Tax Law News - Law and Daily Life
Law & Daily Life - The FindLaw Life, Family and Workplace Law Blog

Recently in Tax Law Category

First, the bad news: the filing deadline for your 2015 was three days ago. Now, the good news: all is not lost. You have options, even if you're filing late, and the IRS won't be banging down your door. (Yet. Hopefully.) And there may even be a way to avoid late filing penalties and fees.

Here's what you need to know about filing your taxes late:

What Is a Tax Haven?

Edward Snowden called it the "biggest leak in the history of data journalism" -- over 11 million documents, collectively called "The Panama Papers," detailing how companies, government officials and their families, and even some heads of state hide money in tax havens and offshore accounts to avoid detection and taxation.

So what is a tax haven, and how does it actually work?

You gathered up all your W-2s, expense receipts, and other tax documents and handed them over to your accountant. Now you're looking at an IRS audit and possible fines for filing improperly, late, or not at all.

If your tax accountant screwed up, are you on the hook for their mistakes? And if so, do you have any legal recourse?

Deductions, withholdings, credits, dependents -- it's enough to make a non-CPA's head spin. The tax filing deadline is fast approaching, meaning you still have time to make, and hopefully fix, some of the worst mistakes when preparing your taxes.

So before click "File" online or throw that overstuffed envelope in the mail to the IRS, make sure you didn't make one of these common tax filing errors:

Living on Farmland? Cut Your Property Taxes

Spring is almost here and that is very exciting indeed. No doubt we're all ready for a little warm weather and more light. But spring brings more than a new season. It's also tax time.

This is a time of year when you should be looking for ways to pay the least possible while following the rules. To do this, we seek credits on all different kids of taxes based on who we are and what we do. If you are on farmland, you may find that tax time brings pleasant surprises. Rules vary from state to state but there are certainly places where you can get property tax breaks for farming, according to Hobby Farms.

The stereotypical retiree moves south for better weather and a more relaxed lifestyle. (Picture couples playing shuffleboard in Fort Lauderdale.) But there might be some better reasons to change states after you retire.

Some states are known for having more friendly tax laws for retirees. So where should you take your shuffleboard skills and your IRA? Here are a few suggestions:

Can I Dispute My Property Taxes?

Your home is your castle but you'd rather it didn't actually cost as much as one. So you're wondering whether you can dispute your property taxes. Good news! You can.

But beware mixed blessings: unless the assessment is erroneous, a successful reduction in your taxes will mean revealing flaws. Your property tax is based on relative value, meaning other homes in the area, and specifics, such as your home's size, condition, features, defects, and more. Let's look at different bases for challenging an assessment.

Tax Tips for Single Parents

Raising kids on your own is not easy and you need a break. Luckily, you may just get one ... or a tax break at least.

Tax experts say that the key to getting the proper credits on your taxes is not the divorce decree but reality. Although you may not be the official custodial parent, if your kids sleep under your roof for more than six months of the year, you can claim them as dependents. And here are a few more tax tips for single parents.

Haven't Filed Taxes in Years? Here's What to Do

Plenty of people have tax problems, rich and poor, and many people, no matter how much money they have, take a similar approach. They ignore the problems for as long as possible.

So if you are one of these people, you have company. But you should address your issues and the Internal Revenue Service is certainly willing to accept late filings.

Last June, the Supreme Court ruled that same-sex couples have the fundamental right to marry. This was great news for same-sex couples in states that previously prohibited gay marriage, or those that were already married but living in a state that refused to recognized same-sex marriages performed elsewhere. This means that no state can prohibit same-sex marriage (although some keep trying), and every state must recognize legal marriages no matter where the ceremony was performed.

And while the federal government has given tax breaks to married gay couples for a few years now, all states must follow suit, and some states (mostly those that banned gay marriage previously) are playing catch-up.