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.
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.
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.
With tax season upon us, taxpayers are not the only ones preparing for tax filing day. The Internal Revenue Service warns consumers that there are sophisticated scams targeting taxpayers throughout the country.
Using information released by the White House and the per capita personal income of $42,693 (according to Bureau of Business and Economic Research), GOBankingRates calculated how the average American's 2013 federal income tax bill breaks down.
The progressive tax versus flat tax debate is raging on -- if Illinois moves towards a progressive tax system, where taxes vary based on income, counties with higher median incomes will probably have a lot to say.
Thomas Piketty's new book on the history and future of capitalism is a bold attempt to pick up where Marx left off and correct what he got wrong. While there is much that is useful in this lengthy and well-written book, it owes too much to the master, and not in a good way.
The IRS prohibits any deduction for the cost of personal advice, counseling and legal action in a divorce. For example, there's no write-off for what a husband spends to resist his wife's demands for more alimony or to set aside a pre¬nuptial property agreement.
Every year the rules are different and other considerations related to filing your tax return and paying the least you can or getting the biggest refund you can are changing and constantly new and confusing, so like most taxpayers, you probably have a lot of questions.
For many taxpayers, the income tax return and corresponding income tax refund is the largest single financial transaction of the year -- both in size and complexity. It deserves focus and attention, both during the tax return preparation and afterwards managing the tax refund responsibly.
With over 75 percent of all tax filers getting a tax refund and the average federal tax refund at about $3,000, what should you know to get your refund as fast and safely as possible? Here are some steps you can take.
We constantly see media reports of a lottery winner's estimated net amount after taxes. This is a reminder that every financial event has tax implications. The Internal Revenue Code broadly defines taxable gross income as income coming from any source.