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
Tax Blog
Tax Revenue from Legalizing Marijuana Could Be Up to $100 Billion
Uruguay is one country that is very close to legalizing marijuana. Political leaders in Uruguay believe the legalization of marijuana will result in less violence, tax savings, and new revenue. The idea of legalizing marijuana though in the United States has been growing in support since the 1970s. Last year Gallup showed half ... Read More
Underwater Homeowners Running Out of Time to Seek Mortgage Liability Relief
With the Mortgage Forgiveness Liability Relief Act set to expire at the end of 2012, financially stressed homeowners are feeling the pressure to finalize short sales, foreclosures and loan modifications. If you’re upside-down on your home or you’ve already defaulted on your mortgage loan, you could be facing a hefty tax bill if ... Read More
General Republican Viewpoints on Taxes
Taxes: they’re among the most debated areas of governmental policy—and the most debated economic policy—because they literally affect everyone. While specific policies ebb and flow over time, particularly as they pertain to different types of taxes, party doctrine on fiscal matters has remained broadly consistent over a period ... Read More
General Democratic Viewpoints on Taxes
Taxes impact everyone, every day, and are thus among the most discussed governmental policy matters in the United States, from K Street to Main Street. Given the importance of—and interest in—fiscal policy, the major American political parties spend a great deal of time laying out and explaining their positions to the public. ... Read More
Back-to-School Tax Tips for Parents
With summer fading fast, parents and kids across the country are getting ready to head back to school. Whether your children are starting their freshman year of college or getting prepared for the first day of kindergarten, you may be able to save money at tax time on certain education-related expenses. Here are some of the top ... Read More
Heading Back to School? Tax Breaks for Adult Students
With unemployment still high, more older Americans are heading back to school in hopes of improving their job prospects. Of the estimated 20 million college students nationwide, 25% are over the age of 30, according to the U.S. Department of Education. The National Centerfor Education Statistics estimates that college enrollment ... Read More
What Duty Free Means and How to Take Advantage of Duty Free Shopping
Most people have heard the term “duty free shopping” before, or seen “duty free shop” signs at airports, but many consumers have only a vague idea of what it means and how they can take advantage of it. Duty Free Defined The concept of duty free shopping enables the citizens of a country to shop for items in another country ... Read More
Overview of How Tax Brackets Work
Does the subject of the income tax code make your eyes glaze over? Do the terms tax bracket, marginal tax rate and filing status make your head spin? It doesn’t have to be that way. While the nuances of the federal tax code may be complex, the basics are not. Here’s how the progressive tax system in the United States ... Read More
2013 Tax Changes: What You Need to Know
Even though the new year is still five months away, it’s never too soon to start planning ahead for your taxes (see updated post on tax changes from Fiscal Cliff deal). With several tax cuts expiring and new tax rules scheduled to take effect, taxpayers need to be aware of how these changes may impact their personal tax ... Read More
