The Tax Policy Center has estimated that 43 percent of Americans will not pay federal income tax for the 2013 calendar year.
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As many of us prepare to file our federal income tax returns in the coming weeks, we should be looking for every deduction we can find and that we legally have coming to us. For those who own a home, it can be the source of several different deductions.
Read on to learn some of the common federal income tax deductions related to home ownership. Keep in mind that to receive these deductions you have to claim itemized deductions on Schedule A, as opposed to using your standard deductions. (more…)
The calendar has rolled into 2013, which means in the next few months you need to file your federal income tax. Although this may not be the first time you have had to file, you may not remember all of the tax law changes that went into effect for the 2012 tax year. Read on for a refresher on the most significant changes. (more…)
The Internal Revenue Service (IRS) has launched the Fresh Start Initiative, a program designed to help both individuals and small businesses who are behind on paying their federal income tax catch up on those tax payments. (more…)
While various groups call for tax reform at the federal level, where time spent preparing 2012 federal income tax returns is expected to cross 6 billion hours, the possibility of such reform happening is unlikely in the short term. But things are different at the state level. (more…)
An option for borrowing money that has grown in use in recent years is a reverse mortgage. But what is a reverse mortgage? And what are the tax implications of exercising a reverse mortgage?
Although it was not officially signed into law until the first few days of 2013, Congress and President Obama passed a measure, the American Taxpayer Relief Act of 2012, to avert the fiscal cliff and prevent the expiration of a large number of Bush-era tax cuts.
But now that the American Taxpayer Relief Act of 2012 has been passed into law and those Bush-era tax cuts are permanent, what does it mean to you? Read on to learn more.
For more information about federal income taxes in general, please visit our web site’s “Tax Relief” page. (more…)
Every year millions of dollars in federal income taxes are paid to the Internal Revenue Service (IRS) that legally do not have to be paid. This is because many people fail to capitalize on taking deductions against their federal income tax that they are legally entitled to take. (more…)
Federal income taxes have continued to be a much-discussed topic as we head into the final month leading up to the presidential election. The topic gained a great deal of attention when Republican presidential candidate Mitt Romney stated earlier this month that over 45% of Americans do not pay any federal income tax. (more…)
The topic of federal income taxes continues to be a hotly-discussed topic in the race for the White House.
A video of presidential candidate Mitt Romney that was released on Monday shows him responding to a question about federal income tax cuts. Romney’s key point in the video is that many people are not concerned about taxes because approximately half of those in the United States pay very little or even no federal income tax. (more…)