Arranging your finances to keep your tax liability as low as possible is the primary aim of tax planning. This is most often accomplished either by lowering your income or by making your income larger.
Reducing Income - Your AGI (adjusted gross income) is determined by subtracting any adjustments to your income from your combined income [...]
Letters from the IRS need to be taken care of without delay. People sometimes think the issue will get lost in the system if they just ignore it. Ignoring a notice from the IRS is a huge mistake. Whatever it’s about, failure to reply as indicated will only make things worse. If you do [...]
In the news, they keep announcing all the gains that are being made in America throughout the much-applauded recovery; companies should be turning out better profits, and companies work to be generously adding to their jobs rosters continuously. Even so, compared to how many people are unemployed out there, these modest gains in corporate profits [...]
Capital gains taxes and investment rates dictate your future finances
Understand just how your current savings rate affects your future personal finance goals. Along with your career development to improve your pay, your rate of savings primarily affects your lifelong financial planning success or failure by continually raising your investment portfolio.
Your family consistently should spend as [...]
Raleigh NC Tax Preparation
A few days ago in a email news item I made the distinction that the Haiti disaster is now a qualified disaster according to the IRS (http://www.irs.gov/newsroom/article/0,,id=218615,00.html).
And I mentioned in that email, the IRS was rumoring that people would be able to take a deduction for contributions to Haiti on the current [...]
Raleigh NC Accountant
W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…
So the question remains, what went wrong with the tax system in the United States?
US tax makers have been collecting what they have sown for a long time. The honor system has been replaced by a [...]
Raleigh NC Tax Preparation
W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…
1861 - After Lincoln was elected, the South walks out of Congress and create the Confederacy with a new constitution to sustain the newly formed government power to tax in check.
1862 - The beginning of [...]
Raleigh NC Accountant
W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…
“Slavery - the one cause of the Civil War.” - John Stuart Mill, 1862
Could there be any doubt concerning it? Certainly the American Civil War was about the slavery issue… wasn’t it? Well actually, one of [...]
Raleigh NC CPA
W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…
Between 1868 to 1913, about 90% of the national government’s revenue was derived from taxes on alcohol and tobacco. While the Civil War was going on the government instituted a brief income tax, but it was [...]
Raleigh NC Accountant
W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…
Ah…. now we have a historical event obviously concerning abusive taxes. Was the Boston Tea Party a protest against the British tax on tea, as we were told? No, not one bit. The colonies had continuously [...]