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Tax Tips & News: AMT

Will Inflation Affect Your 2014 Taxes?

4 minutes read

How Inflation Affects Your Taxes

Everyone know the old adage ‘The only things certain in life are death and taxes”. As it turns out, inflation may have to be included in this saying. Inflation decreases the value of money as time goes on, ultimately making the dollar of today worth more than the dollar of the future. It influences how much we spend on everyday items, how much we make, and how much things like houses and cars cost. It even helps dictate what we owe the government come April...

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IRS Commissioner: Refunds Could Be Delayed Until March Or Later

2 minutes read

IRS acting commissioner Steven T. Miller recently sent a letter to a Ranking Member of the House Committee on Ways and Means. In it he states that the Internal Revenue Service’s computer systems are programed to account for a AMT Patch like in years past. However, the AMT is scheduled to expire when the clock strikes midnight tonight. Without an AMT patch, not only would thousands of middle and lower income taxpayers see steep increases in their taxes, the IRS would have to reprogram their...

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Lessons Learned From Mitt Romney’s Tax Return

8 minutes read

Republican candidate Mitt Romney recently bowed to pressure last week and released his 2010 tax return.  What it showed is that Romney paid a little less than $3 million in taxes on $21.6 million of income.  This equates to an affective tax rate of less than 14%–far below what the average taxpayer pays.

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Congress Finally Passed a Tax Deal

2 minutes read

Congress was finally able to come to an agreement regarding the tax cuts that were set to expire at the end of this year.  They have passed a bill that will effect all income levels.   The bill will basically keep the Bush era tax cuts and allow for a few other tax saving provisions.  Lawmakers did not think it would be prudent to increase taxes in this economy and their plan is to give tax savings that will allow for economic growth.

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