Now the ball is in Obama's court. Is he going to present a big plan that tries to tackle the serious long-term fiscal problems the nation faces?
As with most things tax-related, choosing whether to file jointly or separately as a married couple is a highly individual and complex decision. That's why we consulted two certified public accountants to find out how common it is for a married couple to file separately, what it means for your taxes and in which situations it may apply.
We've criticized it, but House Ways and Means Chairman Dave Camp's tax reform proposal has positive elements as well.
What does work is to invest in New Jersey's economic assets that made it an economic powerhouse: its transportation infrastructure connecting it to New York and Philadelphia, its well-educated workforce, its great public schools and its magnetism for striving immigrants.
If their boldness inspires President Obama and our nation to comprehensively reform and rebalance our federal fiscal framework in a manner fulfills its core commitments while nurturing economic vitality, they will have truly hit it out of the park.
With the most recent recession and America still trying to dig its way out of debt, many are balking at credit cards in a way that we never have before. With high interest rates and countless fees being tacked on to our debt, it seems like credit cards are used more as a torture device than a helpful crutch through difficult financial situations.
On revenue neutrality, the plan uses revenue-raising provisions whose savings taper off or disappear after the first decade, and it includes a major tax cut whose full costs don't appear in the first decade.
While marijuana revenue could be a promising new source of income for states, a wide range of expectations underscores how little we know so far about what mature markets will look like one day.
1. You can drive in any kind of traffic/weather. ...
Since both political parties agree that our Byzantine tax code needs to be rationalized, variable tax rates might be a good place to start.
Look at the forecast for Illinois for the next 10 days. Actually, on second thought, don't. It's depressing. This winter with all the snow and the nagging, continuing appearances from the polar vortex has really taxed the fortitude of Illinoisans.
We can't give you an ultra-comprehensive summary of IRS codes within a single article. But we can point out a handful of tax laws that should be near the top of your radar.
Republicans want a strong, upwardly mobile middle class and a weak government, but the two cannot coexist. Given the party's obsession with cutting government spending, "mobility" will remain a hollow mantra, nothing more.
Though you may feel like you are still "under his thumb," you are not. By taking charge of your finances and getting help to put together a plan, you are taking charge of your future.
At a time when financial markets are dominated by computer-driven high frequency trading that has little benefit for the real economy, a tax of even a fraction of a percent could encourage longer-term sustainable investment.
Whether or not you are required to file a federal income tax return this year depends on your gross income, as well as your filing status and age.