taxes

The President's Tax Plan

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President trump just marked one hundred days in office and the critiques are coming in.

Earlier this week the president brought up the idea of raising the federal gas tax, something that has not been raised since 1993. And like most of the president's proposal reaction is mixed. I recently spoke with John Chen, CEO and executive chairman of Blackberry who says the president's overall tax plan is a good one, and should have been tackled sooner.  read more »

Taxes Up and Down

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Just when you thought your taxes will go down under President Trump, along comes a way to stifle your enthusiasm.

President Trump wants big tax cuts on corporations and individuals. Now some enterprising state and local politicians are hoping to create new ways to take your tax savings back. According to the San Francisco Chronicle, the city's board of supervisors will vote next week on a resolution urging the California legislature to amend state law to allow cities and local governments to impose personal and corporate income taxes.  read more »

A Tax Increase

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We're heading into the official start of tax season and this year Uncle Sam wants just a little bit more.

For millions of Americans the first thing they will see when they visit the tax man is a tax increase. This year about twelve million workers will be hit with an automatic adjustment in their payroll taxes. And for the first time in 34 years the amount of income subject to be taxed is 7.3%. That tax could cost you as much as $534, more if you're self-employed.

So what's behind the increase? The social security taxable minimum is adjusted based on U.S. wages and not consumer prices. Accountants say the sudden hike is two years of wage gains packed into one. So as wages go up so does the amount the government can tax you.  read more »

Small Business Penalties

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Starting a business? There's one person you need to put on the payroll.

According to Business Insider 1/3 of small businesses are fined for the same reason; payroll penalties. And the main problem is because most business owners do their payroll manually. According to a survey by godaddy.com 46% of small businesses don't have an accountant. And that oversight means they don't always comply with local, state and federal requirements. And the penalties are adding up.  read more »

Year End Tax Strategies

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The clock is ticking down to the new year. Last chance to book some tax breaks.

According to Jeff Reeves, editor of investorplace.com, there are year end tax strategies you can use to keep some of your money from the tax man. In an article written for USA Today, Reeves suggests 11 strategies.

By example, defer a year end bonus until January, pushing back the tax bill by another year. If self employed defer some your year end income into January. If you have to pay taxes, at least you can defer the event, keeping that money in your pocket a bit longer. Also look at last minute write-offs such as donating to charity. And you can give a gift of money up to $14,000 to a relative as a yearly tax free gift.  read more »

Tax Season

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Tax day has come and gone and this year’s its being followed with a little relief.

Budget cuts and new responsibilities have the IRS busting at the seams and that’s good news for tax payers. Because the agency is stretched so thin it has fewer agents available to audit people. The IRS commissioner says they will keep going after the worst of the bad guys. But he says there are some people that they should catch that they probably won’t be able to.

So how do you know if you’re in the clear? If you report making $40,000 in wages and your employer reports 50; the IRS will catch that. But if you operate a business that deals in cash your chances of getting caught are the lowest they’ve been in years.  read more »

The Tax Man Cometh

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You have almost eight week to get ready for the tax man; better get started.

You might consider this a wakeup call for all you tax procrastinators out there. April 15th may seem a long way away, but not if you'll need help from the IRS.  read more »

Tax Season

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The holiday season is over and a whole new season is approaching.

It might be a new year but it's not quite time to forget the old one; at least when it comes to how much money you made. And as you prepare to haul out your receipts and file your tax return experts say there are some big mistakes that could cost you.

For example avoid using a pen and paper. Tax officers say it would be foolish not to efile. Not only is it faster but you avoid the possibility of making simple mistakes. And if you do bring in some outside help check their credentials. There are 800,000 people in the country who prepare tax returns and most of them are unregulated. That's because there's no licensing requirement for someone to call themselves a tax preparer.  read more »

Ridiculous Deductions

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It’s tax time and while you might be trying to squeeze every last dime from the government, Uncle Sam is not amused.

Tax deductions are our way of getting back some of the hard earned money we have unwillingly donated to the government. And while charitable contributions and business expenses may fly, prostitutes and emu feathers do not.  read more »

Tax Time

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Tis the season for W2’s, audits and procrastination. So if you’re looking to get an early start on your taxes, file wisely.

To help you avoid costly mistakes MSN Money asked their readers and Facebook fans to describe their worst tax blunders. From those responses came eight common mistakes tax payers make and how lessons on how you can avoid them.  read more »

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