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, Tax, turbotax
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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, Tax cut, Tax Policy Center, Taxation, turbotax
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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, tax return, YouTube
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November 22, 2011 – 3:35 pm
Your tax documents are very important documents that you may need to refer to way after the time you actually file your return. More importantly, the IRS may need to refer to these documents at some point in the future and you therefore need to make sure that you do not dispose of your tax documentation once you have filed your returns thinking that you will never need the documents again.
Whilst most people are aware that they need to keep their tax documents for a certain amount of time many are not sure how long they should keep … Read the rest
By Steve
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Posted in FreeTaxUSA, tax filing, tax forms, tax payment plan, tax preparation
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Also tagged Accounting, Audit, documents, internal revenue service, IRS, long, Tax, tax return, Taxation
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September 1, 2011 – 11:59 pm
The AMT or Alternative Minimum Tax is that rare thing – a part of the tax code that most people agree on irrespective of their ideological or political leanings. It was originally established in order to make certain that the richest citizens in the US were going to be made to pay their own fair share of the national tax revenues, but most people now think that it is unfair it has not been adjusted along with inflation which in effect means that an ever growing percentage of not quite as wealthy Americans are falling within its remit and finding … Read the rest
By Steve
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Posted in e-file, tax credit, tax filing, tax preparation, Turbo Tax
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Also tagged abandon, Accounting, alternative, Alternative Minimum Tax, congress, Jon Huntsman, minimum, Tax, Taxation, turbotax, United States Congress, Washington
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