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Tax Refunds: How Do They Work?

TweetShare1SharePin1 Shares Tax Refunds: How Do They Work? Source: Flickr The best part about filing your taxes is getting the tax refund check! Chances are, you have been paying your taxes directly, or your employer has been withholding tax dollars from your paychecks. Many individuals overpay on their taxes, so they quickly file their taxes

Reviewing the Impact of Taxes on Economic Growth

TweetShare1SharePin1 Shares With the Biden administration proposing a variety of new taxes, it is worth revisiting the literature on how taxes impact economic growth. In 2012, we published a review of the evidence, noting that most studies find negative impacts. However, many papers have been written since, some using more sophisticated empirical methods to identify

TPC Compares President Biden’s Tax Agenda With Candidate Biden’s: Where It Differs and Where It Tracks

TweetShare1SharePin1 Shares When Joe Biden ran for president, his campaign platform included dozens of relatively specific tax proposals. They ranged from expanding refundable tax credits for low- and moderate-income households to increasing payroll taxes for high-income workers to major changes in the way the US would tax multinational corporations. And, with a few notable exceptions,

IRS Lock-In Letters – What’s An Employer To Do?

TweetShare1SharePin1 Shares IRS Lock-In Letters – What’s An Employer To Do? Source: Flickr Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld.

The Legalities And Issues With An IRS Levy

TweetShare1SharePin12 Shares The Legalities And Issues With An IRS Levy Source: Flickr An IRS levy is an order from the Internal Revenue Security directing TVA to withhold a specified amount of an employee’s pay to satisfy a tax debt. If the IRS determines that we owe back tax then it may issue an IRS levy

Calling the Number Provided in IRS Correspondence

TweetShareSharePin0 Shares This has been a tough year for the IRS.  For a variety of reasons not the least of which is the pandemic, it has faced numerous challenges.  My understanding is that its performance in answering the general phone line during the filing season ranged somewhere between 2-5% which is not good but it’s

Action Or Inaction, Taxes May Have Only One Way to Go

TweetShare1SharePin12 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News  looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans

Action Or Inaction, Taxes May Have Only One Way to Go

TweetShareSharePin0 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News  looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans

Minnesota Tax Attorney: Put an End to Your Tax Nightmare

TweetShareSharePin0 Shares Minnesota Tax Attorney: Put an End to Your Tax Nightmare Source: Flickr No case is doomed to failure. However, you also need to do something to save yourself from doom. You have to take the necessary moves to preclude tax penalties and debts from quickly piling up and strangle your finances. Simply, you

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