Blogs

The end of the year will be marked by talk of increase in taxes. The economy is slowly recovering, and to help it get back to its feet, the government is looking to get money from wherever it can.Although increase in income tax for the rich has not seen the green signal yet, there are... Continue reading →

The many tax breaks that American taxpayers had been enjoying for some years now are soon to expire. One of the major tax breaks that will end with 2012 is sales tax deduction, i.e. if it is not renewed. With the economy in trouble, there is little likelihood of the expiring tax breaks to be... Continue reading →

As the new year is approaching, American taxpayers’ worries about the expiry of many tax deductions that they had been enjoying till now is increasing. Shoppers are unhappy that the federal deduction for state and local sales taxes will no longer be there come January. That will mean that after 31st December, 2012, you will... Continue reading →

Habitual shoppers can feel the pinch of losing federal deduction for state and local state taxes. This Christmas, shoppers can enjoy the benefits of the tax break, but starting Jan 1st, 2013, sales tax deduction expires. Worse news is that apart from this deduction, more are in line. Beginning next year, the country will see... Continue reading →

Sandy has done much damage to millions of households. To provide relief to the victims of Sandy, many organizations and the government are donating blankets, cash, food supplies etc. The IRS has also come up with tax help for Sandy victims.Victims of Sandy who come under Presidential Disaster Areas (PDA) can now file their tax... Continue reading →

Victims and volunteers of Sandy get tax assistance from the IRS. Tax relief is being given to victims of Hurricane Sandy that fall under the Presidential Disaster Areas. After an assessment of the destruction caused by Sandy, more areas can be included in the Presidential Disaster Areas. Taxpayers in Connecticut, New York and New Jersey... Continue reading →

The IRS is providing tax relief to taxpayers who have been affected by Hurricane Sandy. The IRS has been providing tax relief to victims of hurricanes and other natural calamities over the years. This time, it has extended the time to file taxes to Feb 1, 2013 for those who fall under the Presidential Disaster... Continue reading →

Tax increase in social security, obamacare, medicare and income tax in 2013 may spell trouble for the economy that is slowly recovering, analysts believe. Even if taxes on the rich are increased, it may lead to an increase in unemployment. Although it does not sound plausible, the logic behind it is simple.If the rich are... Continue reading →

An increase in income tax, obamacare taxes, medicare taxes and social security taxes starting from Jan 1, 2013 can push the country off the fiscal cliff. Along with additional taxes, $120 billion federal government spending cuts are mandated for 2013. Some fear that this may cruise the country into recession.Additional taxes will mean less spending.... Continue reading →

With the season hot in politics, the issue of taxes may have taken a backseat. But when the issue is paying more taxes arises, discussion becomes essential, and needless to say, highly volatile. Bad news is that payroll tax cut is coming to an end this year. Beginning 2013, workers will need to pay more... Continue reading →