I prefer a tax return of $0

If you file a tax return extension, the IRS will give you an additional six months to turn in your tax return and pay your taxes.

It’s the end of the year, and many of us are starting to think about tax preparation. As soon as the new year hits, it’s tax season (my mom worked for H&R Block, so I know all about this). But what if we didn’t have to pay taxes?
What if we got an income tax holiday?
One of the Representatives in the House, Louie Gohmert (R.-Tex.) is introducing legislation that gives everyone a break from income tax and FICA tax for two months (January and February). This is an interesting piece of legislation. The idea is that we will all go out …read more

In Europe, many governments boost their revenue through the value-added tax (VAT). It is also used Australia and Latin America. The VAT is a tax that works by collecting revenues at every stage of product production. So, taxes would be charged to manufacturers when they buy materials, and on down the line as the product is sold and resold. It’s basically sales tax, but it’s collected at stages previous to reaching the end-user. Many economists consider the most efficient way for a government to raise revenue. For consumers here in the U.S., it would likely result in higher prices for …read more

We’re all looking at tax season as it looms upon us. And there are plenty of new rules to consider this year (the forms have barely been changed in time in many cases). And one of those is the rectification of a quirky tax rule.
Before, if you had a measure of mortgage debt forgiveness, you had to count that money as income. You never saw it, and you never spent it. But you still had to pay taxes on it. Thanks to a mortgage debt forgiveness tax relief bill, you don’t have to pay income tax on money that wasn’t …read more