- Filing your taxes electronically can be faster and easier than submitting hard copies. Find out more about the process:
Online Tax Filing »
- Find advice about a range of tax topics, from eligible exemptions to small business filings.
Tax Advice »
Taxes
Is a value-added tax the answer to U.S. debt?
As of this morning, the national debt of the US is $12.1 trillion. To put that into context, if you counted $1 every second of every minute, you would have to count for 383,434 years to reach $12.1 trillion.It doesn't look to get any better as Congress just voted in a $447 billion spending bill in a year where revenues are down. That doesn't include the projected cost of the health care bill, tax credit extensions and other budget-altering items slated for consideration. It's clear that something has to change.
Property taxes too high and outdated? Don't wait, appeal
Why wait?That's the question more and more homeowners are reportedly asking themselves nowadays as they try to deal with property taxes on their homes that no longer represent anything remotely resembling reality.
The Baltimore Sun newspaper tells the story of one man who bought a house for $165,000 last spring, but the state's tax assessment on the property, made two years before his purchase, values the home at $268,000.
But rather than wait it out till the next official reassessment, the man in question opted to do something that many people probably don't even know they can do: He appealed the assessment.
In Maryland alone, says the Sun, so-called petitions for review have skyrocketed from a little more than 5,000 last year to more than 15,000 this year.
There is even limited but growing on-line help for those wanting to appeal their property taxes. ValueAppeal, which is based in Washington state, offers appeal help for a nominal fee. Currently, the site offers help for three states but plans to expand.
Free tax advice from an expert at TurboTax
Great news for anyone who needs some help figuring out a year-end tax question before it's too late -- TurboTax has opened up its Tax helpline to provide free answers to tax questions. The "Ask an Expert" promotion normally happens in January, but this year Intuit has opened up the call lines early so that you can get answers on topics like tax credits and year end deductions while you still have time to act on them.The Ask an Expert service, which is staffed by highly -trained IRS enrolled agents, normally costs $29.95 for 20 minutes of help and $19.95 for an additional 20 minutes; but during the promotion calls are free and will not be limited by time which makes this a very attractive offer.
It gets even better. You'd expect to wait on hold at least an hour before talking to a tax professional; especially during a giveaway like this, but you won't. You don't have to wait at all, when you ask your question you choose a two-hour window to be called back by a tax professional that has already looked at your question.
With many individuals undergoing life changes this past year; losing a job, moving, becoming a freelancer or buying a new home this is an excellent opportunity to make sure you don't leave money on the table.
The free tax advice is limited to one call per person and is available from December 8 through January 31, 2010. If you need additional tax advice you can also use the TurboTax Live Community to get help. You don't need to be a TurboTax customer to use the Tax helpline, but if you are the experts are familiar with the software and can help you put the right figure where it needs to go in the TurboTax software.
'Botax:' Nips and tucks could cost more than ever before
Mirror mirror on the wall, who's the most taxed of them all? If some in Washington have their way, it will be Americans seeking to lift a little "here" and tuck just a bit "there" as these people could pay 5% more than they expected.The tax, included in the health care bill being debated in the Senate would be forked over by consumers looking to ditch love handles, excess baby weight, drooping eyelids, and have any elective cosmetic surgery not deemed necessary to "address deformities arising from congenital abnormalities, personal injuries resulting from an accident or trauma, or disfiguring diseases."
If Botox plumps up wrinkles, it seems only fair that the proposal be nicknamed Bo-Tax, since it will plump up bills handed out for these procedures.
Carter introduces Geithner Penalty Waiver Act
This December, members of Congress find themselves grappling with what to do about expiring tax provisions (federal estate tax) as well as what to do about new taxes ("war" tax and health care surtax). In the midst of it all, Rep. John Carter (R-TX) has his own idea for consideration: the Geithner Penalty Waiver Act.Rep. Carter's bill is officially known as H.R.4172 with the Title: To provide the same penalty rate for taxpayers who voluntarily disclose unreported income from offshore accounts as was afforded Timothy Geithner with respect to his failure to pay self-employment taxes with respect to his compensation from the International Monetary Fund. The unofficial title is the Geithner Penalty Waiver Act.
