Archive for April, 2010

14
Apr
10

Need More Time to File Taxes? Just Ask

But keep in mind that an extension to file is not an extension to pay.

Woman showing April 15 on the calendar (Corbis)

14
Apr
10

Many Filers Confused by Stimulus Tax Credit

The New York Times

As the deadline approaches for filing tax returns, the process of claiming a tax break created by the stimulus package has proved to be more work than millions of people had bargained for.

12
Apr
10

How to Not Get Audited by the IRS

Any Schedule C listing a loss is audit bait, especially if it looks like you were having a good time.

Tax  form (Getty Images)

08
Apr
10

Nearly half of US households escape fed income tax

If, as the following AP excerpt says, the top 10% of earners pay 73% of income taxes, do you think they are rushing out to invest in America ?….expand their businesses & hire people ?…or look for other opportunities ? , P

Couple doing their taxes (Corbis)

ap

………It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government.

The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.

“We have 50 percent of people who are getting something for nothing,”……………

06
Apr
10

Health Care Reform: Tax Hikes

Here are 13 changes in the massive overhaul that could impact your tax bill, for better or worse.

The new health care reform law is chock-full of new taxes and tax increases that will affect many individuals and businesses, but it will be years before most of these hikes take a bite out of your — or your company’s — wallet. The law also has tax breaks to help both individuals and small businesses pay for insurance.

e.g:http://api.ning.com/files/yx8XQXP*LN0qLlcf*CYSbPJ8zTmIzfTOxalRvl5KWv4rpy3nKzZqT7ykhCzumuVTyCVEZ9OkjvKd-O90pXpFyN4-WU0YR1hy/OBAMA_TAX_Large.jpg

9. A hike in the 7.5% floor on itemized deductions for medical expenses to 10%, beginning in 2013. ….

10. A new 40% excise tax, beginning in 2018, on high-cost health plans,…

11. A new tax on individuals who don’t obtain coverage…starting at the greater of $95, or 1% of income, in 2014, and rising to the greater of $695, or 2.5% of income, in 2016.




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