My head is spinning almost as much as watching hillary do the head bobbing.
A very good article, Ben. Thanks for posting. I loathe taxes of all kinds and spend a good part of my time thwarting them by all legal means possible. I'm a "Conserving Conservative" who knows that she pays waaaaay too much in taxes on everyday things like gasoline and liquor, clothing, etc. Cut back on your "consuming" and you'll save yourself a bundle, too!
More people should educate themselves and do so. Grab a few manila folders to hold your receipts for the upcoming year, get in the habit of holding on to any that you think will be deductible for the coming year, and get in the habit of filing them away and tabulating them periodically. It's not Rocket Science!
If more people did this, and took a good, long, hard, honest look at how they're being gouged each and every day, we might be able to better cut off some of the blood supply to the current Cancer that is our free-spending Government. Do you think they make this complicated on purpose? Of COURSE they do! Educate yourself on one deduction at a time and see where you can fit it into your life if you're spending dollars there anyway. ;)
Consider whether two incomes is truly benefiting your household, or is that second income just being eaten up due to bumping you into the next higher tax bracket, or is that income being consumed by work-related expenses? Wear and tear on a vehicle, gasoline expenses, childcare expenses, work clothing expenses, lunches out, etc. When I did the tabulations about 7 years ago, it was actually COSTING us more for me to work full time outside the home than it was worth to us! Read a Federal and your State tax tables and see where the income cut-offs are for you. You'll be amazed at how much it can actually "cost" you to work for a living!
Just one American's POV. Your mileage may vary. :)
Great article, as was the one you posted on late 1099's. Thanks!
bump to read later
Folks would be shocked to learn the amount of "refunds" being sent to taxpayers who "claim" Head of Household and also get the Earned Income Credit using various relatives/friends' children (who actually don't live with them and other schemes).
They know the refund system very well, every detail...and are receiving large checks from the US Government.