Wednesday, April 3, 2013
The Dirty Dozen list highlights scams taxpayers can encounter at any point during the year, but which often peak during tax time.
The following is from the IRS: The Internal Revenue Service has issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns. "This tax season, the IRS has stepped up its efforts to protect taxpayers from a wide range of schemes, including moving aggressively to combat identity theft and refund fraud," said IRS Acting Commissioner Steven T. Miller. "The Dirty Dozen …
Friday, January 25, 2013
Their proposal calls for a two-thirds majority vote before tax increases can be passed.
Friday, January 25
House Republicans are proposing new rules that would make tax increases harder to pass. Now, tax increases need a simple majority to pass but under the GOP's proposal they would need a two-thirds majority to become law, the AP reported. Republicans also want any change to apply to withdrawals from the state's rainy day fund as well. They also want to bar the house speaker from voting unless there is a tie, claiming that the speaker's vote tends to strongly influence the vote of majority party members. The proposals came out just before Governor Deval Patrick submitted his $34.8 billion budget to the State House. The budget calls for an income tax increase of one percentage point – from 5.25 percent to 6.25 percent – coupled with a …
Sunday, December 30, 2012
The financial deadline looms in Washington, with no deal yet made. Check this primer, and share your questions and thoughts.
With Christmas 2012 over, one reality check is that the looming "fiscal cliff" deadline is just a few days away. On Dec. 31, tax cuts dating to the George W. Bush presidential term are scheduled to expire, and President Obama and congressional leaders have not reached a compromise. Of course, that means tax bills would increase for many middle- and upper-class taxpayers. And that means paycheck withholding for many workers would change, leaving them with less take-home pay in the new year. Apparently, though, there will be no immediate change in withholding tables, while the situation is unresolved. According to John Tuzynski, the IRS’ chief of employment tax policy, employers should continue to use 2012 withholding tables and personal …
Friday, December 14, 2012
It has not been increased in more than two decades. Some people say the time has come to raise it. Others say people pay enough taxes.
As time progresses, unfortunately so do prices. That cheap burger you bought many years ago is no longer so cheap. What once could be purchased with some loose change you found in your pocket now requires cash or a credit card. But for the past 21 years and counting, the state gasoline tax has remained the same. Massachusetts residents pay 21 cents per gallon at the pump, with nearly all the money going to fund public and private transportation projects and programs (roads, bridges, public transit systems, etc.). Some people say this amount is no longer sufficient to improve and maintain what the state has to offer. In its 2007 report, the state's independent Transportation Finance Commission recommended the tax be raised to 32 cents. The…