Buying a home can be a lot of different things. It will most likely be the most money you will spend on any single purchase. It may be the biggest debt you ever incur. And very likely, it could be the best investment you will ever make. Needless to say, it is a major decision to be made.
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.
Many of those who will be taxed feel as though it will be excessive. They are also feeling that California … Read the rest
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
A perk or fringe benefit is a financial benefit that your employer provides for you. Whether that benefit is taxable depends on a number of factors. The tax implications of many fringe benefits are well understood. Here are some less familiar tax implications:
Airline Miles Become Taxable
Earlier this year (prompted by a claim by Citibank that the miles it grants its customers upon opening an account (among other items) are gifts and therefore the recipient is on the hook for paying taxes) the IRS publicly stated that the value of frequent-flier miles are “provided as a premium for opening … Read the rest
There are various tax credits that are worth knowing about, and if you claim one and are eligible, you can receive a refund even after you have your tax liability lowered to zero.
When preparing your 2011 Federal income tax return, consider the following four tax credits:
If you earn less than $49,078, you can take advantage of the earned income tax credit, and the amount can be up to $5,751 depending on your age, income and number of qualifying children. Many workers are seeing this for the first time, becuase of a drop in wages or earnings. IRS publication
Welcome to the February 7, 2012 edition of Tax Carnival Ecstasy. In this issue we have an article by Gregory Stokes on not Missing The Tax Credits Income Deadline. Mark Roberts takes a look at How To Choose The Right Filing Status. Plus there’s a post on Making 401k Withdrawals by Roger White. Hope you enjoy the articles, share, bookmark, tweet, like on Facebook, and come back real soon.
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