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The Obama administration has been working to increase revenue through increasing taxes. For 2013, the month of April brought good news for them, as it made a record for revenue generation. The U.S. Treasury received a surplus of $113 billion for the month, which is the since 2008.The policy of increased revenue generation, coupled with…

Social Security is a promise every American citizen receives from the government for basic survival after retirement. Even though all taxpayers fund Social Security through payroll taxes, the benefits they enjoy may not be equivalent to the amount of taxes they paid, due to their level of income through the years.The Social Security wage base…

The U.S. federal budget deficit is lower than it was in 2012. The deficit grew February 2013 by $203.5 billion, the Treasury Department said, but it is still lower than 2012.This February, the gap was $28 billion less than what it had been the same time a year ago. If the first five months of…

Analysts believe that in 2013 the budget deficit will shrink to $845 billion, which will be the lowest during Barack Obama’s presidency. Even thought that might bring a sigh of relief to many, the relief is short-lived because the deficit is expected to rise again after a few years.The cost of health for the elderly,…

The fact that the rich are now paying higher taxes comes as a surprise because most of us do not think of the rich as being abused in a tax system that notoriously favors the wealthy.President Barack Obama is reluctant to raise taxes for any tax bracket, except the rich, “I am prepared to do…

Tax fraud is growing in spite of efforts made by the IRS and law enforcement agencies. In a recently busted fraudulent tax filing scheme, it was discovered that tax fraudsters were also using false tax credits to get refundable tax credits.A refundable tax credit not only reduces a tax liability to zero, but it can…

Those who received a lighter paycheck this year and those who expected a decrease in pay because of an increase in payroll taxes are sharing their concerns on and offline. Families earning $50,000 a year will see around $40 less in their monthly paychecks. Though the amount may not seem significant, it can affect the…

Everybody is unhappy with increased payroll taxes; those who have received a lighter paycheck are more so. For a family earning $50,000 a year, the new taxes would mean a reduction of about $40 per month. Although it does not seem like a large amount, it does mean less money to spend.Taxpayers are complaining about…

Everybody eagerly waits for their refunds to reach them. Now, you no longer need to wait in the dark. The IRS has improved Where’s My Refund? an online tool where you can check the status of your refund. You can now check when your tax return reached the IRS, when your refund was approved and…

 At last, there is some good news regarding taxes. The IRS has introduced new features toWhere’s My Refund? Now, taxpayers can check when their tax return is received by the IRS, when their refund is approved and when it will be sent to them. This year too, taxpayers can expect to receive their tax refunds…