internal Revenue Service is recalling about 46,000 of its employees furloughed by the government shutdown — nearly 60 percent of its workforce — to handle tax returns and pay out refunds. The employees won't be paid during the shutdown. With the official start of the tax...

Small business tax deduction has CPAs scratching their heads

Jan. 9, 2019 12:59 PM EST

NEW YORK (AP) — Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes. Five months after the IRS issued guidelines to help business owners and tax advisers understand how...

Administration: Government shutdown won't delay tax refunds

Jan. 7, 2019 9:00 PM EST

WASHINGTON (AP) — Taxpayers who are owed refunds will be paid on time, despite the government shutdown that has closed many federal agencies, a Trump administration official said Monday as concern mounted over the risk that the payments could be delayed. The acting director of the White House budget...

Liz Weston: 3 money tasks you need to do right now

Jan. 7, 2019 2:03 PM EST

Most financial to-do lists focus on what you need to get done by Dec. 31, but there's also a brief window early in the new year to save yourself some significant cash. Here are three tasks to consider doing now: 1. AVOID TAX PENALTIES If you live in a high-tax area, have a bunch of children or otherwise take a...

House Dems urge sweeping reforms to boost voting, ethics

Jan. 4, 2019 1:27 PM EST

WASHINGTON (AP) — House Democrats on Friday unveiled a comprehensive elections and ethics reform package that targets what they call a "culture of corruption in Washington" and aims to reduce the role of money in politics. The bill, among the first to be considered as Democrats take control of the House...

Liz Weston: It's time to fix Social Security's tax burden

Dec. 24, 2018 8:43 AM EST

People on Social Security need a tax break. The rest of us need to make sure they get it — for everyone's sake. When Congress made Social Security benefits taxable in 1983, lawmakers didn't index the tax thresholds to inflation. They "forgot" inflation again when adding a second layer of taxation in 1993....

Group backing private Medicare is funded by insurance giants

Dec. 21, 2018 4:16 PM EST

WASHINGTON (AP) — A group gaining influence in Washington as a champion for Medicare beneficiaries is bankrolled by major health insurance companies that are trying to cash in on private coverage offered through the federal health insurance program. The Better Medicare Alliance claims a far-flung network...

Appeals court agrees to hear case involving Trump DC hotel

Dec. 20, 2018 10:53 PM EST

WASHINGTON (AP) — A federal appeals court agreed Thursday to take up a case accusing Donald Trump of profiting off the presidency in violation of the U.S. Constitution, giving the president's legal team its first major victory in the case. The order issued by the U.S. Court of Appeals for the Fourth...

Greece is recovering but its taxpayers face years of pain

Dec. 20, 2018 10:23 AM EST

ATHENS, Greece (AP) — Greece is finally recovering from a fiscal crisis that stretched on for years. But for many taxpayers, the anguish is far from over. With a 350 billion euro ($400 million) bill still to pay after eight years of international bailouts, the country's tax office is resorting to...