But keep in mind that an extension to file is not an extension to pay.
Month: April 2010
Many Filers Confused by Stimulus Tax Credit
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.
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.
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
………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,”……………
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:
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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