Sweden tops the list of the most heavily taxed countries in the world, while the United States stands in 15th. Let’s countdown the top 15 most heavily taxed countries in the world, measured by both the countries top statutory income...
As gas prices hover around $4.00 a gallon, seven in 10 Americans say the high cost of gasoline is causing financial hardship for their families. The nationwide average tax on gasoline of 49.5 cents per gallon has risen 1.4 cents since January of this year. Which states are being taxed more at the pump for gas and diesel? Let’s take a look.
In many cases, the IRS will discover any additional income you didn’t report on your tax return or haven’t yet reported. This additional income comes in the shape of a 1099 form. Don’t fret, because it’s never too late to file it. Let’s breakdown what a 1099 form is exactly and look at some simple steps you can take to if you haven’t filed it.
What do some of the most popular vices cost consumers in taxes? What are some vices that you have and would like to see visualized? For example, would you be interested in sleep, coffee, reading, running…or taxes related to hobbies? Here we take a look at three Sin Taxes that generate billions of dollars from taxes every year and the rates consumers are paying. How does your state compare? What are sales taxes?
By now, you probably have your tax refund. For many taxpayers, a tax refund, which on average is nearly $3,000 according to the IRS, is the biggest chunk of money they’ll see all year. With summer just around the corner, are you among the group of Americans who will use at least part of your tax refund for travel or leisure this year?
With a weak economy, this filing season has seen an astonishing increase in the amount of people cutting corners, attempting to collect the largest refund possible. In a recent article, CNN stated, “The IRS identified 335,341 tax returns claiming $1.9 billion in fraudulent refunds as of March 4, 2011, according to the findings of an audit conducted by the Treasury Inspector General for Tax Administration.
Since 1999, a number of states have generated unprecedented income from corporate income taxes. While 2009’s revenue increased over $13 billion from 1999’s revenue, 2007 saw the highest overall corporate tax collection of the last ten years–87.5% greater than 2009’s, to be exact. Here, we explore a decade of corporate tax collection–and see which states have managed to stay afloat, as well as which are generating less revenue than they were before.
It’s a critical year for Congress and the President to reach agreement about tax reform and the Federal budget. Not only can new legislation affect where tax revenue is spent, it can also change where it is derived from. Congress and the President play a dual role in making this happen.
Franklin D. Roosevelt once stated, “Taxes, after all, are dues we pay for the privileges of membership in an organized society.” We do live in an organized society, but I wonder if F.D.R. had any idea that the taxes we may be paying in the future were going to be this strange and out of the ordinary. Even if these aren’t passed or even proposed now, let’s see what could be in the hopper for the future of taxation.
A dependent is an individual that relies on you for financial support. Being able to claim a dependent on a tax return allows for a number of tax-related benefits. One of the most popular questions we see each tax season is “Can I claim my girlfriend/boyfriend?”