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Is NASA still the best use of US tax dollars?

Barbara Bartlein Nov 30th 2009 @ 5:00PM EST Filed Under: Budgets, Saving Money, Tax

Despite cost overruns totaling nearly $1.1 billion in nine of its flagship projects, NASA will see its 2010 fiscal year budget increase to $18.7 billion. Combined with the $1 billion NASA got from the new stimulus package, that's $2.4 billion more than the space agency received in 2008. But there are raised eyebrows among congressional auditors who have called for a "more disciplined approach" to projects. The projects currently funded include:

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Airports and airlines fight over who gets to lighten your wallet the most

Jason Cochran Nov 30th 2009 @ 10:00AM EST Filed Under: Tax, Transportation, Travel

The authorities that run America's airports don't think you've been nickeled and dimed enough. They're lobbying Congress to hike the "passenger facility charge" from the current $4.50 to $7.50, levied each time you take off from an airport, not per trip. That's a jump of two-thirds.

An increase to $7, tucked into a measure set to reauthorize the Federal Aviation Administration, is making its way through the House. The Senate has voted in the past to freeze the amount where it is, but we all know politicians. The caprices of either side can shift as quickly as the windsocks on the runways.

A rep for the American Association of Airport Executives (side note: never take money advice from a group with the word "Executives" in its name) told USA Today that the airports just want your money to "keep up with inflation," claiming purchasing power for the fee has decreased by 50% in nine years.

Continue reading Airports and airlines fight over who gets to lighten your wallet the most

He'll be back: Arnold Schwarzenegger owes the IRS

Zac Bissonnette Nov 27th 2009 @ 6:30PM EST Filed Under: Tax, Celebs & Money

California Governor Arnold Schwarzenegger owes $79,064.00 in back taxes, according to a federal tax lien filed by the IRS in LA County Superior Court.

The IRS documents show that the actor turned governor owes $39,047 from 2004 and $40,016 in 2005. This seems more likely to be a fluke/oversight than anything more dire. It isn't a lot of money for someone like Schwarzenegger and even if he didn't have the cash, his wife Maria Shriver certainly would.

In another recent case of California's first family embarrassing itself, Maria Shriver has been caught running afoul of the state's traffic laws a few times: failing to feed parking meters, talking on a cell phone while driving, driving without a seatbelt, and Arnold himself was recently caught parking in a no-parking zone.

Still, I suppose there's an outside chance that Schwarzenegger really does have financial woes, and really can't afford to pay $79,000-plus in taxes. If that's the case, Schwarzenegger may have to make a return for the next installment of the Terminator franchise.

Black Friday gun sale: South Carolina offers two day sales tax holiday

Kelly Phillips Erb Nov 25th 2009 @ 6:30PM EST Filed Under: Tax, Black Friday

On Black Friday, shoppers across America will set out in search of bargains on flat screen TVs, Verizon Droids, Snuggies and... guns? Only in South Carolina.

The Palmetto State is offering its residents a sales tax holiday beginning on Black Friday. For guns. It is the only two day sales tax holiday of its kind in the country.

The South Carolina Department of Revenue issued reminders earlier in the week for what has been dubbed the "Second Amendment Sales Tax Holiday for 2009."

The two day sales tax-free event begins on 12:01 a.m. on Black Friday. During the sales tax holiday, shoppers will pay no state or local sales taxes on handguns, rifles and shotguns. Generally, the statewide sales tax rate for retail sales in South Carolina is 6%. Counties may impose an additional 1% local sales tax.

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"Blade" files appeal in Atlanta

Kelly Phillips Erb Nov 23rd 2009 @ 5:00PM EST Filed Under: Tax, Celebs & Money

The Wesley Snipes show was back in federal court in Atlanta, Georgia. The actor, however, was noticeably absent as his attorneys did the talking.

Snipes, who was sentenced to a maximum three years in federal prison for his convictions on tax evasion charges in April 2008, had vowed to appeal and on November 20 his attorneys made oral arguments in appellate court. The appeal focused on two issues: that the three year sentence was "unreasonable" and that the actor should have been granted a pre-trial hearing to decide whether his trial should have been in New York instead of Florida.

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IRS still not done with Girls Gone Wild founder Joe Francis

Zac Bissonnette Nov 20th 2009 @ 2:00PM EST Filed Under: Sex Sells, Tax, Celebs & Money

Earlier this month, Girls Gone Wild promoter Joe Francis plea-bargained his way out of a possible prison sentence for charges related to filing false tax returns. By pleading guilty to filing false tax returns and bribing Nevada jail workers, Mr. Francis was sentenced to time served and one year of probation, according to the Los Angeles Times.

Initially accused of taking $20 million in fraudulent tax deductions, Francis ended up pleading guilty to a misdemeanor, the newspaper reported.

