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Posts Tagged ‘tax help’

  • Update on Bush Tax Cuts

    Friday 12th of October 2012 4:53:27 PM

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    Obama’s tax plan to expire the Bush tax cuts for top earners in 2013 opened a lot of controversies in the country. Talks about this issue crossed the doors of Republican and Democrat as it is now a national concern.

    The Bush tax cuts helped a lot of taxpayers in facing the economic crisis. This tax cut became an additional way for taxpayers to settle their difficulties in paying their taxes besides aiming for IRS tax relief. Investopedia.com even defined Bush tax cuts as a temporary income tax relief that lowers federal income tax rate, capital gains tax, rate on dividend income; decreases marriage penalty; increases child tax credit; eliminates estate tax, phase out on personal exemptions for higher income taxpayer, and itemized deductions.

    However, since Bush tax cuts run temporarily, it is still bound to end. With Obama’s plan to expire it by next year, many are not in favor due to the occurrence of higher taxes leading to the slowdown of economic growth and stiff work incentives. On the other hand those who want to end Bush tax cuts, see it as way to provide for the government’s massive budget deficits brought by the recession.

    source: money.cnn.com

     

     

     

  • Results of 9th Business Tax Climate Index

    Thursday 11th of October 2012 5:48:25 PM

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    Tax Foundation (TF) reports show that states not having one or more major statewide taxes such as corporate income tax, sales tax or personal income tax favor good result compared to states having those kinds of tax.

    States of Wyoming, South Dakota, Nevada, Alaska, Florida, New Hampshire, and Montana are included in the top ten list of the 9th State Business Tax Climate Index whereas Maryland, Iowa, Wisconsin, North Carolina, Minnesota, Rhode Island, Vermont, California, New Jersey, and New York placed at the bottom list.

    In the case of New York, even though it registered moderate corporate taxes, the state ranked bottom due to the records of being the worst individual income tax, 6th worst unemployment insurance tax, and 6th worst property tax.

    Tax Climate Index is being used by US taxpayers, business leaders, and government policymakers to determine the situation of each state tax system based from the TF comparative report.

    source: tax-news.com

  • Safeguard Your Tax Returns

    Saturday 06th of October 2012 5:52:52 PM

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    Not many are aware that safeguarding their tax returns is a way to avoid income tax debt.  Here are some examples on how it can be done:

    1. Comparing your pay stubs with your W-2 can avoid discrepancy in your tax return.
    2. Keeping a record of your tax filing forms and other important document used in tax returns for at least 3 years will save you in IRS tax audit. » Read More

  • Today’s Tax Reminder

    Wednesday 03rd of October 2012 3:15:10 PM

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    October 3 was set by the IRS as the date for small businesses to deposit their Sept 26-28 payroll taxes payment following the semiweekly deposit rule.

    Included in the payroll taxes are Social Security/Medicare payments and other income tax withholding specified in the Form W-4.

    In the “look back period” of the semi-weekly rule, the total payroll taxes should be more than $50,000 if not, monthly deposit rule applies.

    If still unsure about the process, you can seek for the assistance of the IRS or 911taxrelief.com in matters concerning tax returns particularly payroll tax problems.

  • Study On US Tax Revenue Situation

    Wednesday 26th of September 2012 12:21:04 PM

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    Tax Foundation (TF) shares its study on US tax revenue situation. In their calculations, year 2010 recorded 41% of tax filers which had no income tax liability. TF also cited that the rapid increase in the number of non-taxpayers is due to the numerous credits and deductions given to them. In addition, TF mentioned the economist uncertainty in the social and political effects of having so many people disconnected from the cost of government—a phenomenon known as fiscal illusion.

    The study/review made by TF could support the viewpoints of Republican presidential candidate Mitt Romney. In one of his speaking engagement Romney said – “There are 47% of the people who will vote for the president no matter what. All right, there are 47% who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it.”

    TF was convinced with the opinion of Romney and said – “He is right that many Americans don’t pay federal income tax (roughly 50%), and receive more in government benefits then they pay in federal taxes (roughly 60%).”

    source: forbes.com and tax-news.com