In general, debt is often discouraged in our society. However, there are some types of debt that the government partially subsidizes as a way to encourage financial moves that are deemed beneficial to society. One of those types of debt is student loan debt.
This is the time of year that details of a new budget for the coming fiscal year are revealed. President Obama is making his 2015 budget proposal, and some of the potential changes could impact Roth IRA accounts.
Tax debt is so difficult because you know that you can't afford to pay your taxes, but you still owe money. In many cases, it seems easier to avoid the issue altogether. If you can't pay your tax bill, it seems pointless to address the issue.
Keeping up with your taxes is a year-round proposition. This is especially true when you encounter situations that result in a change to your income over the course of a year. This year, the big surprise for some workers is related to the fact that, if your income has increased since you applied for subsidized health insurance under the PPACA, you might actually owe money back.
I'm in the process of selling my house. We're under contract, but everything doesn't go through for a few weeks yet. If you've ever sold a house, you know that it can be a long process. As part of the process, you often need to have your home appraised.
One of the ways that cities, counties, and states raise revenue is through sales tax. Sales tax is charged on items that consumers buy. In some areas, sales tax is only charged on non-food items, while other areas charge a lower tax on food items -- or exempt non-packaged foods from sales tax altogether.
When it comes to taxes, we often think mainly in terms of federal taxes. However, most of us pay quite a bit when it comes to state taxes as well. And, indeed, many states collect various taxes in order to fund certain state-provided services.
A few years ago, one of the clients for my business was a company in Taiwan. My pay came from this Taiwanese company, and was considered foreign income. I had to pay taxes in Taiwan, and since the income amounted to less than $97,600, I didn’t need to pay US taxes on the income as well. I even received a tax deduction for the tax already paid to the Taiwanese government.
One of the big issues facing America today is the concern over tax revenue and how it relates to needed income to keep things running. Many have decried the ways in which major corporations do their best to legally reduce the taxes they owe by citing foreign profits, but there is another loophole that allows companies to pay less in US taxes while pulling in profits.
Not too long ago, the Government Accountability Office released a report indicating that there are some big businesses getting a pass from the IRS. According to the report, certain big partnerships have been audited at a very low rate.
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