Benjamin Franklin was ruminating on the future of our fledgling democracy — not griping about the IRS — when he wrote the oft-quoted phrase that nothing is certain except death and taxes. As wise as he was, though, there's no way Franklin could have foreseen how thoroughly, as well as certainly, the federal income tax would affect future generations of citizens.
The voluminous Internal Revenue Code now reaches into nearly every nook and cranny of our lives, from cradle to grave. A newborn brings tax breaks to his or her parents; death brings a series of tax repercussions; and the IRS has something to say about almost everything in between. The tax bill you owe each spring is based on the working, saving, investing, spending, business and other personal decisions you make during the year.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
-
GM Stock Accelerates After Earnings BeatGeneral Motors beat expectations for the first quarter and raised its outlook for the year. Here's what you need to know.
-
Georgia Has a New Income Tax Rate for 2024Tax Cuts Georgians now have a tax package containing income tax cuts, childcare relief, and potential property tax caps.
-
IRS Announces Florida Tax Relief Following Hurricane IdaliaTax Deadline In response to the severe damage caused by Hurricane Idalia, the IRS has extended tax deadlines for affected Floridians.
-
Warning: Watch Out for New IRS Refund Mail ScamTax Scams If you receive a cardboard envelope appearing to be from the IRS about an unclaimed tax refund, be cautious. It’s a new scam.
-
Your Frequently Asked Tax Questions Answered: Kiplinger Tax LetterKiplinger Tax Letter The Kiplinger Tax Letter receives a lot of reader tax questions and its editor, Joy Taylor answers a selection of them.
-
Supreme Court: Yes, the IRS Can Secretly Obtain Your Bank RecordsThe Supreme Court has sided with the IRS in a case that involves owing the IRS money, taxpayer privacy, and notice.
-
IRS Processing Improvements Could Bring Faster Tax RefundsIRS An IRS paperless processing initiative and other service and technology improvements mean taxpayers could see faster tax refunds next year and beyond.
-
Supreme Court to Decide if IRS Can Secretly Obtain Bank Records
Among other high-profile issues, the Supreme Court is considering a case involving taxpayer privacy and the IRS.
-
IRS Says File By July 17 for $1.5 Billion in Unclaimed Tax RefundsUnclaimed tax refunds from 2019 are waiting for millions of people who might not know it – but only if they file the pandemic-era tax return soon. Are you one of them?
-
IRS $80 Billion Plan Targets Taxpayer Compliance, Improved ServiceThe IRS unveiled its much-anticipated strategic operating plan detailing how the agency will spend $80 billion in funding allocated over 10 years under the Inflation Reduction Act.
