It’s that time of the year again! People need to start thinking about their taxes. Wednesday, January 30th marks the beginning of tax season for 2013. The IRS had originally planned for tax season to begin on January 22nd, but the fiscal cliff debate pushed the start date back. Everyone needs to start organizing and preparing […]
Tax News
New Cut In Payroll Tax
In January 2013 people opening their first paycheck of the year may be in for a surprise. Their paycheck will be less money than usual. This is due to a bill that congress let expire during the fiscal cliff fallout. Two years ago a temporary cut in Social Security withholdings gave American workers hundreds of […]
A Summary Of The Fiscal Cliff
Late Tuesday Congress finally approved a plan that ended Washington’s long drawn out battle infamously known as the “fiscal cliff.” The House Republicans conceded to President Obama’s request to allow taxes to rise on the country’s wealthiest households. First, the senate approved the legislation then the House voted in its favor, 257 to 167, which […]
IRS Releases 2013 Refund Information as Tax Season Approaches
Though the holidays are currently in full swing tax season is lurking around the corner. The IRS has just alerted the public that they expect refunds to be processed as quickly in 2013 as they were in 2012. In 2012, 90% of taxpayers received refunds in less than 21 days. The amount of the average […]
Many Millionaire Taxpayers are Small Business Owners
As recent tax initiatives have been aimed at collecting more tax revenues from millionaires, you may ask, just who are these millionaire taxpayers? According to research by the Tax Foundation, a group that advocates for lowering taxes, many of these millionaire taxpayers are owners of small businesses. It is more likely for partnership and S […]