We're thrilled to present this smart LearnVest story here on Savvy! It’s the word that strikes fear into people everywhere: audit. And audits are up . . . well, at least for some prominent groups of people. In 2011, one in eight of the country’s millionaires were audited, a rate not seen since 2004. Similarly, audits were up for those making $200,000 a year or more — one in 25 of whom were Read more

Now that the year is quickly winding down, you might find yourself with countless to-dos to tackle. Make sure you remember to put some of these tax chores on your list. Kathy Pickering, the executive director of The Tax Institute at H&R Block, shared a couple of smart moves every savvy taxpayer should make before the end of 2011. Offset capital gains with capital losses: "It has been a Read more

For all you tax procrastinators, the Oct. 17 deadline is coming up for those who requested a tax filing extension. The deadline is two days later because Oct. 15 falls on a Saturday. You must file by Oct. 17 if you want to avoid penalties and added interest. This means by midnight if you're filing electronically, and if you're going the snail mail route, you need to postmark your envelope by Read more

You may love spoiling your significant other with gifts, but remember, Uncle Sam is watching. Of course, to be taxed on these gifts, you need to be spending quite a lot on your love. Here's what you'll need to know before filing a gift tax form, according to the IRS: When you gift away $13,000 in cash or gifts to someone you're not married to, you need to file the Form 709. You won't be taxed Read more

The White House is proposing a new tax rate for the wealthy — those earning more than $1 million will have to pay, at the very least, the same percentage of taxes as middle-income Americans are paying. It's called the Buffett Rule, and it's part of the debt reduction plan President Obama proposed today, which aims to reduce the federal deficit by $3 trillion in the next 10 years. However, there Read more

In an op-ed piece in The New York Times today, billionaire philanthropist Warren Buffett eloquently advocated his belief that the superwealthy should be taxed more and that the government should quit "coddling" them. Here's an excerpt: Our leaders have asked for "shared sacrifice." But when they did the asking, they spared me. I checked with my megarich friends to learn what pain they were Read more

Just because you're the president, it doesn't mean you get to skip out on taxes! The White House recently released a copy of President Obama's tax return, which gives a little insight into the head of state. Here's what I gleaned from them: He diversifies his income. Although he's making $400,000 as the president, most of his income actually comes from his books. However, sales have been Read more

We're thrilled to present this smart LearnVest story here on Savvy! Tax season officially end[ed Monday] at midnight. Care to join us for a celebratory cocktail? OK, maybe you’re still planning to run to the post office tonight (if so, check out our last-minute tips). But if your return is already filed, grab that martini and treat yourself to a massage. No matter how many times we do it, tax Read more