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Federal estate tax deadline looms

Kelly Phillips Erb Dec 23rd 2009 @ 9:00AM EST Filed Under: Tax

When Congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), many championed the "repeal" of the federal estate tax. What wasn't widely advertised at the time was that the repeal was for a single year. That single year of repeal begins in 10 days.

Under the terms of EGTRRA, the federal estate tax exemption amount increased from $675,000 in 2001 to $3.5 million in the current year, 2009. As the exemption amount increased, the top federal estate tax rate decreased. In 2010, for one year, there is a repeal. If no further action is taken, the federal estate tax will "sunset" to its original provisions beginning in 2011.

Continue reading Federal estate tax deadline looms

Tantax? Healthcare reform socks it to tanning enthusiasts

Zac Bissonnette Dec 22nd 2009 @ 10:00AM EST Filed Under: Tax, Health

The Senate had originally planned to levy a 5% tax on elective cosmetic surgery procedures as part of a plan to pay for expanded health care.

But after intense lobbying from the America Medical Association, that proposal was scrapped in favor of a 10% tax on indoor tanning. The tanning tax is expected to net $2.7 billion over the next decade -- less than half of what the "Botax" was expected to raise.

Among the arguments put forth by critics of the Botax proposal? Since 85-90% of elective cosmetic surgery patients are women, a Botax would be discriminatory, an argument backed by the American Medical Association and the National Organization for Women, which opposes the Botax proposal.

Continue reading Tantax? Healthcare reform socks it to tanning enthusiasts

IRS wants Sinbad to walk the plank

Kelly Phillips Erb Dec 21st 2009 @ 4:00PM EST Filed Under: Tax, Celebs & Money

It's no laughing matter for Sinbad: the IRS is seeking to take his home.

The IRS has filed an action in court against the actor/comedian (whose real name is David Adkins) in partial satisfaction of taxes it says he owes.

The IRS has filed tax liens in the amount of $8.15 million in tax liens against Sinbad. The tax obligations range from $157,934 in 2003 to $2,358,563 in 1998. Penalty and interest continue to accrue for all years while the matter remains outstanding.

Continue reading IRS wants Sinbad to walk the plank

Metallica frontman James Hetfield feels charitable

Kelly Phillips Erb Dec 17th 2009 @ 3:15PM EST Filed Under: Tax, Charity, Celebs & Money

Metallica singer and guitarist James Hetfield may well be feeling charitable around the holidays. The Marin County Board of Supervisors just voted unanimously to accept Hetfield's donation of 330 acres overlooking California's Lucas Valley. The land is to be preserved as farmland.

Hetfield has previously donated more than 400 acres to the county for use as open space.

Continue reading Metallica frontman James Hetfield feels charitable

College student tax vote in Pittsburgh

Zac Bissonnette Dec 17th 2009 @ 2:00PM EST Filed Under: College, Tax

As part of its bid to become the Least Cool City in America, Pittsburgh's City Council is preparing to vote on a plan to add a 1% tax to tuition bills for the 100,000 college students who call Pittsburgh home.

The mayor announced a one-week delay on the vote this morning, and colleges and students in the area are lobbying aggressively to get the mayor to back off the plan -- which, it should be noted, is one of the dumbest ideas in history.

Continue reading College student tax vote in Pittsburgh

States and Feds go paperless to save at tax season

Kelly Phillips Erb Dec 15th 2009 @ 11:00AM EST Filed Under: Tax, Taxes-advice, Taxes-tax deduction, Taxes-online

Money may not grow on trees -- but cutting back on paper sure saves money. At least that's what a number of states are saying this year.

This year, states are encouraging the use of electronic filing for individual income tax returns by cutting back on the distribution of printed income tax forms in an effort to save money. While some taxpayers may complain, it's a decision that makes sense.

Consider these national statistics: last year, the IRS processed more than 140 million individual income tax returns. Two out of three of those returns were filed electronically.

Continue reading States and Feds go paperless to save at tax season

Is a value-added tax the answer to U.S. debt?

Kelly Phillips Erb Dec 14th 2009 @ 4:00PM EST Filed Under: Tax

As of this morning, the national debt of the US is $12.1 trillion. To put that into context, if you counted $1 every second of every minute, you would have to count for 383,434 years to reach $12.1 trillion.

It doesn't look to get any better as Congress just voted in a $447 billion spending bill in a year where revenues are down. That doesn't include the projected cost of the health care bill, tax credit extensions and other budget-altering items slated for consideration. It's clear that something has to change.

Continue reading Is a value-added tax the answer to U.S. debt?

Property taxes too high and outdated? Don't wait, appeal

Charles Feldman Dec 14th 2009 @ 9:00AM EST Filed Under: Real Estate, Tax, Taxes-advice

Why wait?

That's the question more and more homeowners are reportedly asking themselves nowadays as they try to deal with property taxes on their homes that no longer represent anything remotely resembling reality.

The Baltimore Sun newspaper tells the story of one man who bought a house for $165,000 last spring, but the state's tax assessment on the property, made two years before his purchase, values the home at $268,000.

