2010 was an eventful year, especially for celebrities with tax problems. Like in 2009, 2010 had just as many celebrities who had run-ins with the tax authorities. Some celebs paid their liabilitys, where others were in denial regarding their liabilitys, and other were victims of mistakes made by tax authorities. (Looking ... Read More
Tax News
Apps to Help You With Your Taxes This Year
It's tax season once again and app users can find numerous apps to help with tax filing this year. Whether you use an iPhone, an Android or a Blackberry, you will find apps available for all devices. Here is a peek at what these apps can do for you. Snap Tax by TurboTax Available for both the iPhone and Android users this app ... Read More
2010 Average Refund $3K: Tips For Spending Your Refund
American taxpayers received a staggering $328 billion from the IRS last year in the form of annual tax refunds. At first glance this appears to be a huge number, however when you break it down by individual, the average refund in 2010 was approximately $3,000. During a time when the economy is sluggish, taxpayers who qualify ... Read More
Jennifer Lopez’s Booty Targeted Again
Jennifer Lopez is hitting the headlines again- but this time her booty is not the subject, er, well maybe it is. Just a different booty - J. Lo's fortune and her complications with the IRS. A recent report by Radaronline.com reveals that our beloved triple threat Jennifer Lopez and former beau Ojani Noa are under IRS ... Read More
Tax Filing Deadline for 2010 Taxes is April 18th, 2011
If you like to wait until the last minute to file your tax return, you are in for some good news. This year you will have an extra three days to procrastinate. The IRS has made it official that taxpayers do not have to prepare and file their tax returns for 2010 until April 18th (be aware that some states are still April 15th, ... Read More
IRS Tax Liens Grow, Data Does Not Justify Enforcement Action
The Taxpayer Advocate Service is an independent organization within the IRS whose duties include resolving tax problems and making sure they don't happen in the future. Yesterday, the Taxpayer Advocate Service released an annual report with many administrative and legislative recommendations. IRS Tax Liens Grow Among other ... Read More
Batman/IceMan Busted: Val Kilmer Owes Over $500K to the IRS
Val Kilmer, star of Willow, Top Gun, and Batman, is being investigated by the IRS for delinquent taxes, according to The Detroit News. Kilmer, who owes the IRS some $530,000 in federal taxes, has a 6,000 acre ranch in New Mexico for sale, with the asking price a mere $18.5 million. The tax lien was filed in November by the ... Read More
Making Work Pay Tax Credit for 2010
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
Tax Implications of the Health Care Law You Should Know About
Health care reform, despite the term, includes more than just a reform in how health care is managed in the United States. Health care reform includes new taxes, increases to existing taxes, expands IRS authority, and tax breaks for businesses and individuals who qualify. The health care reform bill comes in two different ... 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
The Abusive Offshore Tax Avoidance Scheme
The IRS is not only concerned with abusive tax avoidance and tax fraud schemes that are prevalent within the country but also those that occur offshore. It appears there is an increasing number of offshore tax avoidance schemes that are being perpetrated with the intention of avoiding taxation on income that should be taxed by ... 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