Just about every news story now talks about the fiscal cliff we are headed for. Overall, the fiscal cliff is a combination of the expiring Bush tax cuts, which will raise rates for all taxpayers, along with the start of the taxes we will pay due to the implementation of the Affordable Care Act, commonly […]
Are there states where you can live and you do not have to pay income tax? Yes, there are seven American states that do not require residents to pay any income tax. In addition, to the states with no income tax there are two states that only tax dividends and interest income. States with No […]
Now that the Supreme Court has upheld Obamacare and President Obama won re-election, it is certain that come January 1, 2013, many Americans will face new taxes. The press is focusing on one aspect of the new taxes that will help pay for Obamacare, the 3.8% investment tax. But there are many other changes to […]
If you own a house a big expense for you is likely real estate taxes (in addition to your mortgage interest). I know it’s a big one for us. Our property taxes are based on the worth of our home – determined every couple of years by an assessment. Every city and town handles things […]
The mortgage interest deduction is beneficial to many homeowners when they are filing their taxes. Even though many take this deduction, most don’t fully understand it. I am going to do my best to keep things simple as I explain the important aspects of the mortgage interest deduction as well as how to claim it […]
As the year is coming to an end, so is the chance to use the money you set aside in your Flexible Spending Account, or FSA. The money in the account is a “use it or lose it†type so if you still have money left, you run the risk of letting it go to […]
There are furious debates going on right now about whether or not the rich pay enough in taxes and how much certain income earners should pay. You hear one person argue that “the rich only pay 15% of their income in taxes†and another person counter-argue that “the rich pay 40% of all taxes paid.†[…]
Get ready to pay an online sales tax when shopping online! Congress is moving forward with the “Marketplace Fairness Tax†(H.R 3179, the Marketplace Equity Act of 2011). If signed into law, it will require online retailers to collect a sales tax on your purchases made online at places like Amazon. How Online Sales Work […]
Remember when the Bush Tax Cuts passed? They were set to expire at the end of 2010. Then they were extended at the last minute, so that the rates in place would last for two more years. Now the original cuts are once again set to expire at the end of the year, wreaking potential havoc on the […]
The tax deadline is here, so that means it’s time to celebrate with Tax Day Freebies! But first, before we get to the free stuff, you need to make sure all of your tax related stuff is in order! Tax Day Checklist Last Minute Tips. Review Last Minute Tax Tips to make sure you covered […]
