No one really enjoys taxes, but they're necessary to help pay for the government services we receive. That's why Chicago mayor Rahm Emanuel has pitched a potential property tax increase to help the city make up the pension deficit it currently is facing.
The first income tax day in U.S. history was on March 1, 1914. Four years later, Congress passed the "Revenue Act," which moved tax day forward by two weeks to March 15, where it remained in effect until 1955. Why the change to April 15?
This year's average tax refund is about $3,000 so far, according to USA Today. Lucky recipients of the coveted U.S. Treasury check will find some ...
The hedge fund managers' tax break is different from other tax breaks in that it has no economic rationale. With most other tax breaks, there's at least an argument as to how it serves some socially useful purpose. This is simply a case where the rich don't feel like paying taxes and are saying to the rest of us, "what are you going to do about it?"
More than half of state tax dollars go to fund education and health care. State tax dollars also fund other critical services such as transportation, corrections, public assistance, care for residents with disabilities, police, state parks, and general aid to local governments.
There are only a few days left before your federal and Illinois state tax returns are due. They must be e-filed or postmarked before midnight Tuesday,...
If you feel like you are paying too much this year to Uncle Sam, remember. The issue isn't what you are paying, but what those taxes buy you. And until we are willing to tame the $700 billion budgetary gorilla, you won't ever get much value for your hard-earned money.
I hate tax season. When I was young and single, living in an apartment, it wasn't very complicated, just another pain in the butt thing that I never wanted to do. When I was married, it was worse. My ex-wife would start asking about it on January 2nd, disregarding the fact that neither of us had received any of the necessary documents yet.
We keep hearing that if corporations have to pay more taxes, the economy will suffer, because they won't hire more workers. Well, if you hadn't noticed, for the last five years they've hardly been on a hiring spree.
Abraham Lincoln once said, "You cannot escape the responsibility of tomorrow by evading it today." Following these tips can help you conquer the panic today of tomorrow's tax-filing responsibility while simultaneously building your nest egg and driving increased retirement readiness.
Full disclosure: I've benefitted from that provision of the tax code for most of my career in ordained ministry. But I think Judge Crabb is right. What's more, I think the clergy housing allowance is a bad idea for churches.
Is there an inflation issue in the US? People are always talking about prices going up. We see it and feel it in prices every day. Yet, when we hear or read about the latest inflation numbers, they are always low. We feel inflation but it is not reflected in the numbers.
Owing the IRS can be a costly matter, but it is completely manageable if you take care of it and don't ignore it.
There's just something about doing our taxes that makes many of us revert to slacker college student mode, waiting till the last minute to throw together that report we've known about for months. But there is hope.
So the worst has happened after calculating your tax return: you owe money in taxes this year. Is there a way to make lemonade out of the grand experi...