New York (CNNMoney) - After notching a major civil rights victory this week, some same-sex couples need to brace for a less exciting outcome: a tax hit known as the marriage penalty.
On Wednesday the Supreme Court shot down the Defense of Marriage Act, making it possible for same-sex couples who are married at the state level to access more than 1,000 federal benefits that were previously reserved for opposite-sex couples - including the ability to file their federal taxes jointly or "married filing separately."FULL STORY
New York (CNNMoney) - Even though the federal government doesn't recognize same-sex marriage, the Department of Education won't let this stance impact its financial aid decisions any longer.
Starting with the 2014-2015 Free Application for Federal Student Aid (FAFSA), the form college students use to apply for federal financial aid, the department will use income and financial information from both same-sex parents to determine aid eligibility.FULL STORY
New York (CNNMoney) – Thanks to the government's spending cuts, you may have a smaller chance of being audited this year.
The cuts, known as the sequester, will wipe $600 million from the IRS's budget this year, forcing the agency's nearly 100,000 employees to be furloughed without pay for up to seven days.
NEW YORK (CNNMoney) – As Congress struggles to avert the fiscal cliff and its tax increases, financial planners are being peppered with questions from confused, worried or angry clients.
Their advice: Prepare for the worst but don't panic.FULL STORY
New York (CNNMoney) – The payroll tax cut that boosted paychecks for millions of working Americans over the past two years may be on the brink of extinction.
As Republicans and Democrats search for a plan to avert a fiscal cliff, it's looking more likely that the payroll tax holiday introduced under President Obama in 2010 won't be extended. Should this benefit expire, 125 million households would see their paychecks shrink, the Tax Policy Center estimates.FULL STORY
(CNNMoney) - As the countdown to a fiscal cliff reaches its final days, four key tax breaks for parents are hanging in the balance.
Lawmakers and President Obama continue to butt heads about which tax cuts should be extended. And unless a deal is inked by the end of the year, the Child Tax Credit, Earned Income Tax Credit, Child and Dependent Care Credit and the American Opportunity Credit will revert to lower levels on Jan. 1.FULL STORY
New York (CNNMoney) – The state unemployment picture worsened last month, with jobless rates creeping higher in 44 states, according to a government report released Friday.
Only two states and the District of Columbia saw unemployment rates edge lower in July, while four states saw no change in rates, according to the Labor Department's monthly report on state unemployment.FULL STORY
New York (CNNMoney) - Advocates are hopeful that President Obama's decision to support same-sex marriage will bring gay couples one step closer to equal treatment on taxes, Social Security and other important financial matters.
Obama said in an interview Wednesday on ABC News that his views on gay marriage have evolved, and that he now supports marriage equality for same-sex couples.FULL STORY
New York (CNNMoney) - Like millions of other Americans, Mitt Romney isn't going to be ready to file his taxes on time this year.
The former Massachusetts governor and his wife Ann filed for an extension for their 2011 taxes, according to tax forms released by the Romney campaign on Friday.FULL STORY
New York (CNNMoney) - Newt Gingrich wants to build a permanent colony on the moon and, if his dream is fully realized, the price tag could be huge.
The Republican presidential candidate has repeatedly defended his goal to establish a "permanent lunar colony on the moon" by the end of his second-term as president - if he is elected. Gingrich said he wants to eventually turn the moon into a bustling tourist destination, and hopes to use it for commercial purposes, including science and manufacturing.FULL STORY