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Former Reagan Economic Adviser Suggests Capping Deductions

All sorts of ideas are floating to the top during the almighty 2013 Battle of the Federal Budget. Republicans want to accomplish a balanced budget and reduction of the federal deficit through spending cuts exclusively, while Democrats want propose a combination of new revenues (i.e., tax increases, although without increasing the marginal tax rates) and [...]

How to Get the Most from the American Opportunity Tax Credit

Even as college costs soar, and more and more students graduate under crushing burdens of debt, the federal government has made some changes to the United States federal tax code to help out those struggling students and their families. The original college federal tax credit, known as the Hope Credit, was instituted in 1998. It [...]

What is the Difference Between the Marginal and the Effective Tax Rate?

With income tax regulations getting more complicated by the minute (or so it seems!), many people want to wash their hands of the entire process and hand all of their paperwork over to a Los Angeles tax preparation service. “I don’t want to deal with it.” “Just do it for me, and tell me how [...]

Don’t Be a Victim of a Fraudulent Tax Preparation Service in Los Angeles

Every year, when tax time comes around, clever thieves think up new ways to trick well-meaning and innocent people out of their hard-earned money. Some of the scams are as old as the hills, just updated using new technology, and some are truly original. But armed with a little knowledge and a lot of common [...]

Tax Deductions for Bloggers

If you run a blog, chances are you started it up with the intention of making some money from it. Sure, blogging is fun, you get to say whatever you want, you can do it only when you feel like it, no one is telling you how or when to write in it.  But if [...]

Why You Should Itemize Your Tax Deductions

Many people are so intimidated by their tax returns and tax deductions that they immediately turn them over to a “professional”, generally someone who works for a big tax-prepared chain like H&R Block or Jackson Hewitt. My mother-in-law is one of those people. Until she started asking me to do her taxes for her a [...]

How People Pay No Income Tax

You probably heard, during the time preceding the November 2012 Presidential Election, the number “47%” thrown about as the percentage of people who pay absolutely no taxes. First of all, is it an accurate number? Is it really true that 47% of Americans, or households, or taxpayers don’t pay income tax, or…. What is it 47% [...]

What Is The Pay Roll Tax? Does The Tax Hike Effects Business Too?

Even if you didn’t pay too much attention to the entire “fiscal cliff” budget debacle back in December… you may have chalked it up to more BS coming out of the government than usual, but no more significant to your own personal life than a bunch of annoying talking heads on TV… You still need to know [...]

Surprise Winners in the ATRA (American Tax Relief Act of 2012)

Kay Bell, tax blogger at bankrate.com, noted on January 3rd that when we get legislation such as the ATRA, which gets crammed through Congress at the last minute because of delays and procrastination, there are bound to be surprises in such a bill when there isn’t sufficient time for everyone to read and discuss it. [...]

How Did The Fiscal Cliff Affect Your Taxes?

Technically, at 12:01 AM on January 1st, 2013, the entire country went over the fiscal cliff. This is because our legislators did not agree on a bill to avoid the situation until Jauary 1st, and President Obama signed it into law on the 2nd. Of course, nothing actually happened, because the first of January was [...]

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