Taxes Feed

If you're like me, you're probably spending your Sunday perusing the possibilities for tax code change under the Trump Administration's recently announced plan. National Economic Council Director Gary Cohn, left, and Treasury Secretary Steve Mnuchin announce the new administration's tax plan on April 26. Click image for full CNN video report. The document — officially titled "2017 Tax Reform for Economic Growth and American Jobs" and officially subtitled "The Biggest Individual And Business Tax Cut in American History" — really is more of an outline. Deleting deductions: Under the proposal's simplification bullet point, the first item is eliminate targeted tax... Read more →


With last week's House passage of an Obamacare replacement measure, Republicans are jazzed again about redoing the U.S. tax code, too. The GOP, however, might have some work to do beyond Capitol Hill. It seems that many Americans are not that impressed with Donald J. Trump's tax plan. Not a warm reception: A Florida Atlantic University (FAU) nationwide online survey conducted just days after the White House's April 26 release of its tax plan found that 41 percent of respondents opposed it. Only 34 percent supported it, while 25 percent were unsure. Those who do support the Trump Administration's tax... Read more →


How do I celebrate each May 5th? With guacamole, cerveza y tax tips! That means here in our Texas casa, every day basically is Cinco de Mayo. Yes, there really is a tax component to Cinco de Mayo beyond the use of my poco Español as a framework for this list. That's why I feel justified in urging you — before you lift a glass, be it brimming with Dos XX or a margarita, to commemorate Mexico's victory over French troops at the Battle of Puebla on this day in 1862 — to check out these five tax-smart tax moves.... Read more →


The House narrowly passed its Obamacare replacement measure this afternoon by a 217 to 213 vote. Now we await Senate action on the GOP bill. That means there's plenty more debate to come before any flip from President Obama's Affordable Care Act (ACA) to the GOP's American Health Care Act (AHCA). The House voted to repeal Obamacare this afternoon, but we will be waiting for a while before any final replacement of the Affordable Care Act. (Photo by Kay Bell) But both Democrats and Republicans do agree on one thing. The Upper Chamber's action won't be any time soon So... Read more →


Whew! We dodged the government shutdown bullet. For now. The House and Senate have agreed on an omnibus spending bill that will keep federal offices open through Sept. 30, the end of fiscal 2017. The House is scheduled to vote on the measure today approved the $1.1 trillion bill in a bipartisan 309-118 vote. A Senate vote is expected before the short-term funding measure that's keeping Uncle Sam operating expires at midnight Friday, May 5. The Senate approved the bill Thursday, May 4, sending it to the president for his signature. The way Congress reaches consensus often is described as... Read more →


Donald Trump met with truckers outside the White House and got an up-close-and-personal look at their vehicles before the drivers and industry executives went inside to share their transportation policy thoughts with the president on March 23, 2017. Click screen shot to view the full meeting on YouTube. The long Memorial Day weekend is the unofficial start of summer vacations in the United States and most of those are family road trips. For the last few years, gasoline prices haven't been that bad. But Donald J. Trump says he's amenable to adding a few more pennies to our gasoline gallons... Read more →


May flowers, like these Texas poppies, are one of the reasons it's such a merry month. Other reasons to be happy is that there are some tax moves you can make now to cut your 2017 IRS bill. (Photo by Kay Bell) Welcome to the merry, merry month of May, which is particularly joyous for folks who've finished up their 2016 tax returns. That's almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year's main filing season. While the 2017 filing season got... Read more →


McMullen County is the sixth least-populous county of the 254 such jurisdictions in Texas. An estimated 820 people live there. McMullen County also was the richest county in 2015, not only in the Lone Star State, but also in the entire country. You wouldn't think it by looking at the basic square courthouse on Tilden, Texas' town square, but that McMullen County home of county governance sits in the wealthiest county, at least according to 2015 tax data, in the United States. (Photo by Larry D. Moore via Wikipedia/CC BY-SA 3.0) That ranking is per Internal Revenue Service filing data... Read more →


The Internal Revenue Service's third attempt to bring in overdue tax money by using private debt collectors has been in place for less than a month, but some House members are already trying to halt it. Opponents of the program question not only the collection system's costs and efficiency. They also worry that the use of private bill collectors will make it easier for crooks to create even more tax scams. Rep. John Lewis makes his opening statement at last week's Ways and Means Oversight Subcommittee hearing on the 2017 tax season. During his remarks, Lewis announced the introduction of... Read more →


