Back to Mobile View

Tax Center

- days left

Thanks, Mitt and Newt: 12 Tax Tips for the Rest of Us

Posted 5:15PM 01/27/12 Taxes
Comments Text Size A A A
Mitt Romney and NewtBy Kevin McCormally, Editorial Director, Kiplinger.com

While the punditocracy dives into the details and debates the vices and virtues of Mitt Romney's and Newt Gingrich's 2010 tax returns, we decided to see if we could glean any ideas that might help you with your taxes ... and maybe even save you some money.

We found a gold mine for ordinary folks who'll never need a Swiss bank account or have to file forms like the Form 926 "Return by a U.S. Transferor of Property to a Foreign Corporation" or Schedule M of Form 5471 "Transactions Between Controlled Foreign Corporation and Shareholders or Other Related Persons" that were attached to Romney's return.





TurboTax Articles
Seven Things You Didn't Know About Taxes

You know your federal taxes pay for government programs and services, like roads and national defense. And you may even know the difference between FICA and income tax. But did you know if you want to buy sparklers in West Virginia, you can expect to pay a special fee?


Brought to you by TurboTax.com

A Brief History of Income Taxes

Did you know President Abraham Lincoln, one of America's most beloved leaders, also instituted one of its least liked obligations - the income tax? In tihs brief history of taxes, see the historical events which shaped income taxes in the United States today.


Brought to you by TurboTax.com

A Comparative Look at State Taxes

Ever wondered which state has the highest gas tax or the lowest overall tax burden? Interact with the infographic below to compare income tax, property tax, and other taxes by state.


Brought to you by TurboTax.com

Spread the Wealth, Carefully, with Tax-Free Gifts

Thinking about making a charitable donation, or want to bestow your generosity on a loved one? The first thing you have to do is understand the tax implications. Not every charity is created equal when it comes to donations. Some may not qualify to have gifts count as tax write-offs, and some others may not be fulfilling their mission. It's up to you to do the checking to know if your check is getting to the right place for the right purposes.


Brought to you by TurboTax.com

Sweet Child of Mine: Tax Credits for Parents

Parents may seek tax breaks on everything from child care to educational costs and even supplies, in some cases.


Brought to you by TurboTax.com

Add a Comment

*0 / 3000 Character Maximum

264 Comments

Filter by:
wdcarterjr

I hear the Democrats in Washington talking about the "Fair Tax." Why would they give more tax breaks to the very rich? I thought they hated the very rich.

February 07 2012 at 7:07 PM Report abuse rate up rate down Reply
wdcarterjr

Will somebody quantify "Fair Tax?"

February 05 2012 at 5:13 PM Report abuse rate up rate down Reply
wdcarterjr

The vast majority of todays millionaires did not inherit it. They earned it through education, ambition and hard work.

February 05 2012 at 5:11 PM Report abuse +1 rate up rate down Reply
serranojacobkael

Many, not all of the rich have a large, un-taxed chunk of their salary automatically placed into the stock market, and other investments of all sorts... Meaning they make LOADS and LOADS of un-taxed money. They can AFFORD to have lower tax rates??? I wonder who they're paying off... those lobbyists. Yeah, lemme put my money in a tax shelter, of Swiss bank. Simply put, they receive a lower tax rate. That's a feudal caste system, you call that Capitalism? Yet I'm called Communist for saying this.

January 31 2012 at 10:11 PM Report abuse -1 rate up rate down Reply
1 reply to serranojacobkael's comment
savemycountry911

Translation: Gimme, gimme, gimme, gimme.

February 02 2012 at 8:18 PM Report abuse rate up rate down Reply
serranojacobkael

They want no competition. No one else should climb up the ladder. "Stay beneath us! Stay poor!!!", says the millionaires of the GOP.

January 31 2012 at 9:41 PM Report abuse -2 rate up rate down Reply
2 replies to serranojacobkael's comment
savemycountry911

The millionaire Dumbercraps say, " I'll give you other people's money if you vote for me."

February 02 2012 at 8:17 PM Report abuse +1 rate up rate down Reply
wdcarterjr

Are you talking about millionairea or union bosses?

You do know there are two kinds of democrats. One tells you they will lead you through life and the other believes them.

