Archives

With the holidays all around, let’s just have a light post today. This appears to be advertising Turbo Tax in a subtle way, but it’s fun all the same. Ever think you’d see people rapping about tax deductions? Watch…

The inadequacy of the current U.S. public and private pension systems may warrant the establishment of a universal pension system (UPS), which would cover all workersfull-time and part-timeand require them to contribute at a level that can help provide them with adequate incomes when they retire. This paper develops options for a system of individual accounts to which, starting in 2007, each employee or self-employed worker would be required to contribute 3 percent of covered payroll (i.e., 3 percent of up to $97,500 in 2007).

This seems like a good time to remind you of some things you can do before the end of the year to lower your taxes. First, read the article I wrote last year: Tax Deduction: End of Year Savings.
Now you know what you need to do.

Make sure your traditional 401k and/or IRA are fully [...]

We’ve all been hearing about hybrid cars on the TV news. You might have even been thinking about buying one. After all, not only are they good for the environment, but they get great mileage, which can mean thousands of your dollars saved. But now the government is sweetening the pot. [...]

If you don’t like taxes, write or call your congressmen, march on Washington, make yourself heard.
But this might be taking things a bit too far. Apparently, this couple in New Hampshire, Elaine and Ed Brown, have been convicted of tax evasion, and are refusing to go to jail. They claim they’ve [...]

In my last post, we discussed refinancing and how taxes can play into a decision about whether or not to refinance. I also found this interesting article, which goes into some depth about debt — both mortgages and unsecured debt — and paying interest, and how to decide what to pay off first, particularly [...]

Sorry I’ve been incommunicado for a few months. But now I’m back, and I’ll try to post a couple times a month, at least until we get closer to tax season.
First off, when you’re thinking about refinancing your mortgage, you might not immediately think about your taxes, but consider — you get to deduct [...]

There are two primary tax benefits parents use to offset childcare costs. The Child and Dependent Care Tax Credit (CDCTC) provides a tax credit of up to 35 percent on up to $3,000 of expenses per child ($6,000 total), for a maximum credit of $1,050 per child ($2100 total). Or, employees can arrange with their employers to exclude up to $5,000 from their salary to pay for child care.

Very interesting! Check out this U.S. government income tax cartoon from the WWII time period - early 1940’s. Who would have thought Donald Duck would be propagandizing for the guv’ment?

This paper proposes to expand Medicare to cover comprehensive long-term care services, including home care and custodial nursing home care. These services would be financed by a surcharge on federal income taxes. Unlike the regressive payroll tax that finances Medicares hospitalization coverage, the proposed surcharge would not increase tax burdens for low-income people. Beneficiaries would share costs through deductibles and copayments, but the program would include stop loss coverage and special protections for low-income adults.