News

The Impact of Same-Sex Marriage Recognition on Federal Taxes

Recognizing same-sex marriages in the U.S. has brought significant changes to the tax landscape, affecting how couples file their federal taxes and calculate deductions and claim credits. Since the Supreme Court’s 2013 ruling in United States v. Windsor and the 2015 decision in Obergefell v. Hodges, same-sex marriages have been federally recognized. These decisions mandated…

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How Obama’s Healthcare Plan Affects Your Taxes in 2024

The Affordable Care Act (ACA), often called “Obamacare,” introduced several relevant healthcare-related tax provisions in 2024. Some of these measures impact how individuals and businesses handle taxes, particularly with premium tax credits, healthcare coverage, and taxes for high earners. Here’s a detailed breakdown of how the ACA influences your taxes in 2024 and what to…

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Tax Debt Relief through IRS Payment Plans

Tax debt must be resolved early to avoid the accumulation of IRS penalties and interest, as well as to avoid aggressive collection actions by the IRS. It is important for taxpayers to know that they can resolve their tax debt even if they cannot pay the entire amount of the debt. The IRS has various…

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Obama Gains Support on Syria: What about the Taxpayers?

President Obama is slowly gaining more support for strikes in Syria, but it will only be after the support of Congress that he will be able to lead the U.S. in an intervention in Syria. Amidst the talk of saving Syria on humanitarian grounds, American taxpayers have been forgotten.The “limited” strike might cost the country…

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Syria Strikes will Cost Taxpayers Billions

If the U.S. decides to use its military force in Syria, it will cost American taxpayers billions. Indications have been made that the U.S. might launch cruise missiles in Syria, with the cost of each missile around $1.1 million.President Obama proposed that the U.S. must intervene in Syria on humanitarian grounds, but do the American…

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IRS Cracks Down on Tax Evaders

The IRS had increased its efforts to bring down tax evasion. The newest result is that many Americans staying abroad are now renouncing their U.S. citizenship because of the strict regulations of the Foreign Bank and Financial Accounts (FBAR).As the IRS has increased its efforts to increase tax compliance, U.S. citizens overseas are finding themselves…

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How Tobacco Taxes Affect Black Market

An increase in tobacco taxes is seen as an increase in revenue and a possible deterrent to smoking, but it remains largely unspoken that an increase in tobacco taxes leads to the expansion of its black market. Higher tobacco taxes in some states can encourage smuggling tobacco from high-tax areas to low-tax areas.Professor David Merriman…

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Retirement Savings Management Tool

It is hard to estimate how long your retirement savings will serve you. There are various factors, including inflation, your living standard, and the amount of savings that must be considered to determine your total retirement savings will be able to fulfil your lifestyle while retired. BlackRock has come up with a tool, CoRI, to…

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Reaching Your Retirement Goal

Saving for your retirement is essential to comfortably living in old age. The government also makes efforts to ensure that citizens reach their retirement goal. Recently, the U.S. Chamber of Commerce and American Association of Retired Persons (AARP) proposed solutions that will help provide a secure retirement to more people.Determining your net worth and understanding…

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More Retirement Saving for More Americans

The U.S. Chamber of Commerce and American Association of Retired Persons (AARP) are pushing for improvements in retirement savings for all Americans. Millions of Americans live without any retirement savings or have insufficient retirement savings. It is expected that their number will increase in the near future as more people retire.To find and implement solutions…

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