3 Things You Should Know About Tax Audits

irs tax auditThe idea of a tax audit concerns many of us. And why wouldn’t it? The thought of the IRS coming after you, telling you that you owe more money and potentially garnishing your wages can be very daunting. Before you get too worked up about a tax audit, here are three things you should know:

1. […]

Energy Efficiency Tax Credits Still in Effect for 2016

energy-tax-credits-3A few years ago, the government announced that taxpayers could spend money to install energy efficient systems and receive tax breaks. Those tax credits have been set to expire for some time, but Congress has renewed them for another year. In some cases, the tax credits have been renewed for even longer.

If you want to save money with […]

Do Millionaires Really Leave States with Higher Taxes?

wealthy leave over taxes?One of the clarion calls of this year’s presidential election, at least in terms of what Bernie Sanders and Hillary Clinton say they will do if either is chosen as the Democratic nominee and then goes on to win, is raising taxes on the wealthy.

However, the other side of that argument is that higher […]

Tax Fraud on the Rise. Can Congress Combat It?

tax fraud on rise congress to fightWhat’s the fastest-rising form of identity fraud in the United States?

According to recent numbers from the Federal Trade Commission, tax refund fraud is the biggest contributor to a recent spike in ID theft. According to the FTC, there was a 47% spike in ID theft in 2015. That’s a pretty big […]

May 24th, 2016|Tax News|0 Comments

What are FICA Taxes?

estimated-taxes-dueWhen you received your first paycheck, you were probably surprised to discover that what you told you are earning, and what you actually come home with, are two different things. Due to tax withholding from your paycheck, your take-home pay is usually less than you earn.

Your federal and state income tax payments are usually withheld from your […]