TaxCure Blog

When you hire contract workers or outsource work to businesses or individuals who are not employees of your company, you may be required to prepare and send them a 1099-MISC at tax time.

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.

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?

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.