Now that tax season is in full swing, many taxpayers are workingthrough their documents, trying to organize everything for their 2014 tax return. As you get ready to file your own tax return, here are 4 tax time mistakes to avoid:
One of the provisions of the Patient Protection and Affordable Care Act (PPACA, also called Obamacare) is that those who don't obtain health insurance are required to pay a tax penalty.
President Obama has revealed his proposed budget, and it includes close to $280 billion in tax cuts for families with low to middle incomes. The tax cuts for those income brackets would be paid for with about $1.5 trillion in new taxes over the next 10 years.
I have a business. It’s registered as a Limited Liability Company (LLC), and is considered a “pass-through” business. This means that my LLC doesn’t pay taxes in the corporate system. Instead, the profits pass through the business and are reported on the joint tax return filed by my husband and me each year. As individuals, we pay taxes on the income, but the business itself doesn’t pay taxes.
One of the features of the Patient Protection and Affordable Care Act (PPACA, also called Obamacare) passed in 2010 is the application of subsidies for those who need help paying insurance premiums. For those who need to purchase health insurance on an exchange, subsidies can help reduce the amount paid for premiums.
States try many schemes when it comes to raising revenue through taxes. Back when it seemed as though oil prices would keep rising -- and bring gas prices up with them -- some states decided to tie gas taxes to price. Kentucky is a state that ties gas taxes to the price of gas, and as oil and gas prices fall, Kentucky is starting to feel the pinch.
When we think of taxes, often we focus on federal income taxes. However, the reality is that state and local taxes are likely to have an impact as well. And, even though there is much made of people who don’t pay federal income tax, the reality is that these low wage earners are often hit by local taxes.
The number of states legalizing marijuana for different purposes is on the rise. There are states that allow marijuana use for medical purposes, and some even allow it for recreational purposes. However, many states charge a great deal in taxes. On top of that, the fact that marijuana still isn't legal on a federal level causes its own problems.
For many years, I prepared and filed my own taxes. I've only been paying someone else to take care of my taxes since tax year 2007. In many cases, there is no reason to pay someone else to handle your taxes if the situation is relatively simple and you can handle the paperwork on your own.
While environmentalists and others probably applaud the increasing numbers of hybrid and electric vehicles on the roads, some states are finding a new problem with these types of cars: falling revenue.
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