Taxes

Cities are Finding Cash Now by Charging Additional Sales Taxes

Finding cash now that the recession is over may prove to be more difficult than previously hoped. The reason is because state and local governments have been elevating the taxes charged to consumers and little has been done to publicize it. Other issues have taken precedence in the media. Heath care policies, federal income taxes

Last-minute tax breaks for donations to Chile and Haiti

A House bill was introduced yesterday which, if signed into law, will allow taxpayers to deduct last-minute, charitable donations for disaster relief in Chile from their 2009 tax returns rather than waiting to claim the deductions on their 2010 returns. In order to qualify as deductions for the 2009 tax year under the proposed bill,
Personal tax filing

Save money by doing your taxes now

There can be a lot of misinformation and fear involved in doing your taxes. However, there are so many incredible opportunities that can help you save money on your taxes. The trick is to find out about them ahead of time. Waiting until the deadline, April 15, removes all your options to save money. So,
middle class amt

Why the Alternative Minimum Tax should be changed by Congress

The Alternative Minimum Tax (AMT) was concocted in 1969 to eliminate tax loopholes for wealthy taxpayers. Since the AMT was created, it has only been adjusted for inflation twice. Each year more middle class taxpayers fall victim to the AMT, but Congress can’t agree on how to keep that from happening. The AMT no longer
One Dollar

H&R Block stops offering short term loans against tax refunds

This year, H&R Block will not be offering any short term loans against tax refunds. Refund Anticipation Loans, or RALs, are loans lent by a preparer against a potential refund, less a fee. The banking partner of the company was forced out of offering the loans by regulatory bodies. No more short term loans from
Internal Revenue Service in black letters on white brick building

IRS audits take aim at independent contractors

Last month the IRS announced that over the next three years it will conduct 6,000 random audits of businesses that utilize independent contractors. With record numbers of Americans out of work and more than half the states borrowing from the federal government to pay unemployment claims, the motivation behind the crackdown is clear. According to
u.s. taxcode

Keep an eye out for commonly overlooked tax deductions

It’s easy to overlook tax deductions buried deep within the thicket of the U.S. tax code. Millions of Americans overpay their taxes every year by overlooking tax deductions. But you don’t have to spend hundreds of dollars on an accountant to find tax deductible expenses. The incredible value of tax deductions About 46 million U.S.

Samantha Bell labels father Joe Stack a hero

She supports his politics, but not his violence – it’s “inappropriate” The events of the recent Austin plane crash will not soon be forgotten. Joe Stack was a man in search of redress from a government that has been less than representative for far too many people. There are very real arguments out there which
Portrait of the 1773 "Boston Tea Party"

Tax refunds and tax fraud are increasing

The amount of the average tax refund has been steadily increasing over the years, and so is the number of cases of tax fraud. The Internal Revenue Service has seen a rise in the number of fraudulent deductions taken on income tax returns. More people are trying to catch the government napping to scare up
Capitol Hill

Making Work Pay credit expiring | Most paychecks will shrink

After two years in effect, the Making Work Pay tax credit is due to expire. Unless Congress takes action, most middle-class taxpayers will see a reduction in their paychecks. The Making Work Pay tax credit will likely expire amongst debate over the Bush tax cuts. The effect of Making Work Pay The American Recovery and
GMC Yukon Hybrid

Hybrid vehicle tax rebate expiring

Car buyers wanting to take advantage of instant money from the hybrid vehicle tax rebate had better act fast. The tax rebate on most hybrid cars and trucks, and on some diesels, is expiring in January 2011. Tax credits do remain for some plug-in vehicles, though. Tax rebate for green cars to expire In 2005,
Tax preparation

Self-filing taxes is better than giving preparers a pay day

A lot of people might be better off self-filing their taxes instead of giving a preparation service a pay day. It is not difficult, and most people can file electronically for free through numerous avenues. It is a good way to gain self sufficiency and save some money during tax season. Cut the middleman and
The “dead Twitter” graphic, complete with dead whale and lots of Twitter birds covering the carcass.

City of San Francisco grants Twitter a payroll tax break

In an 8-to-3 vote, the San Francisco Board of Supervisors has decided in favor of an ordinance that will grant local company Twitter and others a tax break from the city’s corporate payroll tax on new hires, reports the Los Angeles Times. The 1.5 percent tax shelter will be good for the next six years,
irs penalty

Frivolous tax arguments are amusing, but the IRS penalty is not

When it comes to frivolous tax arguments, the IRS hears new ones every year. On an annual basis, the IRS releases an updated list of frivolous tax arguments made by people trying to avoid paying federal income taxes. Some frivolous tax arguments are amusing, but instead of a laugh, taxpayers who try to use them
Internal Revenue Service building placard

Tax day: Nearly half of Americans owe nothing

Federal income tax returns are due on April 18, 2011, and most Americans will dutifully fulfill their obligations to do so. There has been a lot of discussion about how large a tax burden is actually placed on the taxpayers, and how oppressive the income tax is. Nearly 50 percent of income tax filers will

Consumers May Find Fast Cash by Reporting Tax Fraud

Looking for fast cash during tax time could prove to be a wise move. Over the years there have been many people and business owners who managed to scam Uncle Sam. The government knows it. The general public knows it. Now, more than ever, the government is making moves to stop the illegal move of
Visa Debit

Treasury to send out fast cash from tax refunds on prepaid cards

The Treasury is trying out a pilot program to save a little fast cash on disbursing tax refunds this year. People who don’t elect direct deposit could receive a prepaid debit card in lieu of a traditional paper check. They will also be able to hold onto and keep using the card. New way for