Federal Tax Updates Archive

The Ultimate Tax Planning Strategy

TweetShareSharePin0 SharesThe Ultimate Tax Planning Strategy Source: Flickr The taxes that are withheld from paychecks amount to about 25% of your gross pay (including federal tax, state tax, social security tax and medicare tax). But these taxes that are withheld could be working for you as investments if you employ what I call the ultimate

IRS Issues Tax Credit Amount For Toyota Camry Hybrid

TweetShareSharePin0 SharesIRS Issues Tax Credit Amount For Toyota Camry Hybrid Source: Flickr Prior to January 1, 2006, people purchasing hybrid vehicles were eligible to claim a significant tax deduction. Now they can claim a monstrously large tax credit. IRS Issues Tax Credit Amount For Toyota Camry Hybrid The government attempts to modify the behavior of

Starting a Business Accounting

TweetShareSharePin0 SharesStarting a Business Accounting Source: Flickr Starting a business can be quite trying at times. There are many things you must consider when starting a business. In addition to deciding what type of business you will start up, what the business will sell or what services the business will provide, you must also make

4 Reasons People Get Into Trouble With the IRS

TweetShareSharePin0 Shares4 Reasons People Get Into Trouble With the IRS Source: Flickr You don’t want to mess with the Internal Revenue Service. One small mix-up when handling your finances can cost you big. For example, in recent years the IRS has increased its filing of levies, liens and wage garnishments. In fact, in 2004 alone,

IRS Levy And Garnishments

TweetShareSharePin0 SharesIRS Levy And Garnishments Source: Flickr Unfortunately to many of us the Internal Revenue Service (IRS) is one branch of government that can never be our friend and is often feared by some less reputable business owners. When the IRS is owed money, they will get it whether you like it or not. For

Paying Workers – What Can You Write-Off?

TweetShareSharePin0 Shares Paying Workers – What Can You Write-Off? Source: Flickr As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor. Independent Contractor Whenever possible,

Are Federal Taxes Progressive? | Taxes & Transfers

TweetShareSharePin0 Shares The Joint Committee on Taxation (JCT) recently released data on taxes paid at various levels of income, indicating the federal tax system is progressive, consistent with similar analysis by the Congressional Budget Office (CBO), and the Organisation for Economic Co-operation and Development (OECD). The JCT found that the bottom 50 percent of taxpayers

A Budget In Two Week; Tracking Pandemic Relief Dollars

TweetShareSharePin0 Shares White House will release its budget on  May 27. President Biden will release his full 2022 budget two weeks from now. It will include projections for mandatory spending such as Social Security, Medicare, and Medicaid as well as more details on discretionary spending and tax proposals. It’s expected to unify his $1.5 trillion

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