Latest Personal taxes News

Prescription drugs, lower taxes, power J&J 3Q beat

Oct. 16, 2018 10:54 AM EDT

A jump in prescription drug sales and a sharply reduced tax bill boosted Johnson & Johnson's third-quarter sales and profit, which beat Wall Street expectations. The world's biggest maker of health care products on Tuesday also slightly raised its profit forecast for the year. The New Brunswick, N.J., maker...

Liz Weston: Should you pay off mortgage before you retire?

Oct. 15, 2018 1:12 PM EDT

Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the payments can get more difficult to manage on fixed incomes. But retiring a mortgage before you retire isn't always possible. Financial planners recommend creating a Plan B to ensure...

The Latest: Utilities slowly come back in storm-hit Florida

Oct. 13, 2018 11:06 AM EDT

PANAMA CITY, Fla. (AP) — The Latest on the aftermath of Hurricane Michael (all times local): 11 a.m. Power and cellphone service is starting to be restored in parts of Florida's storm-battered Panhandle. State emergency management officials reported Saturday that nearly 264,000 customers remain without...

How big developers like Trump benefit from web of tax breaks

Oct. 4, 2018 4:42 PM EDT

WASHINGTON (AP) — Big real estate developers like Donald Trump have long benefited from a myriad of legal loopholes and breaks that can shrink their tax bills. Their advantages expanded further with the federal tax overhaul that took effect this year. Even before the new tax law, the U.S. tax code provided...

APNewsBreak: 'Alt-right' group regains IRS tax-exempt status

Oct. 4, 2018 3:45 PM EDT

COLLEGE PARK, Md. (AP) — The Internal Revenue Service has reinstated the tax-exempt status of a nonprofit operated by white nationalist Richard Spencer, who has been banned from using mainstream online platforms to raise money. Spencer's Alexandria, Virginia-based National Policy Institute Inc....

Probes of Trump taxes carry potential for millions in fines

Oct. 4, 2018 8:08 AM EDT

NEW YORK (AP) — Though President Donald Trump insists he did nothing wrong on his taxes, experts say he could be on the hook for tens of millions of dollars in civil fines if state and federal authorities substantiate a New York Times report that found he and his family cheated the IRS for decades. The...

Trump slams Times 'hit piece' on reported tax avoidance plan

Oct. 3, 2018 11:40 AM EDT

NEW YORK (AP) — President Donald Trump on Wednesday expressed outrage over a New York Times report that he received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud. Trump accused the newspaper of "doing a very old, boring and often...

NY Times: Trump got $413M from his dad, much from tax dodges

Oct. 2, 2018 10:18 PM EDT

NEW YORK (AP) — The New York Times reported Tuesday that President Donald Trump received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud. The 15,000-word Times report contradicts Trump's portrayal of himself as a self-made...

Pritzker to repay tax breaks after report calls them fraud

Oct. 2, 2018 6:24 PM EDT

SPRINGFIELD, Ill. (AP) — Illinois Democratic governor candidate J.B. Pritzker said Tuesday he will repay more than $330,000 in property tax breaks he received on a Chicago mansion after a county investigator accused him of a "scheme to defraud" taxpayers by taking toilets out to lower its value. Campaign...

House passes GOP bill to make new tax cuts permanent

Sep. 28, 2018 4:49 PM EDT

WASHINGTON (AP) — Republicans have sped legislation through the House to expand their massive new tax law, capping their session for the year as they rush out of town to face voters in the November elections. The new bill would make permanent the individual and small-business tax cuts in the law. Friday's...