5 minutes read
Where the federal government is concerned, taxing the public is pretty much equivalent to federal spending. Don’t get lost in the legal language associated with taxing—tax credits, tax deductions, exemptions, and exclusions are colorful words that describe adding money to bank accounts, not subtracting money from them.
4 minutes read
The Church of Scientology is getting a lot of attention these days thanks to “Going Clear”, HBO’s recent documentary on Scientology and a number of its practices. One aspect of Scientology which is receiving even more attention than before is the church’s tax-exempt status. Part of the controversy extends to how the Church of Scientology actually received its tax-exempt status—and to just what ends it uses it. After being hit with over 2,400...
5 minutes read
If you’re willing to relocate, you can save quite a bit of money on taxes. By shopping around from state to state, you can save significant amounts on your bill for business or personal taxes. According to Entrepreneur, individuals can save 10% to 30% simply by moving. States and municipalities set widely different tax rates on personal income, gas, property and sales. Your business could enjoy major savings in a different state.
4 minutes read
As the tax filing deadline of April 15th has come and gone, many of us are giving big sighs of relief that it’s all over—at least for now. If you were lucky enough to get some money back this tax season, you’re probably wondering what to do with it. Shopping spree? Vacation? While those ideas certainly sound like fun, the truth is that you’ll be best off investing it. After all, it’s not found money—it was your money to begin with....
4 minutes read
With growth from the gaming industry leveling off in most locations, many Native American tribes are now considering a brand new source of income in states where marijuana has been legalized, either medically and recreationally. As more and more states–including New York–legalize marijuana in one form or another, Native Americans will have a huge advantage over other retailers in the business: Tribal earnings are not subject to...
6 minutes read
Filing taxes is a painstaking process for almost everyone and every year, without fail, many returns full of mistakes are sent in to the IRS. In fact, mistakes are extremely common on tax returns, with an error rate of 50 percent; on self-prepared returns, according to the Government Accountability Office. There is a near-infinite number of things that can be done wrong on tax returns, from simple computational errors to missing out on deductions. Knowing...
5 minutes read
When the Defense of Marriage Act (DOMA) was ruled unconstitutional by the Supreme Court in 2013, the U.S. government was compelled to recognize at the federal level same-sex marriages from any state where they’ve already been legalized. Nevertheless, no matter if you live in a state where same-sex marriage is recognized, partially recognized, or illegal, taking on the challenge of tax returns can be difficult. From the filing process itself to understanding how...
4 minutes read
Let’s face it: income inequality exists. However, local and state taxes have a big role to play in the redistribution of wealth. Some states have less stringent tax policies than other states—a relief to many taxpayers who would otherwise have to tithe their income to Uncle Sam. However, many state tax systems are considered regressive, with negative impacts on certain residents. So which states are toughest for the average American taxpayer?
4 minutes read
The filing deadline for 2014 tax returns is April 15, 2015. Because the Internal Revenue Service (IRS) can audit tax returns for up to three years after the tax filing deadline, you should plan to keep your tax returns from 2012, 2013, and 2014 after this year’s tax filing deadline. In most cases, you can safely discard your returns from 2011 and earlier. However, If you are self-employed or feel that you have a complex tax situation, it is wise to keep your records for up to six years. That is...
7 minutes read
As the the clock approaches midnight on the 2015 tax season, many taxpayers still haven’t filed their tax return yet. While procrastination is common for many when it come to filing taxes, this year we are seeing a higher number of last minute filers. The winter was brutal on the east coast; extreme cold & snow produced more tax hibernators than in years past. Wage documents like W2s & 1099s were issued extremely late (And when they were finally issued, many were...