(Updated: We have our winner! See the comments below.) Our next tax trivia question is: The term “budget sequestration” was first used to describe a section of the Gramm-Rudman-Hollings Deficit Reduction Act of 1985 (GRHDRA). The GRHDRA was named after three Senators who sponsored the bill. What three states did the Senators represent?
You remember when you were little and you would keep checking the sky for snow clouds on the off chance that you got a snow day? Welcome to the grown-up version: checking the Internal Revenue Service (IRS) web site for sequestration news. But, like your mom, I’m going to give you the bad news, and…
What do Republicans and Democrats have in common? Neither party can seem to muster a bill to head off the sequester looming on Friday. Two proposals were raised in the Senate today to address the sequester. Both failed. The Republican proposal would have let the cuts stand and allowed the President to decide on the…
With so many changes looming for 2013, it’s easy to forget that there were some significant tweaks to the Tax Code for 2012. Here’s a list of eleven changes to keep in mind before you file your 2012 tax return, due April 15, 2013: 1. Payroll tax credit will still affect self-employed taxpayers. The expiration…
About all I can say for the United States Senate is that it opens with a prayer and closes with an investigation. – Will Rogers We’re about to find out how the United States House of Representatives reacts to prayer. Today, at 11:00 a.m, various members of the clergy will lead a “Family Pray-In” at…
Five days. That’s how long until the sequestration goes into effect. Sequestration, painted as one half of the worst thing ever, is a series of across the board federal cuts that are scheduled to occur if Congress doesn’t act to cut spending. And Congress hasn’t acted on spending since 2011 (when they voted not to…
Taxpayer asks: My husband is a non resident alien. We have been filing together as married. I am a US Citizen and together we have 2 children. Because he has an ITIN we have been missing out of the EIC credit. Can we file as single, since he is not considered married to me for…
Wal-Mart had the worst sales start in seven years. So what gives? Are consumers unhappy with Wal-Mart or is it something more?
(Update: We have our winner. See comments below.) Our next tax trivia question is: We all know that the Tax Code is becoming more unmanageable for most taxpayers. These days, the “easiest” individual tax form is the Form 1040EZ. The instructions, however, make it seem like it’s not so simple after all. Including the front…
The good news for taxpayers? More than half of us didn’t owe taxes for the last tax year on record. The bad news for taxpayers? The other half of us did. Hopefully, if you fall in the latter category this year, the amount that you owe isn’t too bad. But if it’s more than you…