Fiscal Cliff Deal – 77 Percent Of All Americans Set To Pay More Taxes

Fiscal Cliff Deal

The President has claimed that the Tuesday night fiscal cliff deal will reduce middle class taxes in America. However, taxes for most Americans will increase in 2013. The tax relief that has been built into the package will add nearly $4 trillion per year for the next 10 years to the existing $16 trillion debt. The fiscal cliff deal passed by the Senate and the Congress will not stop the Social Security payroll tax cut from expiring. This means that more than 75 percent of American households will face a higher federal tax liability in 2013.

Tax … Read the rest

Arizona Experiences Increase In Small Business Hiring

TurboTax 2012

The most recent Intuit Payroll Small Business Index for October revealed that, despite a downward trend nationwide, Arizona small businesses increased hiring for the second consecutive month.

The nationwide figure decreased by 0.05 percent, while Arizona saw a 0.13 percent increase. Overall, small businesses in the United States created 10,000 fewer jobs.

The decline in nationwide figures began in May. Small businesses added 150,000 from the beginning of March 2010 until the end of May 2012

The total recovery amounts to 85,000 jobs after a decrease of 65,000 jobs since May.

According to Inuit, the software company … Read the rest

Apple Keeps Cash Overseas Because Of High Taxes At Home

Due to high taxes, Apple plans to continue holding its cash overseas, company says

Apple will in the next three years spend around $45 billion as part of a program launched on Monday that will see shareholders get the first dividend since 1995.

However, that money will not come from the $64 billion held by the company in foreign countries. This is because the government charges a very high tax rate for repatriating money.

Peter Oppenheimer told analysts and investors during the Monday conference that the company does not want to incur the cost of repatriating foreign cash at the … Read the rest

CEOs Press Congress And Obama For Lower Taxes And Smarter Regulation

Dozens of CEOs freshly out of their meeting with the Blue Dog Coalition have worked through a Business Roundtable lobbying meeting to reveal their proposals for boosting the economy today.

Their plan, known as Taking Action for America, is calling for a balanced federal budget, reform of regulations at the federal level and a lower tax rate for corporations that would use a territorial tax system as well as other changes.

President of Roundtable, former governor of Michigan, John Engler (R) and the contingent of CEOs met with President Obama Tuesday evening and are scheduled to meet with Timothy Geithner, … Read the rest

Capital Gains Ignorance Leads To Catastrophic Losses

The IRS regards almost every asset you use or own for business or personal reasons as a capital asset. Such items include your personal residence in addition to any furniture or stocks and bonds held in your own name. Net profit or loss from the sale of such commodities is either a capital gain or loss.

All capital gains must be accurately and fully reported on federal tax returns.

Deductible capital losses are limited to investment property.

Capital gains and losses may be categorized as either “short-term” or “long-term.”

Applicable net capital gain taxes are typically lower than other taxable … Read the rest

Planning For Tax Changes

Potential changes in the tax laws proposed by President Obama mean that right now is a great time to start budgeting for your 2012 taxes.  One major change will be a change for those in the highest tax bracket from fifteen to nearly forty percent as part of sweeping increases in taxes collected from high-income individuals in the next ten years.

The plan calls for high taxes on earnings from dividends, a departure from earlier policies that protected earnings on this type of income.  The White House feels that the system for taxing investment earnings is one of the most … Read the rest