The United States has been doing pretty well in the 2016 Summer Olympics, held this year in Brazil. As usual, the United States leads the medal count, including for gold, helped along by great performances by the United States swim and women’s gymnastics teams.
We all know child care can get expensive. However, it’s sometimes necessary. If you are working and need help with child care, you can reduce some of the impacts to your bottom line with the help of the child care tax credit.
The idea of a tax audit concerns many of us. And why wouldn’t it? The thought of the IRS coming after you, telling you that you owe more money and potentially garnish your wages can be very daunting. Before you get too worked up about a tax audit, here are three things you should know:
A few years ago, the government announced that taxpayers could spend money to install energy-efficient systems and receive tax breaks. Those tax credits have been set to expire for some time, but Congress has renewed them for another year. In some cases, the tax credits have been renewed for even longer.
One of the clarion calls of this year’s presidential election, at least in terms of what Bernie Sanders and Hillary Clinton say they will do if either is chosen as the Democratic nominee and then goes on to win, is raising taxes on the wealthy.
According to recent numbers from the Federal Trade Commission, tax refund fraud is the biggest contributor to a recent spike in ID theft. According to the FTC, there was a 47% spike in ID theft in 2015. That’s a pretty big hike, and a large portion of it is due to tax refund fraud.
I love being self-employed as a freelancer. I can work from anywhere, and I have a lot of freedom and flexibility in my schedule. However, one of the things that took some getting used to was the taxes.
Most of us regularly look for tax advantages that allow us to reduce our liability. When you’re self-employed, this can be an especially important move to make. There are a number of tax deductions you can take when you conduct business, but two that you might overlook are meals and entertainment.
In recent weeks, one of the most significant tax-related issues in the news has been the Panama Papers. This story revolves around the leak of offshore companies that were serviced by a Panamanian firm specializing in helping individuals and others set up tax havens.
In recent years, a process known as “inversion” has received increased scrutiny by the public and by the government. It’s a way for businesses to avoid certain taxes by claiming to be a foreign company. These tax dodges are costing the United States millions a year in revenue, and the Treasury Department has been taking steps to make them less effective.
