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Tax Deductions

Standardized vs. Itemized: Which Tax Deduction Do I Take?

SaveUp | Posted 05.01.2013 | Business
SaveUp

How do you know whether it is more effective to take the standard vs. itemized deduction? Tax specialist Sanae Takagawa, EA has the answers. The most ...

Self-Employed Social Security Nightmare

Nancy K. Humphreys | Posted 04.20.2013 | Small Business
Nancy K. Humphreys

Self-employed pay the highest income tax rate of any group in the US economy. In 2013 self-employed workers will owe a total tax rate of 25.3 to 43.3 ...

Leadership Needed To Protect Charitable Deduction

Eva M. Clayton | Posted 04.12.2013 | Impact
Eva M. Clayton

Recent actions in Washington and within our court system show that our charities are on the brink. Without leadership or public outcry there will continue to be slow creep at existing law and legal precedent. At present, this erosion of our legal and social contracts has manifested itself in two ways.

Tax Games and Redistributing Income Upward

Dean Baker | Posted 04.07.2013 | Business
Dean Baker

President Obama proposed limiting deductions to a 28 percent rate regardless of individuals' tax rate. This policy makes sense as a way of getting more tax revenue from those who can most afford to pay it. Capping the deduction does not.

What You Need To Know About Filing Your Taxes Post-Divorce

Joseph E. Cordell | Posted 03.31.2013 | Divorce
Joseph E. Cordell

IRS forms can come across as a confusing number jumble (1040, 1099, 8332, W-2). What already is a complex and disconcerting process for many is exacerbated by divorce.

Streamlined Home Office Deduction Could Mean Extra Bread for Small Business Owners

John Arensmeyer | Posted 03.25.2013 | Small Business
John Arensmeyer

There's no reason Congress can't work smarter instead of harder, and push through proposals that will do some real good for the majority of small businesses and their employees -- who, as consumers, are critical to our economy.

How to Find a Dependable Tax Preparer This Tax Season

Mark Steber | Posted 03.24.2013 | Business
Mark Steber

Selecting a tax preparer is a very important decision that you should be happy with. After all, for most Americans the annual income tax return is the single largest financial transaction they have each and every year.

Charities Fear New Tax Law Will Reduce Donations

AP | STEPHEN OHLEMACHER | Posted 01.16.2013 | Impact

WASHINGTON -- Charities and nonprofit organizations are worried that new limits on tax deductions for high earners will hurt donations just as charita...

For Sale: Very Large, Slightly Damaged Country

Tom Gerdy | Posted 03.08.2013 | Politics
Tom Gerdy

At this point in our history, I am certain the country would be listed in realtor's terms as a "fixer-upper" or a "handyman special." This country might not have a long history compared with others around the world, but it has a strong one.

Tax Reform Is Irrelevant

Jim Jaffe | Posted 03.04.2013 | Politics
Jim Jaffe

A case can be made that tax reform is the opiate of the people and their elected representatives -- a compelling topic that diverts them from the real issues like collecting adequate taxes to pay for the government services we rely on.

Twas the Night After Christmas -- and Before the New Year

Claudia Jacobs | Posted 02.19.2013 | Politics
Claudia Jacobs

Could we tinker with the charitable deduction and improve it without killing the incentive to give? Could we more sharply define, donating to the public good, the difference between a seat on a prestigious museum board and housing the homeless?

Should We Subsidize Giving?

David Morris | Posted 02.19.2013 | Impact
David Morris

This year individuals will give about $30 billion to help the poor. Government will give close to 100 times more. Indeed, voluntary giving can't even keep up with government cutbacks let alone substitute for government spending.

Taxes: Who Files What, When and How?

Mark Steber | Posted 02.16.2013 | Money
Mark Steber

As the current tax year closes and the next tax season approaches, I thought it would be helpful and informative to highlight some past tax statistics and details related to tax filings in general and even some guidance on how you can make the most of this information.

Why You'll Pay Higher Taxes This Year

AP | By The Associated Press | Posted 02.15.2013 | Money

While much of Washington is consumed by the debate over tax cuts scheduled to expire next year, a big package of tax breaks already expired this year....

The Relative Transparency of Tax Rate Reform

William E. Foster | Posted 02.11.2013 | Politics
William E. Foster

Politicians are far more likely to be held accountable for raising tax rates than for limiting deductions, even if the ultimate tax bills are the same. This incentive to "hide the ball" in tax reform is troubling.

With a Fiscal Cliff Looming Ahead, What Do You Need to Know?

Mark Steber | Posted 02.04.2013 | Money
Mark Steber

The Temporary Payroll Tax Holiday, a two percent reduction in employee Social Security tax withholding, expired Dec. 31, 2012. Beginning Jan. 2013, the average taxpayer will see as much as a $1,000 decrease in take-home pay.

Financial Planning For the Future of Your Special Children

Dafna Maor | Posted 02.04.2013 | Parents
Dafna Maor

This is a lesson for any person, any parent, but especially for parents with special children: Take good care of your health, not just the physical one, but the financial one.

Michael McAuliff

GOP Leader Shifts To Praise For One Revenue Raiser

HuffingtonPost.com | Michael McAuliff | Posted 11.29.2012 | Politics

WASHINGTON -- It would be "smarter" to cap tax deductions than to raise tax rates on the rich as a means of avoiding the "fiscal cliff," Senate Minori...

Rand Paul To GOP: Don't Touch Tax Deductions

The Huffington Post | Sarah Bufkin | Posted 11.28.2012 | Politics

Sen. Rand Paul (R-Ky.) had some words Wednesday for Republicans who have proposed to raise revenues by closing loopholes and eliminating deductions --...

'Tis the Season -- Top Five Things to Know, to Do and to Watch For as 2012 Comes to a Close

Mark Steber | Posted 01.27.2013 | Money
Mark Steber

The combination of expiring tax laws and tax policy changes, possible renewed retroactive provisions and last-minute legislative action calls for taxpayers to be extra careful when managing their taxes in order to ensure that there is no money left on the table.

Lindsey Graham: 'I Will Violate The Pledge' Not To Increase Taxes

The Huffington Post | Arthur Delaney | Posted 11.25.2012 | Politics

WASHINGTON -- Several congressional Republicans said Sunday that they would be open to increasing the amount of money the government collects in taxes...

'Tis the Season for Donating Money

Jason Alderman | Posted 01.20.2013 | Money
Jason Alderman

Because half of all donations typically are made between Thanksgiving and New Year's, this is a good time to highlight precautions you can take to ensure your gift has the biggest possible impact, both on the people you want to help and on your own bottom line.

Not All Charities Are Created Equal

Ebong Eka | Posted 01.20.2013 | Money
Ebong Eka

As tempting as it may be to donate funds to another or new charity, not all charities are created equal... and some may even be scams!

Being Generous This Holiday Season Could Lead to Savings at Tax Time

Mark Steber | Posted 01.19.2013 | Money
Mark Steber

While you are donating to charities in great need, be sure to observe the charitable donation tax rules, maximize that tax deduction and do something nice for yourself -- like getting a bigger tax refund for your good deed efforts.

What Expenses Could the Pilgrims Deduct on Their Tax Return?

Mark Steber | Posted 01.16.2013 | Money
Mark Steber

We all know the story of the first Thanksgiving. But what if the Pilgrims had to concern themselves with filing a federal income tax return as we do today? What would they be able to claim as deductible expenses?