Tax Return | featured news

President Barack Obama and his family paid more than $160,000 in federal taxes last year on earnings of $789,674, the White House said Friday. The president's 2011 federal income tax return shows that about half of the first family's income is the president's salary. The rest comes from sales of Obama's books.

A U.S. government crackdown on suspected identity thieves filing false tax returns stopped $1.4 billion in bad refunds from being sent out in calendar 2011, the tax-collecting Internal Revenue Service said on Tuesday.

Former House Speaker Newt Gingrich beat his main GOP presidential rival, Mitt Romney, to the punch by releasing his most recent tax return. But Gingrich still hasn't revealed how he earned most of his $3.1 million.

The Internal Revenue Service has announced that it has now passed the one billion mark for individual tax returns processed through its electronic filing (or e-filing) program.

A federal shutdown looming Friday would stop processing of paper income tax filings to the IRS – at the height of tax season – and throw into question how cargo will be processed at the nation’s ports of entry and whether new claims for Social Security benefits will be authorized.

Tax documents show unwed mother Bristol Palin earned more than $262,000 for her role helping raise awareness for teen pregnancy prevention in 2009.

Life Inc.: The Internal Revenue Service said this week that it may have as much as $1.1 billion in refunds for people who did not file a tax return in 2007.

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President Barack Obama and first lady Michelle Obama made $5.5 million in income in 2009 and paid $1.79 million in federal taxes, according to income tax returns released Thursday.

Tax time is annoying and pressure-filled enough when your return is 100% accurate. Make a few mistakes, however, and April can quickly devolve into a nightmarish ordeal.