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.
As part of the “fun” that comes with packing up and moving across the country, my family and I are going to have to sell our house.
The last few weeks have been rather busy for me. Among other things (and there have been a lot of things), my husband landed a job on the other side of the country. So we’re packing up and moving out.
Americans like to complain that they pay too much in taxes. However, that might not necessarily be the case. Recently, the Organisation for Economic Co-operation and Development (OECD) took a look at the tax burden on single workers in 12 different countries. Turns out things in the United States really aren’t so bad, when compared with some of its peers.
The point of tax planning is to reduce your tax liability, by as much as possible, within what the law allows. A lot of people like to talk in terms of loopholes, but the reality is that our tax code is complex, and that means that there is a lot of room for tax planning, and reducing what you owe.
Not too long ago, the IRS began publicizing its Taxpayer Bill of Rights. The point of this move by the IRS is to let taxpayers know that they have rights when it comes to dealing with the IRS and concerns about their taxes, especially if the IRS is performing an audit or if there is some other issue with your tax situation.
It’s a common refrain: I wish my taxes didn’t pay for that!
Many of us look at the way the government spends taxpayer dollars, and wish that it went elsewhere. Of course, it’s impossible to please everyone. We live in a country with millions of citizens, and there are multiple opinions about how each dollar that the government collects should be used.
Earlier this year, a marine exploration company recovered a great deal of gold -- worth more than $1 million -- from a ship that went down in 1857. When you find that kind of treasure, you better believe that the IRS wants its cut.
One of the most effective ways to avoid tax time surprises is to play your tax strategy throughout the year. This includes your investment tax strategy. Remember that investment income is often taxed differently than other income, so it makes sense to include that in your strategy for the coming year. Here are some things to keep in mind:
One of the great things about our retirement account system is that you have the chance to receive tax benefits for setting money aside for the future. This is a great thing, since the tax benefits allow you to grow your nest egg more efficiently.
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