Author Archives: Steve

U.S. tax reform – Effect of decrease in the tax code’s bias for debt

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The much awaited tax reform has at last arrived to reduce the tax code’s bias for debt. As per the recent announcements, the U.S. corporate tax rate may reduce to 25% from 35%. The non-financial corporations will be allowed a deduction of nearly 65% of their gross interest expense, whereas the financial corporations will be allowed a deduction of up to 79%. Some special rules and regulations have also been implemented for the corporations who have stated a malfunction in the tax purposes.

Interest Rates

Interest Rates (Photo credit: 401(K) 2013)

According to various financial experts, the general strategy is to reduce Read the rest

How To Organize Your Tax Records

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How To Organize Your Tax Records

Learning how to organize your tax records can save you stress and time when it is time to file your taxes.  Start the year with an organization system so you know where all of your records are when it is time to file your taxes.  If you aren’t sure what records you need, here is a general guide that is suitable for most people.

Income

Your employer will issue a W-2 with your income and tax information for the year.  You should also include interest statements from investment accounts and any 1099s that you … Read the rest

How To Free File Online Using The IRS Website

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How To Free File Online Using The IRS Website

Many taxpayers are using free file online programs that are based on popular tax software programs like the TurboTax 2013 programs. The free file online program is offered directly by the IRS on their website. It is available to all taxpayers, but different taxpayers can access different portions of the program based on their income and other factors.

The IRS free file online program connects taxpayers with participating software companies like TurboTax 2013. Taxpayers can choose between a range of software programs including the TurboTax 2013 Freedom edition. Once the taxpayer … Read the rest

Free Online Options To File Your Taxes

Free Online Options To File Your Taxes

Filing your taxes on time can be a very long and time consuming process if you do not have a clue of what you are doing. However, you can make this process as easy as possible by simply choosing to file online with TurboTax or TaxAct. If neither of these tax filing options is ideal based on your personal needs, you should consider using H&R Block Home edition which also receives good reviews.

TaxACT Logo

TaxACT Logo (Photo credit: Wikipedia)

It is important that you consider your free online options to file your taxes prior … Read the rest

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.

Leader Phil Mickelson teeing off on the 18th h...

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

English: Map of US states by state tax as a pe...

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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