February 05 2012 at 5:09 PM Report abuse rate up rate down Reply
serranojacobkael

The Republican ideal: you need to be rich to be rich. Everyone else can go to H3LL.

...Nice going... how Capitalist of you... morons. Then they complain about Democrats being un-American Communists. They are stupid.

January 31 2012 at 9:40 PM Report abuse -1 rate up rate down Reply
1 reply to serranojacobkael's comment
savemycountry911

You sure post like a Communist. You are the stupid one.

February 02 2012 at 8:18 PM Report abuse +1 rate up rate down Reply
ldp555pr

These two buffoons are either a liar or or a rich bureaucrat or both that wants to enhance their mediocher attempts to subjectcate a country based on stupid people, so they think, that they look down on to accentuate their desire to build their alter ego to guarrentee their desire to overwhelm the poor while gratifying their rich constituants . They want to divide this great nation into classes. They are poor candidates for the highest office in the land ! We dont need these two ! Lets move on not backward ! If thats the best that the GOP has to offer then let us wonder whats following behind them ? Obama will win a second term ! Tell this to the Donald ! and all the rich of the rich !

January 31 2012 at 10:21 AM Report abuse rate up rate down Reply
1 reply to ldp555pr's comment
serranojacobkael

If Obama wins, the worst nightmare of the rich comes true- EQUAL tax rates. (The middle class: Yayyy!!!) (The millionaires: WTF!!! *starts crying*)

...and rightfully so. Why should the poor pay a higher rate to the government??? Because they can't afford to pay less??? Does that make sense? You need to be rich to keep money? So the poor gets trampled and the rich become richer!!! B.S.
America, in order to make money and keep it all is to be a millionaire. Anyone that makes less than $125K is screwed. Thank you, G.O.P, you REALLY make sense!!!

January 31 2012 at 9:35 PM Report abuse rate up rate down Reply
1 reply to serranojacobkael's comment
ha6ai

Funny. The "poor" not only pay no federal income tax, they receive numerous forms of Welfare (paid by actual taxpayers). The bottom 50% of actual income earners pay an aggregate of Zero (0) federal income tax, and receive all federal government services for free, paid for by real tax payers. They get "trampled"? LOL! Anyone who makes over $125,000 is a "millionaire"? Well, at least free speech is not wasted on the intelligent. "EQUAL tax rates" would be a huge tax cut for the "rich" and a huge tax increase for almost all others. NEVER would BHO or the Dems do that - the last thing they want is "equal" tax rates.

February 05 2012 at 8:12 PM Report abuse +1 rate up rate down
daylex2

BUGAR NEWS...ARC­HOLOGIST ADO SHAZID HAS DISCOVERED PREHISTORI­C CHICKEN BONES BEHIND THE WHITE HOUSE....S­TATES BY THE NUMBER OF BONES IT STOOD OVER 6 FT TALL AND FEED OFF WATERMELON

January 30 2012 at 10:17 PM Report abuse +1 rate up rate down Reply
joeproblemchild

are we going to be able to write off medical insurance premiums once we are forced to carry insurance under obamacare? (photo 13)

January 30 2012 at 8:32 PM Report abuse +5 rate up rate down Reply
1 reply to joeproblemchild's comment
savemycountry911

You can write off your entire future.

January 30 2012 at 8:39 PM Report abuse +5 rate up rate down Reply
savemyidiotwaldo

Newt "isn't rich," only worth about $7 Million. Romney worth zillions - has he ever actually had a job, I mean, not counting being a top executive? Newt already disgraced himself in office once. These two clowns are predators, not presidential material.

January 30 2012 at 7:58 PM Report abuse -1 rate up rate down Reply
2 replies to savemyidiotwaldo's comment
savemycountry911

Yet, either would be better than Obummer.

January 30 2012 at 8:26 PM Report abuse +2 rate up rate down Reply
savemycountry911

Imitation is the sincerest form of flattery. Thanks, evan.

January 30 2012 at 8:27 PM Report abuse +1 rate up rate down Reply

Featured Sponsor

Tax Calculators

Plan smarter with help from these estimators

Sponsor Logo Advertisement

Headlines From DailyFinance Partners


DailyFinance Sitemap | Terms of Service | Privacy Policy | Trademarks | HELP | Advertise With Us

© Copyright 2012 AOL Inc. All Rights Reserved