First Quarter of 2013 Underpayment and Overpayment Interest Rates
On November 30, 2012, the IRS announced that the underpayment and overpayment interest rates will remain the same for the calendar quarter beginning January [...]
Taxability of Grants and Fellowship Amounts
With the cost of higher education sky-rocketing, it may make financial sense for students and families to consider grants and fellowships. But what about [...]
Taxation of Prizes and Awards
A lot of taxpayers are still unaware that awards and prizes may be potentially subject to U.S. federal income taxation. In general, prizes and [...]
Social Security Wage Base Increase in Tax Year 2012
In November of 2011, the Social Security Administration announced that the wage base (also known as “contribution and benefit base”) used for computing the [...]
Making Work Pay Credit
Making Work Pay Tax Credit is a refundable tax credit of available to many taxpayers in the tax year 2010. The credit is up [...]