Regardless of how you choose to spend your tax refund, the most critical tip is that you make a conscious decision about how to use that money.
In the coming weeks you could be one of the many Americans receiving what the IRS has quoted as the average tax refund of $3,120. And it's precisely why we thought it was high time to take a look at the common ways people make poor decisions when it comes to tax refunds.
There is an old saying, "Money is the root of all evil." While money may not cause evil in all circumstances, it certainly can sway some people toward the path of corruption and bad behavior.
Hey, if you really want a fair flat tax, eliminate all income tax. Loopholes and creative accounting and off-shore bank accounts give the wealthy endless opportunities to cheat. Instead, the government should rely entirely on sales tax.
The obvious choice for this week's Most Impressive Democrat Of The Week is none other than America's new Attorney General, Loretta Lynch. Lynch was finally confirmed by the Senate in a 56-43 vote.
Wherever financial misery exists, expect scam artists to follow close behind, ready to take advantage of it. Too often these days, when the phone rings, it is some helpful person who claims to have a way to rid you of your financial problems. But in reality, what they often really want to rid you of is your money.
According to the IRS, the average taxpayer takes about 13 hours to complete their federal income tax return. If you are self-employed or a small business, the average jumps to 24 hours! That's a day from hell that you probably don't need to relive.
No, not quite 2016, but it is coming and now is the perfect time to start planning on next year's taxes so come New Year's you will have plenty of time to party.
While many policies will be needed to improve the situation of the poor and middle class, there are three simple ones that could make a big difference: a more competitive dollar, a Federal Reserve Board committed to full employment and a financial transactions tax to rein in Wall Street.
This week, Americans fulfilled part of our responsibility to our government by filing taxes. But the government isn't doing its part in return. First, as a new report by the National Taxpayer Advocate showed, the IRS has been crippled by years of budget cuts, resulting in a "devastating erosion of taxpayer service" and filing misery for millions. Hold times, which were under three minutes in 2004, are now over 30 minutes. This isn't smaller government; it's broken government, which, for many budget-slashing legislators, is the point. In more news from dysfunctional D.C., Attorney General-Designate Loretta Lynch remains in limbo, her nomination held hostage by Senate Republicans for over five months. On Friday, a clearly frustrated President Obama demanded, "Call Loretta Lynch for a vote...This is embarrassing." Meanwhile, the bigger "news" was the breathless scoop of Hillary Clinton eating at Chipotle. She had, we were told, a chicken burrito bowl (with guacamole). If only our political system -- and media coverage -- were as satisfying.
The IRS tax filing deadline is this week, and the average refund so far has been about $3,500. The question is: what should you do with that refund? The truth is, a tax refund can be a lifesaver for some, but can cause more trouble for others.
April doesn't just bring showers for May flowers. For accountants, this time of year is busier than Christmas as they help folks rush out their tax returns to the IRS.
On Tax Day, while working Americans contribute their part to keeping the country running, many companies that pay low-wages will exploit a loophole in the tax code that that allowed them to write off taxes on over $66 billion in executive compensation pay between 2007 and 2010.
Wealthy fund managers employ an army of tax advisors to make sure they do not miss any opportunity to get a tax break. As Warren Buffett pointed out, the mega rich already pay a lower tax rate on their incomes than the average worker.
Through a myriad of tax avoidance schemes, the wealthy 1 percent continue to profit using public resources, subsidies and infrastructure while the 99 percent disproportionately pay the bills for it -- all while struggling to pay their own bills, mortgages, student loans, and more. Americans must ask why individual taxpayers are fronting the money for hugely profitable corporations.