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Eliminating State Income TaxesWhile Washington continues to struggle with attempts at major changes to the federal tax system, individual states have no such problem.  Many states in the South and Midwest that have single-party legislatures and are Republican-controlled are seeking to do away with the tax filing of state income taxes in favor of higher and more diverse sales taxes.With 37 of the
Tax Filing for 2011Each year, thousands of taxpayers fail to file their federal income taxes. Some individuals willingly forgo this action while others run into special circumstances. No event or situation frees a taxpayer from their responsibilities though. With that in mind, a person can always file back taxes in order to start catching up. Various options are currently available for taxes 2011
TurboTax 2012- Easiest Way to Prepare Your TaxesBy now we all know TurboTax is one of the most popular tax return software in the US. So is TurboTax 2012, the latest version of TurboTax helps people to prepare their taxes quite easily as it walks through the entire preparation process step by step.The latest version, i.e., TurboTax 2012 has all the following features:It looks for various deductio
Fiscal Cliff DealThe 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
Nothing strikes a note of fear into the heart of the average person more than taxes. I learned this from doing taxes for several years in a CPA office. I saw clients come in with several years of unfiled returns. They were totally unable to confront getting the taxes filed. The really sad fact is that most of them lost the refunds they would have gotten by filing on time because the IRS doesn’t r
Believe it or not, the United States is about to have the highest corporate taxes of any other industrialized country. Right now, only Japan has a higher corporate tax rate than the United States. However, that is all about to change very soon.In less than a week, Japan will be reducing its corporate tax rate to 36.8 percent, while the United States will continue to have corporate taxes of 39.2 p
How will the healthcare ruling by the Supreme Court affect taxes?The individual mandate is not the only thing about the Affordable Care Act. There are tax changes to consider. Because of the three day hearing about the ACA, here at TaxVox, I believe it is time to ponder some of the revenue provisions.Provisions in the law allow for tax cuts as well as increases. Unless the whole thing is thrown o
Taxes are often an hot issue during an election. The 2012 presidential election is not any different than other election seasons. But no candidate has come under fire for his tax return more than Mitt Romney. Up until recently, he was pretty coy on the subject. He did promise to release his tax returns if he became the Republican nominee, and though he hasn’t secured the Republican nomination, he

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