According to Rep. Carter, taxpayers who applied for the U.S. Treasury Department's amnesty plan for foreign income should pay the same penalty rate as that paid by the Treasury Secretary on his International Monetary Fund (IMF) back taxes. That penalty rate, in case you missed it, was zero.
Prior to his confirmation as Treasury Secretary, Timothy Geithner worked for the International Monetary Fund from 2001-2004, where he was classified as an independent contractor. Geithner failed to pay SE taxes (self-employment taxes, which are basically the FICA equivalent for an independent contractor or self-employed person) during that time.
IRS to mom of two: You can't possibly live that cheap
Rachel Porcaro is the manager of a hair salon, and to look at her, you wouldn't think "tax fraud." If you were to walk into her home, you probably wouldn't think "these kids are obviously fictions of her imagination!"According to the The Seattle Times, to see her with her two boys, 10 and 8, where they live with her parents, the three look more like a normal family headed by a single mom than any you could imagine. She works, pays her parents $400 rent a month, and pays to feed, clothe and provide for their preteen needs: toilet paper, toothpaste, soap.
That's not how the IRS sees it. Porcaro, the agency says, is making far too little, half the average necessary for a mom to survive with two children in the Seattle area.
Can Williams get a tax break for her tirade?
It was the tirade heard 'round the tennis world. U.S. Open Champion Serena Williams, in the midst of defending her titled against the unseeded, unranked Kim Clijsters, faulted on her serve in the second set. On the second serve, Williams was called for a foot fault (which replays indicated might not have been the proper call), making it a double-fault. The double-fault changed the entire game.
Williams went back to serve again -- and didn't. Instead, she stopped and walked over to the line judge, shouting at her, cursing and waving her racket and ball. Williams allegedly threatened the line judge, screaming, "I swear to God I'm f****** going to take this f****** ball and shove it down your f****** throat, you hear that? I swear to God."
The line judge, whose name has been withheld by the USTA, then went over to the chair umpire. After a conversation, the chair umpire awarded a penalty point to Clijsters, which ended the game.
The outburst initially resulted in a $10,000 onsite fine from the U.S. Tennis Association (USTA) for Williams' bad behavior. It was the maximum onsite penalty that could have been imposed.
Is NASA still the best use of US tax dollars?
Despite cost overruns totaling nearly $1.1 billion in nine of its flagship projects, NASA will see its 2010 fiscal year budget increase to $18.7 billion. Combined with the $1 billion NASA got from the new stimulus package, that's $2.4 billion more than the space agency received in 2008. But there are raised eyebrows among congressional auditors who have called for a "more disciplined approach" to projects. The projects currently funded include:Airports and airlines fight over who gets to lighten your wallet the most
The authorities that run America's airports don't think you've been nickeled and dimed enough. They're lobbying Congress to hike the "passenger facility charge" from the current $4.50 to $7.50, levied each time you take off from an airport, not per trip. That's a jump of two-thirds.An increase to $7, tucked into a measure set to reauthorize the Federal Aviation Administration, is making its way through the House. The Senate has voted in the past to freeze the amount where it is, but we all know politicians. The caprices of either side can shift as quickly as the windsocks on the runways.
A rep for the American Association of Airport Executives (side note: never take money advice from a group with the word "Executives" in its name) told USA Today that the airports just want your money to "keep up with inflation," claiming purchasing power for the fee has decreased by 50% in nine years.
He'll be back: Arnold Schwarzenegger owes the IRS
California Governor Arnold Schwarzenegger owes $79,064.00 in back taxes, according to a federal tax lien filed by the IRS in LA County Superior Court.The IRS documents show that the actor turned governor owes $39,047 from 2004 and $40,016 in 2005. This seems more likely to be a fluke/oversight than anything more dire. It isn't a lot of money for someone like Schwarzenegger and even if he didn't have the cash, his wife Maria Shriver certainly would.
