Taxes | featured news

Senior lawmakers said on Sunday they were optimistic about striking a deal to extend Bush-era tax cuts for all taxpayers and continue emergency jobless aid for millions of long-term unemployed Americans.

$60 Billion: The approximate amount that extending the Bush tax cuts on income above $250,000 a year — which Congress seems on the verge of doing — will cost a year, in inflation-adjusted terms. On average, the affluent households that benefit from these cuts will save $25,000 annually. What else might that $60 billion a year buy?

Actor Wesley Snipes is asking the federal judge who ordered him to report to prison by Dec. 9th, to let him put off the start of his three year sentence on tax charges until Jan. 6th. In an “Emergency Motion To Stay Self Surrender” filed Friday, Snipes argues that as the father of four children, aged 4 to 9, he shouldn’t be forced to turn himself in “in the middle of the holiday season.”

Republicans in the Senate on Saturday blocked Democratic legislation that would renew low tax rates for individuals' income up to $200,000 and families' income up to $250,000, letting them rise for the wealthiest.

Actor Wesley Snipes was ordered Wednesday to voluntarily surrender at a federal prison in Pennsylvania next week to start his three-year sentence for failing to pay taxes.

Attorneys for Wesley Snipes are asking a judge to extend the actor's bail as he prepares for a possible appeal of his three-year prison sentence for a tax conviction.

Wesley Snipes was ordered on Friday to start serving a three-year prison sentence for a felony tax conviction after a Florida judge rejected his bid for a new trial.

Playing upon a different court, Los Angeles Lakers basketball forward Lamar Odom has sued the Internal Revenue Service, which said he couldn’t take tax deductions for $12,000 in sports fines and another $178,000 spent getting himself in shape.

Suppose that wife does not work in 2010, or that she works but has enough income tax withheld and remitted to taxing authorities to cover income tax on here income. Husband, on the other hand, has $400,000 of self-employment income in 2010. Having paid no estimated taxes, husband now owes $160,000 in Federal and State taxes on his income.

Don't look for tax forms and instructions in your mailbox next year. The Internal Revenue Service has decided to stop mailing them because so many people now file electronically.