Last year, millions of Americans received unemployment checks. Which makes for millions of people with some tax-free income. Congress made the first $2,400 of unemployment benefits exempt from federal income tax for last year.
President Barack Obama's push to create jobs includes a new tax credit for small businesses that add employees, an idea that has appeal as the nation struggles with an unemployment rate topping 10 percent.
Previewing key elements of his State of the Union address, President Barack Obama is announcing on Monday a series of initiatives aimed at calming some of the economic fears of struggling middle class families.
Millions of Americans may look back on 2009 as the year they froze like deer in headlights – and made money by standing still. Since the market bottomed out in March, some who sat on their hands have done surprisingly well. As of today, an investor with all her stocks in an S&P 500 index fund would be up a healthy 20 percent for the year – and more than 60 percent since March.
The Internal Revenue Service for the first time will require the nation's approximately 1 million tax preparers to register with the federal government, with a large percentage of them having to pass competency tests and stay up-to-date on tax laws by taking 15 hours of classes a year.
Christmas on ... Independence Day? Determined to avoid a repeat performance of last year’s lackluster sales, retailers have moved up “Christmas creep” even earlier than usual, stocking shelves with gifts during the summer months.
Picture a muscled bully snatching candy from a skinny kid. That, according to aggrieved entrepreneurs at the American Small Business League, is what’s going on in federal government contracting – where big conglomerates are grabbing almost $60 billion a year that’s supposed to be going to small businesses.
Wilma Erwin is fuming. Despite an 18-year track record of paying her bills on time, the retired principal got a notice April 15 from Discover Card that her card's 10.99 percent rate will jump to 15.24 percent.