Tax Dodging Shortcut

So you don’t want to pay a bunch in taxes. Yeah, we hear you. Solution? Absolutely. All you have to do is move to Washington and go to work for the president. Seriously. Former Treasury Secretary Hank Paulson sold $500 million of his stock in Goldman Sachs shares and didn’t pay one single USD in [...]

Preparing a Dependent’s Tax Return

There will inevitably come a time when you will be wondering if your high-school or college enrolled child should or needs to file their own tax return. This is based on the money they may have earned working summer jobs or part-time or what have you. They are still dependants, so you are still claiming [...]

Love and Taxes

Valentine’s Day has come and gone. Hopefully love was abounding. That’s said; let’s take a second to embrace the inner nerd in the quest for saving money. When it comes to matters of the heart at higher levels such as marriage, income tax becomes a chess piece. Filing jointly you get breaks, but you are [...]

Donations to Haiti Affect This Year’s Return

With normal individual federal withholdings, the opportunity is given to claim charitable donations as deductions on your taxes. Not too long ago, around four weeks, a massive earthquake struck the country of Haiti. Across the nation efforts were taken to aid the disaster effort. The US population was also a major player in the effort. [...]

Obama: Change In the Face of Taxes

The new budget breakdown looks like it’s going to impact your taxes a few new ways. Well, let’s use the term “new” very loosely.  Moving on, the key proposals from Obama’s plan are as follows:
Here is the breakdown for high income households, that’s individuals who are grossing $200,000+ and families that are grossing $250,000+. These [...]

Federal Taxes on Business

There are a number of taxes that are imposed upon business owners in the US. These taxations and how they are paid depends on the type of business (i.e. sole proprietorship, partnership, or corporation). The first tax everyone is quite familiar with however income tax for businesses is a bit different.  Limited Liability Companies (LLCs) [...]

Healthcare Reform and Taxes

Change.
That was the word of the year. It got a lot of support and equal parts criticism. Much of said change was geared towards healthcare. This said reform of the healthcare system had many worried. Well, worried is putting it mildly. So how are these changes going to be financed? Like always is it going [...]

Taxes on Unemployment Benefits

As of March, there were 5.6 million individuals out of work and collecting unemployment benefits. When these individuals file their returns they are allowed to exclude the first $2,500 of the benefits they received thanks to the American Recovery and Reinvestment Act. The IRS also said that if more than one spouse is collecting benefits, [...]

Federal Estate Tax

The rumors just weren’t true.  The US Senate and House will not be allowing for an exemption of taxes on Estates; estates being that which is transferred via a will or according to the state laws of intestacy.  I don’t think this will upset too many individuals out there considering the amount the exemption is [...]

Corporate Tax Violations

After events such as the Enron scandal the IRS convened and gave birth to a bounty hunter of an office. They aptly deemed it The Whistleblower Office. The subdivision was created from the Tax Relief and Health Care Act of 2006. In the sake of brevity, it basically processes tips from individuals would are seeking [...]