30 Ways to Find Grants in Maine #shorts

How Are Tax Revenues Distributed Among The Different Demographics In The USA?

There is a lot of talk today about the distribution of wealth and who pays what in income taxes. The distribution of income taxes in the United States has always been what one would consider progressive, meaning that the more you make, the higher percentage you pay in. What is going on with the political scene today is that more and more Americans feel the wealthiest 1 percent are not doing their part in tax payments.

What Are The Pros And Cons Of Raising Taxes On The Top 1% Of The Population?

As America hurtles through tax season in an election year, and moves closer to the Presidential showdown in November, taxes will be an important issue. While Democrats have historically been about higher taxes and Republicans are usually about cuts, there is now a rift that may be beyond repair. Democrats insist that the top 1 percent of America’s wealth should be taxed more heavily.

What Are Lifetime Learning Tax Credits? How Do They Work And Who Is Eligible?

Getting an education is of the utmost importance if you want to make your way in the world, but it can also be one of the most expensive propositions out there. With tuition and book costs rising all the time, more and more Americans are meeting a number of expenses that they are having trouble affording. Luckily, come tax season, these Americans can reduce the tax burden that they undertake through the Lifetime Learning Tax Credit.

There’s Gold in Your Past Years’ Tax Returns

Like many Canadians, you probably have not taken advantage of all tax refunds and credits to which you are entitled. There are a spate of programs offered by Canada Revenue Agency to which you are entitled. Most Canadians are also unaware that under the Taxpayer relief provisions, taxpayers can go back 10 years to recover legitimate tax credits and refunds. Let us take an in depth look at some of these items.

Should I Still File Taxes Owed From a Prior Year?

There are plenty of reasons to file late taxes. You might still be able to get a refund, but if not you can minimize penalties and interest by filing.

Deductions You May Have Missed!

It’s estimated that 95% of Workers and their families will get a tax break on their 2011 taxes…will you be among them? All it takes is a little work. And you can really benefit if you take the time to look carefully for some ‘hidden’ deductions – things you may not have thought about yet. Remember, every eligible tax deduction or credit will increase your tax refund or reduce the taxes that you owe. Cha Ching! Your work just paid off…

Foreign Earned Income: Do Professional Gamblers Have Earned Income?

For purposes of claiming the Foreign Earned Income Exclusion, one must have income earned in a foreign territory. Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, lists earned income as salaries and wages, commissions and bonuses, tips and professional fees. It also includes related payments such as vacation, sick leave, severance, certain reimbursements and allowances. The list of unearned income include annuities, alimony, capital gains, dividends, interest, unemployment and social security benefits, and gambling winnings. But what if your means of livelihood is gambling? Will your winnings still be considered unearned?

Tax Changes In 2012

As you complete your 2011 tax return checklist, you may not have considered the last step: thinking about your 2012 taxes. Avoid the temptation to ignore taxes until this time next year.

Minimising Your Personal Tax Liabilities

The personal tax deadlines have passed and hopefully you or your personal tax adviser filed your self assessment tax return on time and avoided any penalties. Even more to hope for is that your tax bill for 2010 – 2011 is not too high. If your tax bill does seem a little high this time around, we hope it is high simply because you have had a good year.

How to File a Tax Extension

File a tax extension for 2011 taxes by April 17, 2012. You can get an additional six months to complete your return, but there’s a catch – you have to pay your estimated tax liability now, not in October.

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