But rather than wait it out till the next official reassessment, the man in question opted to do something that many people probably don't even know they can do: He appealed the assessment.

In Maryland alone, says the Sun, so-called petitions for review have skyrocketed from a little more than 5,000 last year to more than 15,000 this year.

There is even limited but growing on-line help for those wanting to appeal their property taxes. ValueAppeal, which is based in Washington state, offers appeal help for a nominal fee. Currently, the site offers help for three states but plans to expand.

Continue reading Property taxes too high and outdated? Don't wait, appeal

Free tax advice from an expert at TurboTax

Josh Smith Dec 9th 2009 @ 10:00AM EST Filed Under: Tax

Great news for anyone who needs some help figuring out a year-end tax question before it's too late -- TurboTax has opened up its Tax helpline to provide free answers to tax questions. The "Ask an Expert" promotion normally happens in January, but this year Intuit has opened up the call lines early so that you can get answers on topics like tax credits and year end deductions while you still have time to act on them.

The Ask an Expert service, which is staffed by highly -trained IRS enrolled agents, normally costs $29.95 for 20 minutes of help and $19.95 for an additional 20 minutes; but during the promotion calls are free and will not be limited by time which makes this a very attractive offer.

It gets even better. You'd expect to wait on hold at least an hour before talking to a tax professional; especially during a giveaway like this, but you won't. You don't have to wait at all, when you ask your question you choose a two-hour window to be called back by a tax professional that has already looked at your question.

With many individuals undergoing life changes this past year; losing a job, moving, becoming a freelancer or buying a new home this is an excellent opportunity to make sure you don't leave money on the table.

The free tax advice is limited to one call per person and is available from December 8 through January 31, 2010. If you need additional tax advice you can also use the TurboTax Live Community to get help. You don't need to be a TurboTax customer to use the Tax helpline, but if you are the experts are familiar with the software and can help you put the right figure where it needs to go in the TurboTax software.

'Botax:' Nips and tucks could cost more than ever before

Gina Roberts-Grey Dec 8th 2009 @ 12:00PM EST Filed Under: Tax, Health

NOTE: this story was updated on Dec. 21 to reflect breaking news

Mirror mirror on the wall, who's the most taxed of them all? Well, it was nearly Americans seeking to lift a little "here" and tuck just a bit "there" as these people faced paying 5% more than they expected.

The tax, included in the health care bill was being debated in the Senate could have been forked over by consumers looking to ditch love handles, excess baby weight, drooping eyelids, and have any elective cosmetic surgery not deemed necessary to "address deformities arising from congenital abnormalities, personal injuries resulting from an accident or trauma, or disfiguring diseases."

If Botox plumps up wrinkles, it seems only fair that the proposal be nicknamed Bo-Tax, since it would plump up bills handed out for these procedures.

Continue reading 'Botax:' Nips and tucks could cost more than ever before

Carter introduces Geithner Penalty Waiver Act

Kelly Phillips Erb Dec 7th 2009 @ 6:30PM EST Filed Under: Tax

This December, members of Congress find themselves grappling with what to do about expiring tax provisions (federal estate tax) as well as what to do about new taxes ("war" tax and health care surtax). In the midst of it all, Rep. John Carter (R-TX) has his own idea for consideration: the Geithner Penalty Waiver Act.

Rep. Carter's bill is officially known as H.R.4172 with the Title: To provide the same penalty rate for taxpayers who voluntarily disclose unreported income from offshore accounts as was afforded Timothy Geithner with respect to his failure to pay self-employment taxes with respect to his compensation from the International Monetary Fund. The unofficial title is the Geithner Penalty Waiver Act.

According to Rep. Carter, taxpayers who applied for the U.S. Treasury Department's amnesty plan for foreign income should pay the same penalty rate as that paid by the Treasury Secretary on his International Monetary Fund (IMF) back taxes. That penalty rate, in case you missed it, was zero.

Prior to his confirmation as Treasury Secretary, Timothy Geithner worked for the International Monetary Fund from 2001-2004, where he was classified as an independent contractor. Geithner failed to pay SE taxes (self-employment taxes, which are basically the FICA equivalent for an independent contractor or self-employed person) during that time.

Continue reading Carter introduces Geithner Penalty Waiver Act

IRS to mom of two: You can't possibly live that cheap

Sarah Gilbert Dec 7th 2009 @ 2:45PM EST Filed Under: Home, Kids and Money, Tax, Career, Taxes-audit

Rachel Porcaro is the manager of a hair salon, and to look at her, you wouldn't think "tax fraud." If you were to walk into her home, you probably wouldn't think "these kids are obviously fictions of her imagination!"

According to the The Seattle Times, to see her with her two boys, 10 and 8, where they live with her parents, the three look more like a normal family headed by a single mom than any you could imagine. She works, pays her parents $400 rent a month, and pays to feed, clothe and provide for their preteen needs: toilet paper, toothpaste, soap.

That's not how the IRS sees it. Porcaro, the agency says, is making far too little, half the average necessary for a mom to survive with two children in the Seattle area.

Continue reading IRS to mom of two: You can't possibly live that cheap

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