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What California and Kansas Can Teach Us about the Laffer Curve and Tax Theory

5 minutes read

The Real Laffer Curve?

Since the economic collapse that began in 2008, politicians and lawmakers all across the United States have been on the move to enact policy that will stimulate the economy and bring back jobs. Tax policy has inevitably become part of this national discussion. The Laffer Curve, an economics theory that posits that cutting taxes is beneficial for economic stimulation, has been put to the test in two real life scenarios that have played out in Kansas and California....

Will the New Congress Be Able to Make Any Progress on Tax Reform?

4 minutes read

Tax Reform? Really?

After the November 4th elections this year, it was widely expected that Republicans would take a majority in the House and Senate. Republican leaders campaigned toward victories on promises of change, though it is unclear just how much change will actually be accomplished. While the Obama administration has for years been interested in tax reform, particularly concerning American companies using a technique called “inversion” to repatriate their profits, given the GOP’s...

Giving to Charity This Holiday Season? Here’s How to Report it on Your Taxes

4 minutes read

Reporting Charitable Deductions

The end of 2014 is just days away, and if you’re like many Americans, you are planning to give to one or more charitable organizations before the new year dawns. Around 34 percent of all charitable giving is done in the last three months of the year and slightly more than half of that is during the month of December. Giving is up substantially this year over 2013, thanks in large part to the continued national economic recovery.

Everything You Need to Know About FATCA

5 minutes read

What You Need To Know About FACTA

The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that was passed by Congress in 2010. The goal of the FATCA is to limit tax evasion by requiring (1) U.S. citizens to report any financial accounts held outside the U.S. and (2) foreign financial institutions to report their U.S. clients to the Internal Revenue Service (IRS). Originally implemented to ensure that said tax evaders couldn’t get away by hiding their assets in...

Which Is Better: Tax Credits or Tax Deductions?

5 minutes read

Tax Deductions Vs. Tax Credits

If you had a choice, is it better to save money on your taxes in the form of a tax break upfront or as a reduction of your overall tax liability? The answer to this question depends on your circumstances and the impact that tax credits and tax deductions have on your overall tax bill. It is important to understand the difference between credits and deductions as you look at your tax situation from year to year. Determining whether credits or deductions are...

What Happens If You Don’t File Your Taxes?

5 minutes read

Overdue Taxes Will Come Back To Haunt You

The only certainties in life are death and taxes, as the saying goes. Taxes are an annual event that, however unpleasant, we all have to deal with. It may interest you to know that according to the Internal Revenue Service (IRS), an estimated 239.3 million tax returns were filed in 2012 by individuals and businesses in the United States. That amount exceeded by a little more than 1% the number of returns that were filed in 2011, and by 2018 that...

Tax Breaks for Going Green

4 minutes read

How To Save Money “Going Green”

Going green isn’t just the next big thing—it’s the wave of the future. There is abundant information available about ways in which you can reduce your carbon footprint, save money and feel better about your role in the stewardship of this planet. Both federal and many state governments recognize the importance of energy savings and conservation and have provided tax breaks and incentives to businesses and individuals to encourage energy efficiency and going...

Tax Tips for Homeowners

4 minutes read

Important Tax Tips For Homeowners

There are tax breaks that come along with owning your home. These breaks may serve as an incentive for the purchase of homes within certain targeted areas of the country or may make up for any losses a homeowner might face when selling his or her home. As a homeowner it is important to understand what tax breaks are available to you in order for you to take advantage of them and help your tax situation.

Filing for Divorce? 5 Important Tax Tips

4 minutes read

5 Tax Tips For Divorced Couples

Divorce can be a sensitive topic and a difficult period of time for all the parties involved. Whether you live in a common law or community property state, the process of filing taxes once the divorce has been finalized can be both emotional and complicated. Deciding how assets are split, the cost basis of these assets, new filing status and even which former spouse will claim children as dependents are all important considerations that go into the tax...

Special Tax Forms 101

5 minutes read

Special Tax Forms For Special Circumstances

For most U.S. taxpayers the tax filing process is usually limited to the 1040-EZ or 1040 long form, used for the annual tax return in order to claim deductions and credits necessary to lower the amount owed in taxes and hopefully increase the amount of money due as a refund. In some situations however, your income and tax circumstances may require you to use additional or special tax forms to complete their tax filings.

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