Income tax

Tax

Still Haven’t Filed Your Taxes? Then Consider These 10 Tips

Get organized, don't wait until the last minute to prepare your return, and ask questions are among the top tips for taxpayers who haven't yet filed their individual income tax returns, according to the American Institute of CPAs.
Tax

Tax Returns Keep Rolling In to the IRS

The IRS noted last Thursday that, as of February 21, it has received nearly 49.6 million individual income tax returns – about one-third of the amount the nation’s tax-collection agency projected before the start of the 2014 filing season on January 31.
Tax

2014 Tax-Filing Season Off to a Roaring Start

From January 31 – the opening day of the 2014 tax-filing season – until February 7, the IRS received 27.3 million income tax returns, up 2.5 percent from the 26.9 million returns it collected around the same time last year, the agency reported today.
Tax

Illegal but Taxable: Medical Marijuana Farming

Under federal law, income from growing medical marijuana is ill-gotten gain. It is, however, taxable, as is all income. In some states, growing cannabis is legal for medical purposes and in Colorado, it's legal – period.
Tax

Boxer Manny Pacquiao Now Cornered by Two Tax Opponents

Boxer Manny Pacquiao had enough troubles holding off the tax authorities in his Filipino homeland. The BIR of the Republic of Philippines said he owed an enormous tax bill relating to income he earned fighting US matches in 2008 and 2009.
Tax

With NFL Season Kickoff, Players Look to Cut Tax

UPDATE: Our recent article listed what NFL players can deduct on their taxes, and two of those deductions are making headlines in sports news this week: fines for personal behavior and rookie hazing expenses.
Tax

Can You Afford Free? Taxes Spoil the Game Show Win

You've seen game shows where contestants hop around the stage excited beyond belief at the possibility of winning cash and prizes. What you don't see, according to some of the winners, is when the other shoe drops. That is, the tax shoe – and it drops fast.
Tax

Messi Pays Tax in Full, Ahead of 9/17 Court Date

Spanish soccer star Lionel Messi and his father, Jorge Horacio Messi, protested their innocence when authorities accused them of filing false tax returns last June. Still, they agreed to pay additional taxes to settle the government's claims against them.
Tax

Large Chunk of Taxes Taken from Mickelson's UK Winnings

Phil Mickelson recently had about as perfect a two weeks in the United Kingdom as any professional golfer could hope for. Unfortunately for him, approximately 61 percent of his winnings will go to taxes.
Tax

Will Taxes Affect Dwight Howard's 'Decision?'

UPDATE: Did Taxes Push Howard to the Houston Rockets? On July13, the Houston Rockets will hold a press conference to announce free agent Dwight Howard has decided to join their ranks.
Tax

Supreme Court Ruling on DOMA: Sudden Tax Impact

The Supreme Court's landmark decision striking down the Defense of Marriage Act (DOMA) will have far-reaching implications on many fronts. In particular, you may be scrambling to figure out the resulting tax impact under federal and state laws.
Tax

Sinbad's Mountain of Tax Debt: It Ain't So Funny

For comedian Sinbad, life hasn't been all that fun for the last several years. Right now he's in debt to the tune of nearly $11 million. Of this amount, more than $8 million is owed to the IRS and another $2.3 million to the state of California.
Tax

Mary J. Blige Is Singing the Taxman Blues

She's a nine-time Grammy winner and a phenomenally successful R&B singer. But for reasons that aren't apparent, Mary J. Blige and her husband, Martin Isaacs, are buried in tax and financial troubles.
Tax

Sergio Garcia and Retief Goosen Tax Cases: Double Bogey for IRS

Athletic stars with big personalities and untarnished images can make far more by lending those images to major companies than they can by performing well at their chosen sports. But how is endorsement income taxed?
Tax

Beyoncé's Father and Former Manager under Heavy Tax Debt

Matthew Knowles, music executive, television producer, father, and former manager of Beyoncé Knowles, is into the IRS for more than $1.2 million. The tax debt relates to income earned in 2010 and 2011, the same years he managed his daughter's career.
Tax

Rapper Ja Rule's Tax Evasion Time Served, Mostly

Rapper Ja Rule spent the last nearly two years in prison at Ray Brook Correctional Facility in upstate New York on charges that included illegal gun possession and tax evasion. Now he'll finish his sentence on home confinement.
Tax

California Keeps the Kings and Millions in Tax $$

UPDATE: The battle with Seattle is over. For twenty-seven months, a group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer have pursued the Sacramento Kings, hoping to move them north to become the Seattle SuperSonics. But on May 15, the NBA Board of Governors voted down the sale.
Tax

2013 NFL Draft: Who's #1 . . . After Income Taxes?

Nobody wants to come in second instead of first. But depending on how the pieces of the tax puzzle fit together, second place could be a lot more profitable. Take a look at this recent scenario in which the number two draft choice netted well over a quarter million dollars more than the number one.
Tax

Pew Survey: One-Third of Americans Like Doing Their Taxes

While many people believe doing their income taxes is a hassle, a recent survey from the Pew Research Center shows that a good portion of Americans don’t mind the process.
Tax

Which Sports Team Is Less "Taxing" for Free Agents?

UPDATE: In a trade announced this week, Florida scooped up another NFL superstar. The New York Jets traded star cornerback Darrelle Revis to the Tampa Bay Bucs. After the trade, Revis signed a six-year, $96 million contract, with no guaranteed money.

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