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Archive for October, 2010

California Debates Tax Increases

Posted on: October 25th, 2010 by Joe Franklin

California State Tax DebateSan Francisco city officials are hoping that tax increases, which focus on sales taxes, will avoid tax increases directly on their citizens like property taxes or added income taxes.  Instead city officials have decided to direct the tax increase toward tourists.

Increase Taxes or Cut Spending?

Although their hope is to lessen the blow on their residents when it comes time to file California state taxes, online comments and interviews show strongly mixed feelings to the proposed increases. Supporters of the added tax burden seem to believe that the cities have no choice, but opponents ask why the cities can’t just cut spending.

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Changing State Income Tax Rates

Posted on: October 25th, 2010 by Joe Franklin

As November gets closer, the heat is on and according to Wall Street Journal’s John D. McKinnon, it’s not only Federal but also state taxes that are going to affect congressional elections.

State Income Tax On the Rise

McKinnon explains that according to the National Governors Association in 2010, state taxes were raised $24 billion. This is the highest raise in state taxes since 1979. The tax debate has been a big issue, and some candidates have already broken with the Democrat party’s leadership McKinnon says.

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Changes in Tax Brackets for Next Year

Posted on: October 25th, 2010 by Joe Franklin

Filing Your 1040 Tax Return Smartmoney’s Tax Guy, Bill Bischoff, is once again looking at the news and evaluating the effects on your 1040 Tax.

Bischoff explains that Congress has decided not to discuss the tax debate until after the election. He lists, for the taxpayer’s convenience, what is unresolved – as well as a list of his predictions of the future outcome on your 1040 tax. As you start to think about your tax return for next year, this information will come in handy.

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Things to Know When You File Your 1040 Online

Posted on: October 25th, 2010 by Joe Franklin

In his weekly “Tax Guy” column for Smart Money, Bill Bischoff explains some tax literacy, some world events, and how the government looks at your money.  In this blog we discuss the differences between tax deductions and tax credits.

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Will We Face An Increase In the Tax Rate Next Year?

Posted on: October 25th, 2010 by Joe Franklin

E-file Tax ReturnStephen Moore of Political Diary revealed this week some frustrating predictions for us. Next year when we e-file taxes, we could be facing some tax hikes. If the Bush tax cuts expire and the sketched out tax raises happen, we could be in for some bad news when we e-file. Taxes are not just going to go up for the rich says Moore. In fact, he shows by the title of his article that he believes the middle class will be paying more tax as well.

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The Virginia Plan: Reducing The State’s Deficit Reduces Need for More Taxes

Posted on: October 25th, 2010 by Joe Franklin

We’ve all been frustrated with what we see each year as we e-file state taxes. Many of us are just struggling to make ends meet, but the state and the federal taxes simply seem to increase! Isn’t there a way to make budget without draining hard-working citizens dry?

In an article published this week, four governors wrote about how to cope with budgets in a tough economy. Governor Bob McDonnell of Virginia points out something you don’t normally hear a governor say. He declares you can’t keep raising the budget; you can cut spending and end up with a surplus! Hard to believe?

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Earned Income Tax Credit: Are You Leaving Money On the Table?

Posted on: October 16th, 2010 by Joe Franklin

Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a U.S. government program to help low income families and individuals have more money to spend. It gives tax refunds that can range from $457 for individuals to $5,657 for a family of five or more. During this time of economic downturn, this money should be in the hands of people and boosting the economy, not left on the government’s table.
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Quicker Refunds with E-filing

Posted on: October 16th, 2010 by Joe Franklin

There are several choices when it comes time to file your tax return. You can hire tax preparer, use tax software or fill out the forms by hand. Another option is to use Free File. It is easy to do, takes only minutes and costs you nothing. The IRS has partnered with some private software companies to provide this free service.

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Plan Ahead: How To Save Money On Your 2010 Taxes

Posted on: October 16th, 2010 by Joe Franklin

Tax Planning for 2010

How to Save Money When You File Tax Returns

Smartmoney Magazine has plenty of tips when it comes to tax filing. A recent article from their “tax guy” Bill Bischoff had a summary of several of his favorite ideas that will help us, consumers and small business owners, to save money when we go to file out tax return next year.

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What If the Tax Cuts Expire?

Posted on: October 16th, 2010 by Joe Franklin

A major battle is brewing in Washington, D.C. , over Bush-era tax cuts due to expire at the close of 2010. The tax cuts were originally passed in 2001, and income tax rates will rise if they are allowed to expire. The 33% income tax rate would increase to 36% , and the top income tax rate would return to 39.6%. Taxes on lower bracket taxpayers would also increase, potentially affecting millions.

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