Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
The Internal Revenue Service reported yesterday that as many as 13.5 million taxpayers will have to wait to file tax returns until computers can be reprogrammed to comply with the new law. It estimated that taxpayers cannot file forms related to the AMT until February 11, nearly a month after the usual start of the…
I mentioned before that I use a CPA to help out with my tax filings at the office. This drew a chuckle from some of my colleagues, but it’s true. I think that a tax professional is an invaluable resource. Consider the time value of money alone. Nationally, it costs about $200. Do I love…
It’s not just major sporting events and Clash of the Choirs… Philadelphia lands second in other areas, too, such as the largest tax burden! Congrats, Mayor Street! We’ve been looking for this kind of recognition. Maybe we should change our slogan to “The City That Taxes You Back”? Here’s the breakdown (courtesy of TaxProf blog):…
As the New Year rings in, Texas will levy a “pole tax” or “stripper tax” on patrons of the state’s strip joints. That’s right, strip club patrons in Texas, break out your wallets because you will now be charged an extra $5. The proceeds of the tax will benefit rape victims in Texas. “This is…
Congress finally made up its mind about the AMT – on the last day of business for 2007. The House voted 352-64 to “patch” the AMT. President Bush is expected to sign the bill, which the Senate has already approved. How long has it been? In June, the Joint Committee on Taxation estimated that this…
Bankrate, Inc. has published the findings of a national poll which found that 60% of Americans think that our current tax system benefits the rich. Of course, this comes as no surprise to most of us. You know that I already think that way, more or less. And so does Warren Buffett. What do you…
One of the things about being a tax attorney is that folks automatically assume that my financial house is always in order, that I always make the right tax elections and decisions and that I file on time, every time. Wrong, wrong, wrong. Running my own business? At the same time as raising a family?…
Dear Congress, The year ends on December 31. It’s now about halfway through December. The IRS (and consequently, the taxpayers) would be really happy if you reached some kind of resolution on the AMT by the end of the year. It makes printing the forms a little easier when you actually know the rules –…
Taxgirl asks: My husband and I will be traveling to Jamaica Dec 30 – January 6. The first 2 days are for pleasure and the last 3 we will be bringing donations and helping out at an Orphanage. My questions are, A. is any of this tax deductibleB. if so what do I need for…
I promised to post a bit more about sales tax – and maybe even throw in a little Fair Tax info to boot – later in the year. Before I get to it, I’d like to know: What is your sales tax rate and where are you located?