Blogs

Every taxpayer funds Social Security through the taxes they pay so that they can receive its benefits when they retire. Most American families use their 401(k) to support them during financial difficulties, with personal savings, IRAs, and Social Security used after retirement.According to a report, in 1985, about 80 percent of employees depended on their... Continue reading →

The tax filing deadline is around the corner, so taxpayers who are looking to pay their taxes before midnight April 15th should electronically pay their taxes. Taxpayers who cannot pay their taxes before the deadline and owe the IRS will need to either pay the full debt amount in a lump sum, or apply and... Continue reading →

The April 15th deadline for filing taxes is just four days away! The best option for taxpayers who have yet to file their return is to e-file their returns because it is easy and more importantly it is fast. As many as 100 million taxpayers e-file their tax returns.Using the IRS’ Free File service, anyone... Continue reading →

Taxpayers, along with the IRS and politicians, are calling for the tax code to be simplified. According to a study published by the Joint Committee on Taxation, the tax code had 1,395,000 words in the tax code in 2001. A tax research organization in 2005 found the number of words in the tax code to... Continue reading →

Every taxpayer knows that the U.S. tax code is complex. Hours spent in understanding the tax laws and codes every year when filing taxes are difficult to forget. Therefore, most taxpayers use the services of tax preparers to prepare their taxes. The U.S. has up to 1.2 million tax preparers, much more than the number... Continue reading →

The complexity of the tax code is felt during the tax filing season. Democrats and Republicans both agree that the U.S. tax code needs to be simplified. The resolve is present, but the pressing question is how?Both the parties share the common goal, but have different paths to reach it. House Republicans and Senate Democrats... Continue reading →

Most taxpayers on popular social networking sites, such as Facebook and Twitter, share their activities, thoughts, and information with their friends. Sometimes, taxpayers share sensitive tax information, including their refund amount, or the particulars of their debt on social networking sites. If their privacy settings are set to public and a taxpayer owes the IRS,... Continue reading →

The primary solution to the country’s large deficit is to raise taxes. Time and again, political parties and the media have pointed to a hike in taxes that would be necessary to cut down the massive debt the country has collected during the recession. There has not been an increase in taxes for the majority... Continue reading →

When President Obama proposed a tax increase on the wealthy it was debated by Republicans that the increased taxes would have adverse affects on the economy because the wealthy would decrease their spending. It was argued that a hike in taxes would directly affect other taxpayers who rely on the rich economically, such as employees,... Continue reading →

The political class has been deeply worried about how to get the country to recover from its deep deficit. Democrats have now made their stance on fighting the deficit clear. They say they can reduce the deficit by $1.85 trillion in the next decade with a combination of tax rate increases and spending cuts. Republicans... Continue reading →