Over the years, the IRS has created a vast network of forms. To file your taxes, you've got to navigate a lot of paperwork. Get a regular salary? There's a form for that. Unemployment benefits? There's a form for that, too. Social Security? You get the idea.
Nowadays, most people file their taxes using websites or other products that do the work of figuring out which forms you need to file and filling them out. But it's not always cheap. Many of those services and software — like TuroTax or H&R Block — charge users depending on which forms they need to use.
Do the Top 1% Really Cheat on Their Taxes?
Tax incentives are a tool used by the government to promote particular actions; they are not a loophole. Loopholes are unintended consequences, while incentives are opportunities with intended consequences. For example, if we weren’t allowed to take a mortgage deduction, people wouldn’t have an incentive to buy homes. If we weren’t given to take education tax credits, people wouldn’t have the same incentive to send kids to college.
To put it simply, it’s far more likely that the majority of the 1% are legally following the current tax law as it is written. If lawmakers would like them to pay more in taxes, they will need to change the law to eliminate the many existing incentives.
Homeowners' Property Taxes Grew Faster During Pandemic
Not even a pandemic can stop the growth of homeowners' property taxes. In fact, it seems to have sped it up.
The growth of property taxes on single-family homes doubled to 5.4 percent last year from 2019, an analysis found. The average U.S. home's tax was $3,719, or 4.4 percent higher.
The report by Attom Data Solutions blamed the increase on the rising costs of services to run local government and public school systems, but acknowledged that the effective tax rate actually dropped as home values soared .
How DTE, Consumer's Energy avoided paying federal taxes in 2020
Michigan's two biggest public utilities — DTE Energy and Consumers Energy — were among 55 publicly-traded corporations that paid $0 in federal corporate income taxes last year, according to a recent report by a Washington D.C. think tank.
The report said DTE got federal tax credits of $247 million on its $1.5 billion of pre-tax income, and CMS had $35 million in credits on its $885 million in pre-tax income.
Texans Have More Time to File Income Taxes – NBC 5 Dallas-Fort Worth
"If you are struggling to pull your tax information together, you are not alone," said North Texas CPA Sheila Taylor-Clark.
The government is trying to help by extending tax deadlines for everyone. Most Americans have until May. Texans have until June.
Clark says you can use the extra time to get your stuff together with minimal stress and make good use of measures in place to maximize your refund or reduce what you owe.
IRS chief says $1 trillion in taxes goes uncollected every year | Reuters
WASHINGTON (Reuters) -The U.S. government is losing some $1 trillion in unpaid taxes every year and needs more and consistent Internal Revenue Service funding to go after tax cheats, IRS Commissioner Charles Rettig said on Tuesday.
Rettig told the Senate Finance Committee that the "tax gap" -- the difference between taxes legally owed and revenue collected -- has grown substantially since the last official estimate of a $441 billion annual average from 2011 to 2013.
Letter: The Truth About Taxes | Opinion | thepilot.com
Michael Smith's recent column in The Pilot reminds me of an old saying: "My mind is made up; don't confuse me with the facts."
In his column, Smith repeats one of most tired, incorrect theories of taxes in the USA, which is that the wealthy don't pay their fair share of taxes. President Biden recently said this (again), as has pretty much every Democrat in Congress, past or present.
Here are the facts, as reported by the nonpartisan Tax Foundation, the most authoritative source of tax information in the USA: The top 5 percent of income earners in the USA paid significantly more in federal income taxes than the other 95 percent combined.
Taxes are going up – are you prepared?
As he promised during his run for office, President Biden is working on a $2 trillion tax increase package for Congressional approval.
Like many things flowing from our nation's capital, details are unclear – but most experts believe we'll see an increase in corporate taxes and a doubling of the GILTI rate, with a provision forcing companies to pay the tax on a country-by-country basis. Some believe we will see potential increases in personal income taxes as part of a potential next package.
Charleston Man Indicted for Allegedly Failing to Pay Employment Taxes and Personal Income Taxes |
URBANA, Ill. – An indictment returned by a federal grand jury charges Jay Fisher, of Charleston, Ill., with 21 counts of tax fraud, for allegedly failing to report and pay federal employment taxes and personal income taxes. Fisher is scheduled to make his initial court appearance in federal court on April 19, 2021, at 10:30 a.m. The court hearing will take place in Urbana, via videoconference, before U.S. Magistrate Judge Eric I. Long.
Biden's plan to raise corporate taxes includes a global minimum tax - Vox
President Joe Biden wants to raise taxes on corporations. Part of his success could hinge on getting the rest of the world to go along, or, at least, trying.
It's no secret that companies would rather not pay taxes — and that they employ a litany of tricks and schemes, both domestic and international, to keep their tax bills low. Over the past 35 years, the average corporate tax rate worldwide has been more than halved, falling from 49 percent in 1985 to 23 percent in 2019 .
Happening on Twitter
The widely advertised "free" options are typically only really free based on which tax forms you need to file. Whic… https://t.co/FNFcfVJxwv propublica (from New York, NY) Thu Apr 08 23:16:33 +0000 2021
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