"It took us seven months, but in the end we demonstrated that the felony tax charges never should have been brought in the first place," Brad Brian, Francis' lead trial attorney, said in a statement.

But now the IRS is back for more.

Continue reading IRS still not done with Girls Gone Wild founder Joe Francis

Aaron Carter tripped up by IRS tax lien

Kelly Phillips Erb Nov 20th 2009 @ 11:00AM EST Filed Under: Tax

Aaron Carter is having a bad week. Just days after his elimination from Dancing with the Stars' ninth season, news surfaced that Carter was slapped with an IRS lien worth more than $1 million. The liens, which were filed in Los Angeles last week, date back to 2003.

Carter has been trying to repair his bad boy image in recent months, including adding a new management team. Carter's current manager, Johnny Wright, told ET News, "It is unfortunate that while Aaron was a minor, his finances were grossly mismanaged by his previous team which has lead to the current situation of which he was unaware of until today. Aaron is working with a new team to take appropriate actions towards speedy resolution of the matter and looks forward to putting this behind him and moving forward with the next stage of his music career."

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Ask the Dolans: How does the tax free gift exclusion work?

Ken and Daria Dolan Nov 20th 2009 @ 10:00AM EST Filed Under: Tax, The Dolans, Video

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

Everyone should be so lucky as to know some one like Maria! Maria is about to make some friends and family members very happy. Her generosity is incredibly uplifting in today's tough times. Watch this week's video to hear her plans and Ken and Daria's advice.

Dear Ken and Daria,

How much money can I gift to someone without anyone having to pay taxes, and how many people can I gift money to?"

--Maria

To learn more about taxes, retirement planning and debt management, visits Dolans.com.

Zsa Zsa Gabor owes IRS $118,321

Zac Bissonnette Nov 17th 2009 @ 5:15PM EST Filed Under: Tax

After losing about $7 million in Bernie Madoff's Ponzi scheme, 92-year old Zsa Zsa Gabor now has the IRS to deal with.

On Oct. 5, the IRS filed a lien for $118,321 for the years 2001 and 2002 with the Los Angeles County Recorder of Deeds.

According to The Associated Press, "Gabor lawyer Chris Fields estimates that Gabor lost about $7 million in Madoff's Ponzi scheme and the tax bill is part of the fallout. Fields says third-party money managers invested Gabor's money with Madoff."

How losing money in 2008 would lead to additional taxes being owed for 2001 and 2002 is a bit of a mystery to me. It's possible that she was trying to work out her tax issues with the IRS but with the losses to Madoff, no longer has the money to pay her back taxes.

When the Madoff fraud was first revealed, Gabor's husband, the 64-year old Frederic Prinz von Anhalt, lamented that the couple "might be forced to sell our Bel Air home."

Hopefully the IRS will be lenient with the couple in light of the massive losses they sustained at the hands of Bernie Madoff.

Surprise! There's no news on tax credits

Kelly Phillips Erb Nov 17th 2009 @ 2:30PM EST Filed Under: Tax, Taxes-tax credits

Headlines across the country are blasting that millions of taxpayers may owe come tax time because "the government was too generous with their new Making Work Pay tax credit," as the New York Daily News put it.

It sure makes for dramatic news coverage... only it's not quite right.

The government didn't make a mistake when calculating the Making Work Pay tax credit and this most definitely isn't something just hitting the radar of taxpayers. It just makes good headlines now.

The issue of too much withholding has been making news since the inception of the credit in early 2009. Yahoo even appeared to revamp an earlier version of the CNNMoney.com story released on this past Tuesday, titled "Stimulus surprise: 15 million people may owe taxes" from a piece released six months ago. Clicking on the link from the prior story, formerly here, now gives you a 404 error. Hmm.

Continue reading Surprise! There's no news on tax credits

Really want to save the world? Quit having kids

Zac Bissonnette Nov 16th 2009 @ 11:30AM EST Filed Under: Tax

The IRS recently updated consumers on all the tax savings you can get from making your home more green-friendly. Installing energy efficient windows and doors, insulation, roofing, HVAC, water heaters, and biomass stoves can save you a boatload of money on your taxes.

But will doing all those things really help the environment? Yes. But ya know what will help mother nature a hell of a lot more?

Not breeding.

Continue reading Really want to save the world? Quit having kids

E-filing tips that should save time, if not money

Kelly Phillips Erb Nov 14th 2009 @ 10:01AM EST Filed Under: Tax, Technology, Taxes-income-tax-basics, Taxes-advice

If the trend in e-filing continues, the IRS expects more than 100 million individual taxpayers to file their tax returns electronically for the 2009 tax year.

More than one-third of those taxpayers will file by personal computer; the remainder will use a professional tax preparer or free file at an IRS site. No matter how you choose to e-file this year, following are some tips to make it as easy as possible.

Continue reading E-filing tips that should save time, if not money

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