January 23, 2012 – 5:39 pm
Republican presidential candidate Mitt Romney has disclosed that he has millions of dollars worth of investment funds set up in the Caribbean tax haven of the Cayman Islands. Romney, who has an estimated personal wealth of $250 million, has been paying a much lower tax percentage than most U.S. citizens: approximately 15% of his yearly income. He has previously kept his tax returns private, but financial transparency is now an expectation of presidential candidates.
Romney has a minimum of twelve investment funds containing as much as $8 million which are listed on the registry of the Cayman Islands, together with … Read the rest
By Steve
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Posted in tax filing, tax preparation, tax tips, Turbo Tax
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Also tagged Caribbean, Cayman Islands, Investment, Jack Blum, Mitt Romney, Mitt Romney presidential campaign 2008, romney, turbotax, United States
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January 22, 2012 – 2:11 pm
The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.
The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the … Read the rest
By Steve
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Posted in tax credit, tax filing, tax hike, Turbo Tax
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Also tagged Accounting, Mitt Romney, republicans, Rick Santorum, santorum, Tax cut, Tax Policy Center, Taxation, turbotax, United States
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January 16, 2012 – 7:03 pm
This year many people will once again put off doing their taxes until the proverbial last minute. Many will apply for an automatic extension and file on October 15. Although tax day is normally on April 15, the District of Columbia’s “Emancipation Day” automatically moves the date to April 17. Since this year is also a leap year, that gives us an extra day as well.
While it may tempting with all this extra time to keep putting it off, the best thing to do would be to get started gathering all the forms and paperwork you will need in … Read the rest
January 14, 2012 – 3:13 pm
Electronic Filing Services Are Taxpayers’ First Choice!
This tax season, the IRS has devised a plethora of useful virtual features to facilitate the taxpaying process greatly. Tara Lynn Wagner of NY1 reports as follows:
“Once again, it’s that time of year when people’s thoughts turn toward taxes. The good news is that help has arrived for all those persistent procrastinators, however.
In 2012, taxes will not be officially overdue until after April 17 – two days later than the traditional filing deadline. This is per IRS spokeswoman Dianne Besunder.
Ms. Besunder further advised that prompt filing yields correspondingly faster refund … Read the rest
By Steve
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Posted in e-file, tax filing, tax payment plan, tax preparation, Turbo Tax
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Also tagged Accounting, internalrevenueservice, IRS, IRS e-file, tax return, United States, YouTube
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January 9, 2012 – 8:32 pm
Tax filing season has started and the documents you need should be in the mailbox soon. While the return is not due until April 17 this year, here are 10 tax tips to ensure you are ready to file.
1. Start gathering records now. This includes receipts, canceled checks and other supporting documents.
2. Watch for W-2s and 1099s. You will need them.
3. For answers to questions, look at the IRS website.
4. Use Free File. If your income was $57,000 or less you qualify for free file. You must access this service trough www.irs.gov. The IRS has collaborated … Read the rest
