People often need a break from their stressful and busy lives. It is nice to get away for a while to unwind. This can be a clear possibility with a same day tax refund. The money received can be used to finance a trip. Even a small excursion is worth the recouped energy levels that will be gained.
People that want to plan a last minute adventure can fund their travel with instant tax refunds. This is a great way to celebrate a year of work. This is also a terrific option if your vacation time happens to fall … Read the rest
Nothing strikes a note of fear into the heart of the average person more than taxes. I learned this from doing taxes for several years in a CPA office. I saw clients come in with several years of unfiled returns. They were totally unable to confront getting the taxes filed. The really sad fact is that most of them lost the refunds they would have gotten by filing on time because the IRS doesn’t refund if the return is over 3 years late.
But that fear is now largely unfounded. Everyone has heard horror stories of past strong-arm tactics … Read the rest
There is only one week left before the tax season comes to an end for 2012.
Every year at this time, people tend to ask the same types of questions. Let us examine some of the more common issues that people wonder about at this time of year.
Most people are very concerned about whether or not they will get a tax refund. Even though you know the refund is your own money, you tend to be happy when you get a refund and you are likely to feel upset if you have to write a check to the … Read the rest
It has been shown that increasing the cigarette tax is a very effective way to get young adults and youths to reduce or stop smoking. The Centers for Disease Control and Prevention reports that increasing the cigarette tax is less common with states at the present time compared to the past.
In 2009, 15 states increased the tax on cigarettes, but in 2010 and 2011, the number of states doing the same was only eight. The state of New Hampshire actually lowered the excise tax. The CDC has found that when excise taxes are increased on cigarettes, the overall sales … 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
Last year, Nora and Pat Sfarra were in the unenviable position of watching the market value of their eighty two year old home in Teaneck decrease, while their property taxes simultaneously increased.
Assisted by a tax appeal firm, the Sfarras managed to put this right and got the assessed value of their home decreased from $351,000 to $310,000. This gave them the benefit of saving $1,000 worth of tax, which is a real gain when you are paying in excess of $8,000 in tax. Nora Sfarra was happy that she “got something off” in any event.