In another recent case of California's first family embarrassing itself, Maria Shriver has been caught running afoul of the state's traffic laws a few times: failing to feed parking meters, talking on a cell phone while driving, driving without a seatbelt, and Arnold himself was recently caught parking in a no-parking zone.
Still, I suppose there's an outside chance that Schwarzenegger really does have financial woes, and really can't afford to pay $79,000-plus in taxes. If that's the case, Schwarzenegger may have to make a return for the next installment of the Terminator franchise.
Black Friday gun sale: South Carolina offers two day sales tax holiday
On Black Friday, shoppers across America will set out in search of bargains on flat screen TVs, Verizon Droids, Snuggies and... guns? Only in South Carolina.The Palmetto State is offering its residents a sales tax holiday beginning on Black Friday. For guns. It is the only two day sales tax holiday of its kind in the country.
The South Carolina Department of Revenue issued reminders earlier in the week for what has been dubbed the "Second Amendment Sales Tax Holiday for 2009."
The two day sales tax-free event begins on 12:01 a.m. on Black Friday. During the sales tax holiday, shoppers will pay no state or local sales taxes on handguns, rifles and shotguns. Generally, the statewide sales tax rate for retail sales in South Carolina is 6%. Counties may impose an additional 1% local sales tax.
"Blade" files appeal in Atlanta
The Wesley Snipes show was back in federal court in Atlanta, Georgia. The actor, however, was noticeably absent as his attorneys did the talking.Snipes, who was sentenced to a maximum three years in federal prison for his convictions on tax evasion charges in April 2008, had vowed to appeal and on November 20 his attorneys made oral arguments in appellate court. The appeal focused on two issues: that the three year sentence was "unreasonable" and that the actor should have been granted a pre-trial hearing to decide whether his trial should have been in New York instead of Florida.
Taxes
- Audit
- AMT
- Income Tax Basics
- Online Tax Filing
- Tax Advice
- Tax Credit
- Tax Deduction
- Tax Forms
- Tax Blog Posts
PERSONAL FINANCE
- Bargains
- Banking
- Budgets
- Calculators
- College Finance
- Community
- Credit
- Debt
- Economizer
- Fraud
- Insurance
- Loans
- Mortgages
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
FROM THE BLOG
- Ask WalletPop
- Buyer Beware
- Celebs & Money
- Fantastic Freebies
- Kids and Money
- Loose Change
- Ripoffs and Scams
- Sex Sells
- Stimulate US
- The Dolans
- Video
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
SMALL BUSINESS
Featured Sponsor
Electronic Filing
Free Electronic Filing & Tax ToolsTaxes: Basics
Anyone seeking help with taxes should start with the fundamentals. Here are the basics of taxes.
Is a value-added tax the answer to U.S. debt?
As of this morning, the national debt of the US is $12.1 trillion. To put that into context, if you counted $1 every second...
Property taxes too high and outdated? Don't wait, appeal
Why wait? That's the question more and more homeowners are reportedly asking themselves nowadays as they try to deal with...
Free tax advice from an expert at TurboTax
Great news for anyone who needs some help figuring out a year-end tax question before it's too late -- TurboTax has opened...
'Botax:' Nips and tucks could cost more than ever before
Mirror mirror on the wall, who's the most taxed of them all? If some in Washington have their way, it will be Americans...
Featured Sponsor
Tax Specials
Stay on top of tax season with these timely features.
Interest Rates
| Type | Current | APR |
|---|---|---|
| 30 yr fixed mtg | 5.04% | 5.17% |
| 5/1 ARM | 4.40% | 3.86% |
| $30K HELOC | 5.20% | 0.00% |
| 36 month new car loan | 6.70% | 0.00% |
| 1 yr CD | 1.51% | 1.52% |
Headlines From WalletPop Partners
