President Obama introduced the Making Work Pay Tax Credit in an attempt to reduce the tax burden on middle class Americans, but this tax credit is scheduled to expire at the end of 2010, attempts were made to extend but it only applies to 2010 income now. Although this tax credit essentially means that average tax payers are ... Read More
While e-filing income taxes was once considered something only a small percentage of the general population would consider, it is now becoming the normal method of filing taxes. For 2009 income tax returns filed at the start of 2010, almost 99 million people filed their federal income tax returns electronically. The number of ... Read More
Why the Richest Americans Pay the Least Amount of Taxes
On the surface, the American taxation system is progressive, meaning that those who make more money pay more in taxes. This kind of thinking stems from the belief that those at the bottom of the income ladder need the most support because they may become vulnerable if their disposable income dips below a certain level. However, ... Read More
2010 Year End Business Tax Planning: Ways to Pay Less
As a business owner, you're probably looking for ways to reduce your tax obligations. With only a couple weeks left in the 2010 tax season there are a number of legal methods you can use to reduce your 2010 taxes that you will owe. The end of the year is the perfect time to review or create a business budget. It doesn't matter ... Read More
IRS Helps Homeowners Impacted With Rotting Drywall
Homeowners experiencing property losses due to certain imported drywall installed in their homes between the years 2001 and 2009 can receive assistance from the Internal Revenue Service. The corrosive drywall is identified via a two step method published by the Consumer Product Safety Commission and the Department of Housing ... Read More
Tax Scam: Abuse of the Home Based Business
Small business owners who operate exclusively from their homes should be on the lookout for tax schemes aimed at home businesses. It is important to understand how to properly file your taxes and which deductions can be claimed to lower your tax liability. The IRS is aware that tax schemes abound and often times innocent filers ... Read More
Ever Hear of the Inflation Tax – Your Taxes Could be Raised Indirectly
There is little doubt that we are a country in trouble, despite the fact that the government may try to convince us otherwise. American consumers are finally waking up and realizing that we must pay closer attention to what is happening in our country. After seeing retirement and savings accounts almost wiped out in recent years ... Read More
Owe Taxes from 10 Years Ago? The IRS May Still Collect
There are several reasons why a person might owe the Internal Revenue Service. This may include a financial hardship that hinders your ability to pay tax liabilities or failure to file your yearly tax returns. Regardless of the cause, when you find yourself on the receiving end of an IRS collection notice you have a major ... Read More
Commonly Asked Questions and Answers about the Federal Gift Tax
If you thought the IRS rules and regulations in general were complex and hard to follow, there is one particular IRS subject that a good majority of people just do not easily understand. It concerns the laws dealing with Estates and Gift Taxes. We’ll take a look at some of the most common questions people have concerning this ... Read More
The 10 Best State Business Tax Climates by the Tax Foundation
About four times a year, the Tax Foundation publishes a paper to explore an economic issue explored by economists and scholars. The foundation is a nonprofit organization for public education and has been in existence since 1937. The 2010 version of the State Business Tax Climate Index has been released to help lawmakers, ... Read More
Understanding How the New Wealth Taxes Will Affect You
The upcoming health care reform bill passed in March 2010 included new taxes to help pay for the changes to the health care system, which is designed to expand access to reliable and quality health coverage, all while helping tens of millions of Americans pay for it. The new taxes will begin in 2013. The new wealth taxes will ... Read More
Basic Guide for Taxes on Vacation Homes
Having a vacation home is an expense few families can afford. Understand the various tax breaks and possibility of making your vacation home pay for itself by renting it out to vacationers when you're not using it yourself, and the door of owning a vacation home is suddenly opened for a much larger population. Here's what you ... Read More
