Don’t wait until you file your return to find ways to lower your tax bill. These moves will help you save throughout the year.
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,”……………
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.
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.
There are a few basic records that everyone should keep, according to the IRS, including documents that provide evidence of your income and expenses. In addition, if you own a home or have investments, the IRS recommends that you hang onto related records