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A study by the Congressional Budget Office (CBO) predicts that this year’s federal deficit is going to fall to $642 billion. In fact, the U.S. Treasury received a surplus of revenue in April. The surplus touched $113 billion. Even though the reasons for the surplus might be temporary, the decreasing deficit will give policymakers even…

Many taxpayers failed to file their tax returns this year. Yet, they may know that after the filing deadline, the IRS will begin to charge interest and penalties on any tax amount that remains to be paid. Therefore, back taxes resolution must be achieved as early as possible.Taxpayers who didn’t apply for an extension or…

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…

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,…

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…

To tackle the U.S. deficit, taxpayers are being asked to pay more in taxes. That and spending cuts are the only solutions to resolve the deficit that Washington has offered. President Obama admits that there still is no long-term plan for introducing tax reforms for beating the deficit and the debt.An increase in taxes is…

Regardless of income level, many American households are facing a financial squeeze because of an increase in payroll and other taxes. Spending had a slight increase of 0.2 percent, which was due to an increase in utility usage during due the severe weather this past winter.A lighter monthly pay check has forced households to cut…

More taxes for an average taxpayer is fair if taxes are being paid by businesses and the wealthy alike, but many times those who can afford fancy accounting tricks can often dodge their full tax liability. Call it ‘loopholes’ in the tax code that helps big businesses avoid their tax duty without repercussions, the reality…

Tax increases are inevitable, but an increase in taxes is not justified if there is no equivalent increase in income. American taxpayers are being burdened with more taxes because the U.S. needs to overcome its fiscal deficit.Excessive and unintelligent spending by government can result in the waste of existing resources. Some tax revenue brought in…

Tax preparation is the first thought that comes to mind at the start of tax season. Preparation and filing tax returns can be relatively easy with tax preparers. Hiring tax preparers for tax return preparation is fine, but you must ensure that your tax preparer is honest by checking your return before filing it. Also,…