The Discretion of the President to Plan Cuts Under Debate
President Barack Obama has been pretty vocal about the effect that automatic budget cuts are going to have. These warnings are getting increasingly ominous from the President and the Congressional Republicans are preparing to counter these warnings as far as possible. Basically the Congressional Republicans are looking to aid the administration with more flexibility and that too in instituting the 85 billion dollars worth of cuts. They believe and have said that this one proposal could actually serve the vital purpose of shielding the most important programs. This should be … Read the rest
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
Intuit Inc., which is the maker of the tax softwareTurboTax 2012, is getting ready for the tax season to begin late in 2012.
With the changes that are occurring in tax laws it is possible that the filing deadlines may be pushed to later in the year. This could cost the company a delay in revenue of $50 million to $75 million. This could translate into a 10 cent to 15 cent loss in their per share earnings in the companies second quarter of the fiscal year. This was the warning that the company had announced … Read the rest
End of Tax Breaks: All You Need To Know About the Expiring Tax Breaks
There seem to be changes in the IRS tax code every single year. The only advantage they have is that they keep accountants employed.
It is important that you stay informed about tax code changes regardless of whether you use computer software to do your taxes or you have your accountant do it for you. Knowing changes in the tax code will help you to file the right returns and get your refund quickly.
The first tax breaks to go are Bush Tax Cuts that gave … Read the rest
Timothy Geithner, the Treasury Secretary, has presented Obama’s current plan for overhauling business taxes today. This plan includes eliminating loopholes and a reduction in tax rates by up to 28%. Critics, however, state this is not low enough.
Plans are also in the works to instate a minimum tax on foreign earnings, but no details have yet been given.
Geithner went on to say that the main goal of the Obama tax reform plan is to “restore a system” which allows American businesses to succeed or fail based on the services they provide or products they make, not on … Read the rest