News

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…

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…

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…

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….

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…

Payroll tax cut that had been giving a breather to as many as 163 million workers in 2011 and 2012 will expire this year. This bad news is not being brought up or discussed by the politicos because neither party looks to extend the payroll tax cut.The payroll tax cut is being financed with borrowed…

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…

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…