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The tax overhaul recently passed by Congress has a lot of changes in store for 2018, but one in particular may have a big effect on people's 2017 tax returns. The new tax bill will cap what federal taxpayers are allowed to deduct for state and local taxes at $10,000, sending some forward-thinking homeowners to their municipal tax offices in an attempt to prepay their 2018 property taxes in 2017 in order to maximize their deduction.

But will it work?

As we warned three years ago, the IRS considers Bitcoin and other digital currencies to be property for taxation purposes. Meaning buyers, sellers, and traders of virtual currencies may need to pay real taxes on those transactions.

If you haven't been reporting those gains or losses on tour tax returns, you might be in for a rude awakening come April. The IRS just gained access to information on over 10,000 users of Coinbase, a digital currency exchange.

Call it a popular tax break you didn't know you might lose, or a divorce penalty, but the new tax bill could include some bad news for those paying alimony. The GOP plan released last week contains a slew of changes to the tax code, many that might not make the headlines, but that still make a big difference to a lot of people's finances.

One of those proposed changes would be removing spousal support or alimony as a deductible expense. What does that mean for divorced couples? Here's a look.

You just got done filing your taxes (hopefully), so the last thing you're probably thinking about is filing them next year. But if President Donald Trump has anything to say about it, your tax filing in 2018 may look a lot different than your 2016 filing.

The Trump administration unveiled a dramatic overhaul of the nation's tax code today, including lowering the rates for some individuals and businesses and eliminating some state and local tax breaks. What will that mean for you? And what could the changes mean long-term?

If you're coupling your latest tax filing with a little spring cleaning, you may be tempted to put the whole year behind you and toss everything. After all, your return is filed and you don't need all these receipts and forms cluttering your home or office for another 365 days, right?

Well, as nice as it would be to ditch it all and rely on electronic records, there may be some hard copy documents you'll want to keep around, just in case. Here are some of the documents you'll want to save for tax and financial reasons.

The Internal Revenue Service announced last week that it would turn to private debt collection companies to recover years-old tax debt, and not for the first time. The IRS stopped using private debt collectors in 2009 after studies showed a three-year program had little success and government employees were better suited to handle the process.

So why go back now? And what do those who might owe a few bucks in back taxes need to know?

Safe deposit boxes can provide individuals with confidence that important documents and valuable or prized possessions will be kept safe from loss, accidental destruction, and theft. However, courts do have the authority to issue an order requiring a bank to freeze, or open, a person’s safe deposit box.

When it comes to collecting delinquent unpaid taxes, the IRS has quite a bit of leeway, but cannot act to seize assets without court approval, or other particular circumstances being met. In addition to freezing accounts, levying accounts, garnishing wages, and seizing assets, the IRS can get a court order to freeze and seize or force a sale of the contents of a safe deposit box to satisfy a tax debt or penalty.

Top 10 Tax Law Questions

If Christmas is the most wonderful time of the year, Tax Season is the most less-wonderful and slightly stressful time of the year. And unless you've got a big return coming, you're probably delaying your tax filing as long as possible.

But there can be some advantages to procrastination -- you can get some of your biggest tax law questions answered before you file. Here they are:

Divorce season is upon us. And tax season is right behind. And if you thought extricating yourself from your marriage was tricky, just wait until you have to file your tax return, both this year and next.

Tax filings can bring out the worst in all of us, but filing taxes with an ex can be even more of a headache. So here are six quick tips for filing your taxes after a divorce.

Late fees. Fines. Wage garnishment. Even prison time. There are plenty of well-known penalties for failing to pay your federal income taxes. Add losing your passport to the list.

If you are seriously delinquent tax debt, the IRS can now report that debt to the State Department, who can in turn either revoke your passport or refuse to issue you one. So what kind of debt classifies as "seriously delinquent"? And how long before the IRS clips your international travel wings?