Overview of the FairTax: Definition, Benefits & Criticism January 11, 2012
Since 1999, the FairTax has been a proposal regularly brought forth in Congress. The main goal of the FairTax is to replace federal taxes on income and capital gains with a national sales tax. That way, taxes are collected on consumption, rather than on income. The national sales tax would be collected on top of state and local sales taxes.
2011 Marginal Tax Rates: Reduce Your Taxable Income December 06, 2011
One of the biggest sources of confusion when it comes to taxes is the rate at which we are taxed. At first glance, it seems fairly straightforward: Your tax bracket determines how much you are taxed. If you make $100,000 a year, you fall into the 28% tax bracket, so you owe $28,000, right?
Is a Flat Tax the Answer? November 29, 2011
Everywhere you look these days, it seems as though someone is suggesting a flat tax. Our complex tax code is under fire, and many demand a simpler structure. The flat tax seems to fit the bill exactly. However, there is a great debate as to exactly what form a flat tax would take.
Why is There So Much Interest in Candidate Tax Returns? November 22, 2011
It’s become almost a matter of course: If you are running for public office, you are expected to release your tax return each year. This is especially true if you are running for “higher” offices. Most mayoral candidates aren’t expected to release their tax returns, but if the candidate is running for a federal position (Congress, President), many citizens want to see what their finances look like.
IRS Allowable Expenses 2011: If You Owe Taxes & Cannot Pay November 16, 2011
If you think that you can get away with not paying taxes that you owe the IRS, think again. Very few people ever get out of paying tax unpaid taxes, and when they do, it is usually because they have successfully proven that they honestly are unable to pay their unpaid taxes now and most likely will never have the funds to pay it in the future.
Don’t Fall Afoul of the IRS Wash Sale Rule November 09, 2011
One of the best ways to prepare your year-end finances for optimal tax efficiency is to sell some of your investments at a loss in order to offset capital gains or to offset some of your income. Your investment losses can offset your capital gains, plus offset up to $3,000 in income. (Any extra losses can be carried forward indefinitely.) As a result, if you don’t mind locking in a loss, you can sell a losing investment and use it to offset your income.
Business Tax Deductions: Deduct Your Travel Expenses October 18, 2011
Sometimes, travel is necessary in order to improve your business. The good news is that the IRS allows you to deduct many of the expenses that come with your business-related travel.
Tax Deductions Dentists Should Not Miss September 29, 2011
Running a dental practice takes a lot of time and effort, but it also takes money. Fortunately, there are tax benefits for dentists that help to offset these costs.
Famous U.S. Tax Evasion Cases & Celebrity Tax Problems September 22, 2011
Tax evasion is often seen as a white-collar crime, with the main targets being high-profile individuals like celebrities. It carries severe consequences for anyone caught. In this day and age with technology being better than ever, it is more than likely individuals will be caught if committing tax crimes. The punishment for evading taxes ranges from hefty fines to jail time. While many think these punishments are reserved for celebrities or high profile criminals, the reality is that the IRS is relentless when it comes to pursuing tax evasion.
Local Tax Problem Professionals
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