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RULING SAYS MEDICAL RESIDENTS MUST PAY SOCIAL SECURITY TAXES

A longstanding battle between the government and hospitals was settled by the U.S. Supreme Court, which ruled in favor of the Internal Revenue Service. As a result, full-time medical residents, who were previously exempt from paying Social Security taxes, will be required to pay taxes in the future,…

DO TEENS HAVE TO PAY TAXES ON SUMMER JOB EARNINGS?

Most high school and college students anticipate the money they will earn working typical summer jobs, which range from babysitting and mowing lawns to working part-time at their local restaurant or video store. While a summer paycheck may give them a nice chunk of change to begin the next school…

MARK CUBAN AND THE SHARK TANK CAN TEACH US ABOUT TAXES

I went on a binge this week catching up on past episodes of “Shark Tank,” ABC’s hit show that has investors, The Sharks, listening to pitches from entrepreneurs seeking investment into their companies. The entrepreneurs are coming from all walks of life seeking several different types of inves…

NEARLY HALF OF AMERICANS WILL NOT PAY FEDERAL INCOME TAXES IN 2011

No one enjoys receiving a bill from Uncle Sam at the end of tax filing season, and the results of a new study show fewer Americans will have to worry about owing the government during the 2011 tax year.Data released by the Tax Policy Center reveals 46 percent of Americans - or 76 million - will not …

MORE THAN HALF OF AMERICANS PAY NO INCOME TAXES, STUDY SHOWS

Many Americans fear receiving a tax bill during filing season, but a recent study reveals less than half of taxpayers actually have to pay Uncle Sam.Data compiled by the Joint Committee on Taxation reveals 51 percent of Americans pay no income taxes, and a large percentage actually earn refunds each…

GOT A LITTLE CAPTAIN IN YOU? YOUR TAXES MAY SOON...

Captain Morgan, one of the leading rum brands in the World, has been courted by St. Croix, a US Virgin Island.Recruiting businesses to an area for economic development is a common business practice by municipalities and it often includes tax breaks and other perks to get the business in…

AFFORDABLE CARE ACT = MORE TAXES PER THE SUPREME COURT

Are you ready for the new taxes coming from the Supreme Court ruling on Obamacare? If not, you need to get ready!  The Affordable Care Act, also known as Obamacare, has been one of the heated aspects of President Obama’s time in Office. The Supreme Court deemed it constitutional on Thursday …

TAX DEADLINE 2011 IS TODAY! LAST DAY TO FILE TAXES

As I mentioned last week, the tax deadline 2011 is today! To be considered timely filed, your return must be transmitted by midnight local time. Many of your local income tax professionals at Liberty Tax® will be open late to help you beat the deadline. If you expect to owe taxes, you should include…

“BUT I DON’T EVEN LIKE TO DO MY OWN TAXES!”

So you might be thinking that life in the tax business doesn’t sound like any fun at all.   You might even be thinking that you’d prefer changing 12 diapers and washing 6 loads of laundry to preparing just one tax return.  I’m hear to tell you that you are not alone!&nb…

HOW CAN CONSUMERS SAVE THEMSELVES THE MOST MONEY ON TAXES?

When it comes to annual tax filings, this is officially crunch time, but Americans who are still scrambling to get all their documents in order and mailed in on time may want to take an extra hour or two to examine whether they're doing all they can to reduce their liabilities as much as possible, o…