Think you understand Marginal Rates (aka “Tax Brackets”)? As this chart shows, it’s the amount of federal tax you pay on the next dollar of income, changing as that income goes up. But, this doesn’t quite tell the whole story.
Summer is here, and that means young adults and college students are looking for summer jobs. Even though the economy still hasn’t recovered and unemployment is high, there are still a lot of seasonal jobs out there. Of course with earning money comes paying taxes, so at the very least you want to maximize your money this summer.
Tax audits are not as scary as you think, however, occasionally they happen. Everything you’ve heard is wrong–turns out receiving an IRS letter also known as “correspondence audit,” is not the end of the world.
Buy a home? Pay bills you’ve put off for months? Brought someone special home for a visit? We want you to share your success story on our TurboTax Facebook Page. If your story is one of our five favorites, we’ll match your tax refund up to $1000.
America is in a debt crisis, and we are catching up to our own GDP. The contentious question of how to pay off this debt is examined below. Would it be feasible to tax the American people enough to erase our debt? Let’s take a look.
With 2010 now behind us, let’s take a look at what changes the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 has in store for us with regard to our 2011 tax returns. I’ll focus specifically on what is new or different for 2011.
Our property taxes for our town home are due by the end of December every year. We get a letter from our county and municipality during the summer to let us know what our tax obligation is. By having a portion of our mortgage payments allocated for the bill, we’re able to have it taken care of painlessly.
In movies, tax audits are always scary. Big, burly, intimidating men in dark suits and glasses. Over-sized clipboards. The sound of pens furiously scratching paper. Handcuffs. You know the deal. But are tax audit visits really that frightening in real life? Not so. In fact, only 1% of all taxpayers even experience an audit. Of those, about 20% ever result in a face-to-face encounter with the IRS. Most inquires, fortunately, are resolved through correspondence. Take a look below at our guide to tax audits.