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The White House has created an online tool that allows users to enter how much taxes they paid and get a printable receipt showing how each dollar was spent. Whether your happy about where your tax dollars are going or it makes you a little unsettled to know, curiosity may be too strong not to try it.
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The IRS has gone mobile… You can now download an application to find out your tax return or refund status, get tax tips via email directly on your phone, and follow the IRS on twitter.
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For those who are employed or paid on W2 the new Payroll Tax Cut will increase take home pay for the coming year, 2011. This is because the social security tax is being reduced by 2 points.
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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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There is a lot of uncertainty pertaining to tax rates and cuts to previous provisions this year. Specifically the Estate Tax, Alternative Minimum Tax, Investment Taxes and Income Tax Rates in general are in question. There is a good possibility that Congress will cut out previous provisions which will cause an increase for the upper 2% of tax payers.