TaxCure Blog

In December 2012, the United States Supreme Court agreed to hear Windsor v. the United States, a case challenging the constitutionality of the Defense of Marriage Act (DOMA), which was passed in 1996.

With the negotiations over the fiscal cliff underway, the debate over what constitutes “rich” is part of the picture. The line that President Obama and his allies in policy have drawn is an income level of $250,000.

Starting in 2013, that tax situation is going to get a little more interesting. While some items, like the Bush-era tax cuts, are on the table and may be changed, the 3.8% Medicare surtax on investment income is coming for sure, since it is part of the health care bill passed in 2010 (Patient Protection & Affordable Care Act).

When you’re self-employed, taxes are a different ballgame than for those employed by others. Not only do you have to make sure that you pay your taxes regularly – they aren’t automatically held from your paycheck – but you also have to pay the self-employment tax.

Every year, millions – perhaps billions – of dollars in tax revenue go uncollected because of questionable practices that allow for tax evasion. However, the IRS has been hoping to reduce that amount, and encourage whistleblowers to come forward and share what they know.