Blogs

In a new plan proposed by the IRS, U.S. citizens living aboard will be able to easily settle their earlier tax non-compliance. According to IRS Commissioner Doug Shulman, “Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations and resolve pension issues.”The new procedure will... Continue reading →

The IRS has announced its new plan for U.S. citizens residing overseas where they can get current with their tax filing. Those taxpayers who haven’t been able to pay taxes in the past may find it easier to get back into the good books of the IRS.The new procedure will help taxpayers who have low... Continue reading →

Small businesses can gain a lot of benefits from tax credits. There are many credits that the government has introduced for taxpayers who run small businesses. According to the number of staff, type of business and other particulars of your business, you can choose the credits you can use when filing your tax returns this... Continue reading →

Tax time is when tax frauds become most active. Tax time scams reach the peak when most taxpayers file their tax returns. With many taxpayers expecting refunds, scammers use the façade of the IRS or a reputed agency to extract sensitive financial and personal information from taxpayers which they use to claim inflated refunds by... Continue reading →

The economy has shown steady growth. This April, the U.S. treasury received a surplus of $113 billion, which will contribute to decreasing the deficit for 2012. Though it is said that the surplus is majorly due to many short-term factors, it is good news for the economy nevertheless.The Obama administration has been struggling to come... Continue reading →

With so many tax filing scams busted recently, and the IRS giving away millions in false tax refunds every year, there seems to be little to raise taxpayers’ eyebrows anymore. What is surprising and disturbing is the continuation of tax scams right under the nose of the IRS.In a recently busted tax scam, the accused... Continue reading →

Republican governors are contemplating increasing sales tax and lowering income taxes. Economists at the OECD (Organization for Economic Co-operation and Development) studied various types of taxes and discovered that sales tax is the least harmful tax for economic growth.Western European countries have some of the world’s highest value-added tax (VAT). Scandinavia, Sweden, Denmark and Hungry... Continue reading →

Starting in 2013, most taxpayers will begin to pay the original rate of Social Security taxes, at 6.2 percent. Accustomed to paying 4.2 percent from 2001 until 2012, taxpayers are not taking well to the tax rate bouncing back to 6.2 percent. The reaction of taxpayers was predictable because in 2010 when the payroll tax... Continue reading →