Have you heard of conservation easements? Donating them to charities can be an effective way for high net-worth individuals to lower their federal income taxes, but missteps will likely bring IRS scrutiny. Here's what you need to know to ensure you're complying with the latest rules.

What does the term "fair tax" mean, and how would a fair tax system affect you? This election season, you might hear some candidates pushing to revamp the current federal or state tax system to one that's based on consumption. However, there's some confusion about what this concept means. Here's a quick rundown on how these proposals might play out.