TaxCure Blog

For the most part, it’s assumed that liabilities are a bad thing, with no real redeeming qualities. However, there are times when having a liability can come with benefits. One of those times is tax time.

One of the true hallmarks of financial independence from your parents is being able to claim yourself as a tax exemption. Many recent college grads are just now embarking on their own financial adventures, and that includes starting to take an active interest in their taxes.

In a landmark ruling, the Supreme Court recently ruled a portion of the Defense of Marriage Act (DOMA) unconstitutional.

Few us enjoy paying taxes, but it’s one of those things we’re required to do by law. And, since paying taxes is a matter of the law, there is the possibility of going to jail if you don’t pay your taxes.

On June 17 and 18, the so-called Group of 8 (G8) nations met to discuss a variety of issues. One of the issues that received a lot of attention was that of tax avoidance. Following the news that major companies like Apple and Google have been taking advantage of tax laws to avoid paying what many contend is their “fair share,” countries are looking for ways to encourage corporations to better report their earnings so that they can be taxed.
It’s not just the United States, either. The United Kingdom is complaining about missing revenues as well. Some estimates put the total cost of tax evasion by major companies at right around $3 trillion a year. In order to avoid paying taxes, many companies find ways to make it appear that their revenues are earned in countries with lower tax rates, which is what Apple does with Ireland.