The figures don’t lie. The number of IRS audits has fallen below 1% once again. This marks the lowest number since 2005, and it’s a cause for relief for those in all tax brackets. We’re going to take a closer look at what this means for you. Why Did it Happen? The main reason why audits fell to
Online Entrepreneurs Need to Get Sales Tax Compliant Before 2016 Arrives
The sales tax deadline is in January, so say goodbye to that relaxing start to 2016 you were dreaming of. Every online entrepreneur needs to get sales tax compliant before the deadline hits or they could face huge fines, which are more than capable of bringing down a small business. The Right State
Tax Changes Policy Makers Should Pursue in 2016
The tax system can be a confusing beast. That’s why we’ve put together some of the tax changes policy makers should be pursuing in 2016. Change the Inflation System Only half of our states tag their income tax brackets to inflation. This is damaging for everyone, especially those on low incomes.
8 Silly Ways the Government Wastes the Money You Pay in Taxes
The Federal government regularly wastes your money on various causes. In an annual tradition, we get to find out the details behind the government’s wasteful spending habits. Here are the latest silly ways the government has spent your tax dollars. $35,000 on Solar Panels The Agriculture Department
Who Gains from the Electric Car Tax Benefit?
Electric car tax benefits may seem like a green initiative to improve the world. Strange though this may sound, such an impression is actually far from accurate. When we look into the details of these benefits, we can see that the people who benefit the most are high earners. Let’s take a look at
Tax Deductions to Claim When You Get a Divorce
The IRS does not allow you to make any deductions for legal fees during divorce proceedings. With that out of the way, let’s go into the tax deductions which you can claim when you get a divorce. This is a highly complex issue, so when in doubt call a professional to help. Alimony You may not be
You May Lose Your Passport if You Don’t Pay Your Taxes
The US government is making it harder than ever before to have outstanding tax debts. Under a new law, Americans could be forced to forfeit their passports, or have outstanding applications rejected, should they have bills to pay to Uncle Sam. The Current Tax System This actually isn’t a new
Tax Loss Harvesting Explained
Tax loss harvesting is a tax reduction trick designed to reduce the amount you pay to Uncle Sam. It can be used quite regularly and many investors use it to either postpone or to reduce what they have to pay altogether. Let’s take a look at what tax harvesting is. The Principle The principle of