In a tough economy, the last thing many people can afford is for the government to take more of their money. Yet at least in some places, recent tax increases have already taken a big bite out of taxpayers' wallets, and the worst may be yet to come.
Debate all you like about whether the rich pay their fair share in taxes, but this is certain: Some high earners pay no taxes at all. A recent IRS study found that 35,000 U.S. taxpayers earning $200,000 or more paid no income tax in 2009. Curious how they pulled it off? Read on...
Several states are currently weighing plans to phase out state income tax; the aftermath of similar policies in other states suggests that these initiatives could carry a very high price for some of the country's poorest citizens.
Given the way capitalism works, we're all bound to overpay sometimes. The key is to avoid making it a habit. Here are 10 common things you're most likely paying too much for, and tips for keeping more of that cash in your pocket.
When the Facebook IPO arrives, many of its employees are almost certain to hit it rich -- and they're getting an extra benefit no one would have expected: The company will pay the taxes on their stock profits. Crazy? Recent history says not. Here's why:
True, 47% of Americans pay no federal income tax. But, as a recent study points out, when all the other taxes we pay are factored in, the poor often pay a far greater percentage of their income in taxes than the rich.
Even if you have nothing to hide, an IRS audit is no picnic. But have you ever wondered why some tax returns get intense scrutiny while most sail through the review process? Here are 12 red flags that could increase your chances of drawing unwanted IRS attention.
TopRetirements.com has named the 10 worst states in which to retire based in factors such as taxes and climate. Every retirement is unique, but before you end up living out your golden years chilly and underfunded, check out this list.
2011 wasn't a good year for those expecting big checks from the IRS. Not only were fewer refunds delivered, but the average refund was smaller. That's no surprise in this economy, but it's also a sign that Americans are getting smarter about how we handle our taxes.
From Herman Cain's 9-9-9 plan to Ron Paul's proposal to nix the income tax, the GOP presidential candidates have floated a range of ideas for jump-starting the U.S. economy. But will any of them jump-start your home's economics?
In the complicated, confusing, and confounding world of taxes, we citizens have a little-known ally within the IRS: the Office of the Taxpayer Advocate, Nina Olson. Olson welcomes your thoughts via a suggestion box on tax reform. So far, she's received roughly 1,500 submissions, and she's still asking for more.
