More than one dozen states across the U.S. now offer sales tax holidays, days where shoppers can stock up on essentials like clothing and school supplies without paying any extra to Uncle Sam. The programs are typically offered over a weekend, often in conjunction with the beginning of the school year. In southern states that ... Read More
Tax Blog
Employer Identification Numbers (EIN): How & When to Apply for One
If you’re thinking about starting your own business, you may have heard you need an Employer Identification Number (EIN). An EIN is a Federal Tax Identification Number for businesses, similar to a Social Security number for individuals. Not all businesses are required to get an EIN, but if your business needs one, there are ... Read More
2012 Standard Deduction Amount & What It Means
The vast majority of people subject to filing a federal income tax form with the United States Internal Revenue Service are entitled to what is known as a standard deduction. What is it and how does it work? Are there instances where it actually makes sense to decline the standard deduction? The Standard Deduction The standard ... Read More
Tax Deduction & Tax Benefit for Donating a Car to Charity
When going over your finances in any given year, it is not only important to assess your income, but it is also vital to see which types of tax deductions you qualify for. Donating a car can equate to a significant tax donation depending on how much your car is worth, as well as the amount of money the charity sells it for. Keep ... Read More
Tax Tips for Independent Contractors
Independent contractors are not employees of another company, which means they have different tax requirements than individuals who receive a W2 from their employer. Independent contractors are self-employed, either as a sole proprietor or business, and offers tax deductions an employee wouldn’t be able to claim. Here are some ... Read More
Eduardo Saverin Criticized by Dodging Millions in US Taxes
Just days before Facebook launched its IPO, Eduardo Saverin, one of the company’s co-founders, announced that he had renounced his dual U.S. citizenship and would be moving to Singapore permanently. Since the news broke, Saverin, who has been living in Singapore since 2009, has been battling claims that the move is part of a ... Read More
Cigarette Taxes in the United States
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 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
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
Tax Season is Over, Now What? Tax Record Storage and 2012 Planning
For the year of 2011, we all worked to earn our wages, and we all worked just as hard to get our tax return filed for the April 17th deadline, so what should you do now? Since the IRS has the right to audit your tax return several years after it is filed, you should keep your W-2, 1090s and all of your financial documents for a ... Read More
