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Santorum Taxes And Tax Plan, A New Road Or Another Detour

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Rich Santorum won the Iowa caucuses and has positioned himself as a front-runner. One candidate surges ahead and then dramatically drops down in the polls. The American voter appears uncertain when it comes to choosing a candidate for the GOP nomination. The Santorum 2012 taxes and overall tax plan require closer attention. The United States deficit and rising unemployment continue to be the hot topics in this race.

The Santorum tax plan it is estimated would cut taxes by one-trillion by 2015. A higher the deficit the will lower the value of the American dollar. He promises to cut taxes … Read the rest

The Relationship Between Capital Gains And Economic Growth

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Find Out whether or not lower taxes on capital gains promote economic growth.

Mitt Romney admitted on Tuesday that he pays less tax because most of his income is derived from his investments rather than from his wages. Investment incomes are only subjected to 15 percent withholding tax as opposed to the 35 percent tax rate that top employees pay. Romney’s concession reignited the debate as to whether the tax rate on capital gains should be that low.

Jared Bernstein is of the opinion that there is no clear way of showing that low taxes on capital gains promote investments. … Read the rest

Simple Tips To Help You When Determining Your Filing Status

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Eight Tips to Help You Determine Your Filing Status

Before you file your federal income tax returns, you must first determine you filing status. There are 5 filing statuses: Married Filing Jointly, Single, Married Filing Separately, Qualifying Widow or Widower with Dependent Child and Head of Household. Your filing status is normally used to determine your standard deductions, filing requirements, eligibility for certain deductions and credits. It also helps in computing correct taxes.

It is important to note that some people may have more than one status. The following are 8 tips to help you when filing your returns. … Read the rest

The Effects Of Budget Cuts In The IRS

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Budget Cuts Have Affected The Performance Of The I.R.S., Report Claims

Due to budget cuts and an ever increasing workload, the IRS is unable to carry out its primary duty of tax collection effectively. This is according to a report in Wednesday’s issue of the Internal Monitor, a publication of the IRS.

Budget cuts have led to staff reductions causing a huge backlog of work. Hundreds of billions of dollars in taxes are not being collected every year because of these changes. This is what the taxpayer advocate, Nina Olson claims in her report to Congress.

In order to discharge … Read the rest

Do Not Fall For Trecherous Tax Scams

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Do Not Be Deceived By Cyber Criminals’ Tax Scams!

The U.S. Internal Revenue Service (“IRS”) fields thousands of  complaints annually from taxpayers concerned about suspicious faxes, e-mails, phone calls, and printed notices. Parties initiating such correspondence invariably purport to be IRS representatives. Many such scams even employ forged IRS insignia to entice a response. Known as “phishing,” the common objective of these scams is tricking unsuspecting taxpayers into disclosing sensitive financial and personal data. This info is then used to steal your money or identity.

Following are five facts to know about all forms of phishing:

  • Legitimate IRS communications never
… Read the rest