Author Archives: Steve

Businesses and Phil Mickelson Consider Bailing On California

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Phil Mickelson State Taxes

Thanks to California’s new state income tax, there are a lot of high earning citizens who are considering moving to a new state. One such citizen is Phil Mickelson, a top-ranked golfer. This week he suggested that the new state taxes may force him to move out of the state. Later Phil Mickelson went on to say that he shouldn’t have spoken out as he did but there are others who are saying the same thing.

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Leader Phil Mickelson teeing off on the 18th hole at TPC at Sawgrass during the final round of the 2007

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States Consider Alternative To State Income Tax

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Alternative To State Income Tax

A trend in tax filing is already taking place in some Republican led Southern and Midwest states. Other states are considering a similar plan to eliminate their state income taxes and replace it with a higher sales tax to make up for loss of revenue. Legislative watchdogs and tax reform experts can only speculate to the success of these new tax reform campaigns.

The Push for State Tax Reform

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English: Map of US states by state tax as a percentage of average income per capita, 2007. Legend: 5%-5.5% 5.5%-6% 6%-6.5% 6.5%-7% 7%-7.5% 7.5%-8% 8%-8.5% >8.5%

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Processing of Tax Returns to Begin on January 30

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Processing of Tax Returns

Earlier this week, the US Internal Revenue Service (IRS) announced that electronic filing of tax payments for the year 2013 will commence on January 30.  As a result, individual income tax returns will not be processed before then.

Electronic tax filing had been originally scheduled to begin on January 22. The nine-day extension is a result of the changes in tax law which took effect on January 1. The American Taxpayer Relief Act (ATRA) was the result of the “fiscal cliff” tie between the president and the house.

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IRS Form W-2 (Photo credit: Wikipedia)

The IRS … Read the rest

President Obama And The Fiscal Cliff Deal

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President Obama has left out certain important aspects of the fiscal cliff deal, in a video broadcast on the Web. This could give a wrong impression of the deal’s impact on the deficit and taxpayers -

President Obama seems to be boasting that families coming under the middle-class category will not be paying more than $2000 extra as taxes during the year. This is correct for taxes on income; however, the President fails to mention, that there is allowance in the deal for the cut on payroll taxes to expire. More taxes will be paid this year by 77% … Read the rest

Understanding The Fiscal Cliff Deal

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The Fiscal Cliff Deal

The taxes paid by most Americans will definitely increase despite the fiscal cliff deal just signed by Congress.

President Obama has declared that the fiscal cliff deal as a victory for middle class households. This may not be true because taxes are bound to go up and this will lead to an increase in middle class taxes.

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The percentage of households and individuals in each income bracket. “US Census 2005 Economic Survey, income data” . . Retrieved 2006-12-09 . “US Census Bureau, personal income distribution” . . Retrieved 2006-12-09 . (Photo credit: Wikipedia)

America also has … Read the rest

Filing For Bankruptcy In Phoenix

United States Bankruptcy Court Seal

Seal of the United States bankruptcy court. Church of Scientology attorney Steven Hayes bought rights to the Cult Awareness Network assets during its bankruptcy proceedings. (Photo credit: Wikipedia)

Filing For Bankruptcy In Phoenix

If you have made the big financial decision to file for bankruptcy, one of the Phoenix bankruptcy lawyers can help you. Most lawyers specializing in this field, including The Frutkin Law Firm, and Bennett Parker PLC offer a free initial consultation, allowing you to determine if bankruptcy is right for you.

Medical bills are the cause of most bankruptcies in the US, and your unpaid medical bills, … Read the rest

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