Archive for 'Taxes'

IRS Announces Inflation Adjustment

Posted on 29. Oct, 2007 by .

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For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, thanks to inflation adjustments announced last week by the IRS. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As [...]

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IRS to Begin Taxing Poker Winnings

Posted on 20. Oct, 2007 by .

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Gambling winnings have always been fully taxable, but the IRS recently announced that starting next year, casinos and other sponsors of poker tournaments will be required to report most winnings to the IRS. The new guidance is designed to clear up confusion about the tax reporting rules that apply to poker tournaments. In recent years, [...]

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Back-to-School Tax Breaks

Posted on 12. Sep, 2007 by .

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This one’s for the teachers out there. My mom was a teacher, my wife’s a teacher… so I know how much time, energy, and especially money some teachers put into their work. But we here at BeancounterBlog always strive to help you save a bit of money. And the start of the school year is [...]

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How to Tax the Rich

Posted on 17. Jul, 2007 by .

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The topic of how best to tax the rich has been debated for… a long time. The rich always complain about being the ones to bear the financial burden of everyone else, and the poor get angry at the fact that the rich are getting fat tax breaks while still buying their yachts and gold-plated [...]

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The New Kiddie Tax Continues to Punish Parents

Posted on 07. Jun, 2007 by .

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I’ve spoken about the Kiddie Tax before and how it was initially established to help prevent wealthier parents from “stashing” cash and assets in the names of their kids so that they could avoid higher tax brackets. However Congress, hoping to raise an estimated $1.4 billion in the next decade, has boosted the age of [...]

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