At more than 73,000 pages long the federal tax code hardly makes for light reading. For the average person, trying to navigate the ins and outs of tax law can feel a little like trying to find the proverbial needle in the haystack. Understanding the rules can go a long way towards minimizing your tax liability but only if you ... Read More
A Visual of Uncle Sam’s Progressing Addiction to Taxing & Spending
We recently completed an in-depth historical analysis of the United States tax collections and tax spending since 1940. The results of this analysis were alarming, to say the least. Over the past 74 years there have been significant increases in government spending and collections (taxes) on an individual basis. This upward ... Read More
IRS Eases Collections in 2012 as Result of Fresh Start Tax Program
Owing back taxes to the IRS can be an overwhelming and stressful situation, particularly if you're facing fines, penalties or liens. The IRS created the Fresh Start Program in 2011 in an effort to aid struggling taxpayers to resolve their back tax issues. The program has since been expanded, resulting in more help to taxpayers ... Read More
2012 List of the Top 60 Celebrities Owing Back Taxes
For the 4th year running, we bring to you our annual Celebrity Back Tax List. Like the past three years (2011, 2010, 2009) there was no shortage of celebrities that had run-ins with the IRS or state taxing authorities. Their tax problems or tax discrepancies could have happened because of tax documents being misplaced, ... Read More
Changes With the American Taxpayer Relief Act of 2012
After all of the hype about the Fiscal Cliff, the House passed the American Taxpayer Relief Act of 2012 (ATRA) and President Obama signed it into law. At the end of 2012 many tax provisions that were temporarily set up to keep taxes lower were set to expire. With the passage of the ATRA, many of the feared tax effects of the ... Read More
10 Tax Facts That Will Shock You
America is becoming the land of taxation even though it was founded to avoid taxation. Each year the tax code gets more and more complex in order to fund new government programs, fund existing government programs and to find an optimal taxation formula to collect the most tax revenues. With taxes rising in 2013 individuals hope ... Read More
The Fiscal Cliff Situation Investors, business owners, politicians, and the media are concerned about the so called "fiscal cliff" that is coming if lawmakers fail to act before 2013 (Fiscal Cliff tax changes). The "fiscal cliff" phrase is used to describe automatic Federal spending cuts and tax increases politicians agreed ... Read More
Potential Tax Changes Obama Plans to Implement in Second Term
President Obama plans to make a few major changes to the tax code in his second term as President of the United States. The basis of Obama's plan is to keep fighting to keep taxes for middle-class families low, simplify the tax code, and to have millionaires and billionaires pay their "fair share" in order to reduce our ... Read More
Mitt Romney Proposed Tax Changes if Elected President
Mitt Romney proposes to make the Federal tax code fairer, flatter, and simpler if he is elected President of the United States. His tax proposal has come under much scrutiny because without factoring in economic growth, limited tax deductions and closing corporate tax loopholes, his plan will cut tax revenues by trillions of ... Read More
Obama vs. Romney: Tax Plan Proposal Comparison Showdown
With the Presidential election on the horizon, Barack Obama and Mitt Romney have put forth their ideas to reform the current tax system. Both candidates have different ideas of how to achieve an optimal tax plan that is fair for US taxpayers, less complex than the current system, and fiscally sound. Below is a visual comparison ... Read More
History of the Beatles Taxman Song
Taxes are a necessity to pay for government programs in different nations, but the rates of taxation are historically a hot-button issue. In 1966, the Beatles released a song that exuded frustrations with taxation on the middle class entitled “Taxman”. The song itself was based on member George Harrison’s personal frustrations ... Read More
History of the Death and Taxes Quote by Benjamin Franklin
When tax time is looming, Benjamin Franklin’s famous quote about death and taxes is often mentioned. His “Nothing is certain except death and taxes” quote is one of the most enduring quotations from the inventor, politician, writer and founding father. However, few people really understand why the words were uttered and under ... Read More
