New Tax For Texas Businesses
July 18, 2008
Earlier today, a new tax went into effect in Texas, following a month-long period of waiting. The tax affects businesses in Texas. The tax will have retail and wholesale merchants to give 0.5% of their total profits to the state of Texas. All other types of businesses will have to give 1% of their total profits. However, businesses will still have a variety of deductions that they will be able to make from this tax. [Read more]
Tax Deductions Not To Claim
June 22, 2008
When it comes to taxes, it’s usually good to try to save money by claiming as many deductions as possible. However, this is emphatically not the case with certain tax moves: namely, those that are illegal. Outlined below are some of the most notorious illegal tax deductions people have tried to claim. Don’t try to claim the following deductions, unless you are looking forward to IRS audits, to wasting your time dealing with paperworklawsuits, and jail time. [Read more]
The Financial Benefits and Drawbacks of Marriage
June 14, 2008
There has been a lot of controversy about the right to marry recently, about the very definition of marriage. However, this talk has tended to be very theoretical, mired in the questions of morality and psychology. While these questions are valid, an important side of the issue tends to be ignored. What does “marriage” actually mean - not from a philosophical standpoint, but from the standpoint of the US tax code? [Read more]
Taxes Could Go Up in the Future
June 13, 2008
With as much debt that the Federal Government has managed to accumulate, things may not look good for the taxpayer. Even with the recent economic stimulus aid package that the government has sent out, which is composed of tax rebates meant to revitalize the economy, the situation seems to be pointing to the possibility that taxes will rise. [Read more]
