CHICAGO, July 24- A law aimed at shoring up two of Chicago's financially shaky public worker retirement systems violates pension protections in the Illinois constitution, a judge ruled on Friday. Pension payments are devouring bigger chunks of budgets for Illinois and Chicago and both face crippling spending cuts or big tax increases if those payments are...» Read More
Personal income taxes are likely to rise as lawmakers grapple with the country’s deficit. That's why some investors are opting for Roth IRAs and betting on paying a lower tax rate now. Not so fast, experts say.
You don’t have to be Warren Buffett to leave money to your family in trusts. There are tools to assist those with even modest wealth to reduce tax exposure, and protect and transfer assets.
If you're weary of focusing on holiday gifts and company parties, you may want to give some attention to another end-of-year ritual: tax-planning.
If a politician in the 2012 election is looking for a way into many a voter's heart, there may be no easier way than to propose a repeal of the alternative minimum tax. But both major parties seem anxious to avoid the issue.
Withdrawing money from a retirement account can carry a high price. Besides jeopardizing long-term savings, withdrawals can incur a 10 percent penalty. Still, if you’re in a financial pinch there are some options for cracking your nest egg that are better than others.
Accountant Paul Etzler says that with a little planning now, business owners can ensure they take advantage of all of the appropriate deductions and credits for the 2011 tax year. Here are his seven tax tips.
Fans of rock groups can get a little testy when their heroes display a less than straightforward attitude to their tax affairs. The latest victim of this is U2, one of the world’s biggest stadium rock bands, which will face protests during its high-profile set at Glastonbury this year.
Cutbacks in public services in New York are the result of lower state and federal investment in the city, rather than lower corporate tax revenues from Wall Street, mayoral aides said on Thursday.
The United States may soon wind up with a distinction that makes business leaders cringe — the highest corporate tax rate in the world, the New York Times reports.
The Obama administration is preparing to inject an unpredictable new variable into its economic policy clash with Republicans: a plan to overhaul corporate taxes.
It's inevitable that people make mistakes. We're only human, after all. But if you make a mistake on your annual tax return, it can you time and money. Here's how to avoid the most common, costly mistakes.
There are just a few weeks until tax returns are due. Make sure you don't miss tax moves regarding your individual retirement accounts that could potentially reduce your tax bill.