TaxCure Blog

One of the ways you can increase your tax refund and ensure that you aren’t leaving money on the table is to have a professional prepare your taxes. This year will be the seventh that I’ve used an accountant to prepare my taxes, and I don’t regret it at all.

When it comes to paying taxes, many citizens feel as though they aren’t heard. After all, the IRS seems like a huge agency that is far removed from the experiences of taxpayers. In past years, the IRS has received poor marks for customer service, although some of the perceptions about the IRS are changing.

President Obama has revealed his proposed budget, and it includes close to $280 billion in tax cuts for families with low to middle incomes. The tax cuts for those income brackets would be paid for with about $1.5 trillion in new taxes over the next 10 years. As expected, these new taxes would mostly be levied against corporations and households considered to have high incomes.

States try many schemes when it comes to raising revenue through taxes. Back when it seemed as though oil prices would keep rising — and bring gas prices up with them — some states decided to tie gas taxes to price. Kentucky is a state that ties gas taxes to the price of gas, and as oil and gas prices fall, Kentucky is starting to feel the pinch.

When we think of taxes, often we focus on federal income taxes. However, the reality is that state and local taxes are likely to have an impact as well. And, even though there is much discussion of people who don’t pay federal income tax, the reality is that local taxes often hit these low-wage earners.

The number of states legalizing marijuana for different purposes is on the rise. There are states that allow marijuana use for medical purposes, and some even allow it for recreational purposes. However, many states charge a great deal in taxes. On top of that, the fact that marijuana still isn’t legal on a federal level causes its own problems.

For many years, I prepared and filed my own taxes. I’ve only been paying someone else to take care of my taxes since tax year 2007. In many cases, there is no reason to pay someone else to handle your taxes if the situation is relatively simple and you can handle the paperwork on your own.

While environmentalists and others probably applaud the increasing numbers of hybrid and electric vehicles on the roads, some states are finding a new problem with these types of cars: falling revenue.

You probably know that you can get a tax break when you donate to certain causes. You can even donate a stock or other asset to charity and get a tax deduction. However, it’s possible to go beyond just giving an asset and being done. The tax benefits associated with donor-advised funds are allowing them to increase in popularity.