Tobacco taxes have a long history in the United States, dating all the way back to the early years of the formation of the country. Since that time, cigarette and tobacco taxes have continued to provide a significant amount of revenue for local, state and federal government. The taxes are also typically supported by public ... Read More
Tax News
Tax Brackets & Tax Tables for 2012
The 2011 tax season is long gone, and the majority of Americans have already filed their information to the IRS. Although this is out of the way, you should start preparing yourself for the 2012 tax season. Knowing which bracket you fall under determines your 2012 tax rates. The rates are the same for both single and married ... Read More
Top Tax Scams to Be Aware of in 2012
Every year, the IRS releases its “Dirty Dozen” list of tax scams in an effort to warn taxpayers about individuals or groups who may be promoting fraudulent schemes that promise free money to those who participate. These scams can leave unsuspecting individuals on the hook for penalties, interest and possible criminal prosecution ... Read More
The IRS Makes Changes Again to Help Taxpayers Who Are Struggling
The IRS created its Fresh Start Program last year in February with a goal of providing relief to struggling taxpayers during these tough economic times. The IRS wants to help taxpayers facing financial difficulties get a "fresh start" or get back on their feet. Last year, we reported on the Fresh Start IRS program with the IRS ... Read More
Mitt Romney & Ron Paul: Historic Overview of Their Views on Taxes
Because taxes can significantly impact the economy by changing the cash flow available to both individuals and businesses, a presidential candidate's view on taxes has become an increasingly hot topic during the past several election seasons. Each presidential candidate's view on tax policy is different. Some candidates weigh ... Read More
Mitt Romney released his tax returns on January 24th, 2012. His 2010 earnings showed $21.7 million in income with an effective tax rate of just 14%. Newt Gingrich shared his tax return last week and his tax rate came in around 31%. Why is Romney's Tax Rate so low? Unlike Newt, Romney's income mostly comes from dividends that ... Read More
Newt Gingrich Shares His 2010 Tax Returns
Newt Gingrich shared his 2010 tax returns on his website on January 19th, 2012. Newt and his wife, Callista, filed a joint tax return with an adjusted gross income of $3.14 million. They paid a total of $994,708 in income taxes. According to the tax returns, Callista was paid $191,827 in W-2 wages in 2010 and Newt received $2.5 ... Read More
Actress Lindsay Lohan Hit with $90K IRS Tax Lien
As if Lindsay Lohan hasn't had enough negative publicity lately, she has now been hit with an IRS tax lien. According to official documents filed in Los Angeles County, the actress failed to pay $93,701.57 in federal income taxes back in 2009. Sources for Lohan told TMZ that the 25-year-old had no knowledge of her outstanding ... Read More
Paying Double on a Tax Lien Ain’t a Thang for Jermaine Dupri
Record producer, songwriter and rapper Jermaine Dupri (also known as "JD") has finally paid off his back taxes from 2007 - but at a cost nearly twice the amount of the initial tax lien filed against him, according to TMZ. JD's original tax bill totaled $254,782.64. However, Georgia records show that late fees, penalties and ... Read More
IRS Files Tax Liens Against Santana Moss, Albert Pujols
The IRS has filed a $258,017 tax lien against Redskins wideout Santana Moss. The lien comes as a result of more than $250k in taxes the 11-year NFL veteran neglected to pay back in 2006, despite his earning more than $1.9 million that year. The Detroit News reports that the tax lien was filed against Moss’s $5.2 million ... Read More
Filing and Penalty Relief for 2010 Estates Being Offered by IRS
The Internal Revenue Service (IRS) has announced that large estates of those who passed away in 2010 will be given until early 2012 to file required returns and pay estate taxes. Additionally, the IRS is offering penalty relief to beneficiaries on 2010 income tax returns. With this decision, large estates, those with a value of ... Read More
America’s Got Talent $1 Million Prize – How Much After Taxes?
One million dollars! Its a sexy number. $1,000,000. It's nice to look at. It's fun to say. America is gearing up to crown its latest member to the esteemed millionaire club on the Wednesday night season finale of America's Got Talent. That is, if we are to believe what the promotions are telling us. But what about taxes? How ... Read More