Decoding Mega Millions Windfall Taxation: What’s the Bill for Jackpot Triumph?

Hello, savvy readers, and welcome to the tax arena of the mega-rich! Today, we’re unraveling the intricate tapestry of tax obligations that befall the fortunate victors of the illustrious Mega Millions lottery. Brace yourselves, for the road to wealth is paved with tax burdens, and we’re here to light the way. Let’s look at the Mega Millions Windfall Taxation.

Unearthing the Goldmine, One Tax Form at a Time

You’ve clinched the Mega Millions jackpot – the dream of countless hopefuls. Yet, beneath the veneer of luxury and glamour lies a complex tax landscape that every victor must navigate. With your … Read the rest

The Marketplace Fairness Act

The Marketplace Fairness Act

One of the many perks of online shopping, the lack of online sales tax, may soon be a thing of the past as the Marketplace Fairness Act, an official Senate Bill, is on its way to the House of Representatives. As of 1992, online retailers have only been required to collect sales tax from consumers that live in the state where the online store has a “physical presence”. However, tension was slowly mounting as smaller businesses tried to keep up with the many perks the online world offered.

Retailers on the web slowly began to push … Read the rest

States Consider Alternative To State Income Tax

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

Since there is little hope for any more changes with the federal tax system, many states are making plans to spur economic growth within their own … Read the rest

President Obama And The Fiscal Cliff Deal

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

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.

America also has a huge national debt of $16 trillion. The tax relief and pork included in the new deal will add about $4 trillion to the national debt over 10 years. The fiscal cliff deal has been hailed … Read the rest

Saving Money With Tax Services

Locating free 2012 tax filing services would be a great idea for anyone that has a need to save some money. Spending hundreds of dollars on tax software is likely something you cannot afford when dealing with the large burden of taxes. However, it is important that you find a way to get your taxes done as quickly as possible. When you use out of the best free options on the market today, you will be able to keep hundreds of dollars in your pocket. Throwing away money on software is likely something you cannot justify on a limited budget, … Read the rest