The federal deduction for local property tax payments could be eliminated as part of the Trump Administration's tax reform proposal. I'm trying not to get too worked up about the Trump Administration's recently released tax cut plan. In a past career I worked on Capitol Hill and watched first-hand how tax proposals morphed from concept to actual law. But I still get a little knot in my stomach when I think about losing my state and local tax write-offs when I fill out my federal Form 1040. Wait, you say. You're in Texas. There's no state or local income tax... Read more →


More Americans believe the Trump Administration will hike their taxes rather than cut them, according to a new poll. The CBS News survey found 38 percent believe the president will raise their taxes, 25 percent believe he will lower them and 33 percent think their tax bills won't change. The tax increase belief was strongest among poll participants who made less than $100,000. The telephone poll, conducted between April 21-24 by SSRS of Media, Pennsylvania, was released by CBS News on Wednesday, April 26, the same day that the White House revealed its latest tax reform plan. That tax plan,... Read more →


An autographed photo of San Antonio Spurs point guard Tony Parker and the NBA team's head coach Gregg Popovich from Daniel Lewis' autograph collection. Another Coach Pop signature on a restaurant receipt with a really, really big tip is now getting attention. Gregg Popovich is in the midst of going for his sixth NBA championship as a head coach, but he's already the champ to one Memphis, Tennessee, restaurant employee. Pop, as the coach of the San Antonio Spurs is known, apparently left an almost 613 percent tip after a visit April 21 to McEwen's on Monroe. The dollar amount... Read more →


Since Rep. Jason Chaffetz announced on April 19 that he won't seek reelection in 2018 and then the next day suggested he may even leave before his term ends, there has been much speculation as to what this might mean for additional Congressional investigation into possible questionable ties between the Trump Administration and Russia. Chaffetz is, after all, chairman of the House Oversight and Government Reform Committee, which is one of the Capitol Hill panels with jurisdiction over the international conflict of interest questions. To many, Chaffetz, a Utah Republican, seemed reticent to dive into such inquiries, although today he... Read more →


At midnight on Donald J. Trump's 99th day in the Oval Office, the federal government could shut down. That would be a public relations disaster for the 45th president, who's struggling to show that he and his administration can get things done as he promised in his 100-day contract with voters. "Saw this at my school's accounting career fair," wrote LittleNuclearReactor in a Reddit post during the last government shutdown Oct. 1-16, 2013. But it could be a bigger disaster for folks waiting on their federal tax refunds. Millions left waiting for tax cash: The Center for American Progress (CAP)... Read more →


Happy Tax Freedom Day! Today is the day, according to Tax Foundation calculations, when the nation as a whole has earned enough money to pay its total tax bill for the year. via Giphy.com Critics of the tax-related designation, most notably the Center on the Budget and Policy Priorities, argue that Tax Freedom Day's average tax rate across the United States is misleading and doesn't accurately reflect typical U.S. households' tax burdens. In answer to those concerns, the Tax Foundation acknowledges that its estimates reflect the average tax burden for the overall economy, rather than for specific subgroups of taxpayers.... Read more →


Happy Earth Day 2017! Maybe you're spending this Saturday simply out enjoying the beauty of Mother Earth. Or perhaps you're participating in the March for Science (the main event in D.C. or satellite marches across the country) to support scientific efforts, including the study of climatology and climate change. Regardless of how you acknowledge Earth Day, thank you for thinking of our planet. In recognition of your commitment to protect and preserve the only place we humans and other creatures have (so far) to live, here are 7 tax saving options that reward energy and environmentally friendly efforts. Let's start... Read more →


Is that really the Internal Revenue Service knock, knock, knocking on your door? That's a concern shared not just by individuals who find people claiming to be with the federal tax collector's office, but also the IRS itself. "Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email," noted the IRS in a statement issued this week. In-person tax scams: While email phishing attempts and the still pervasive fake IRS agent telephone tax scam are still going strong — and could even see a surge as the cons are tweaked to incorporate the... Read more →


Some folks didn't file their federal taxes on April 18. Judging from social media, much of the deadline busting was the fault of cats. "Can't claim my cats as dependents? Well I can't file then," Tweeted @deedles420. Sorry, Dee, but while a dependent doesn't have to be a blood relative, your fur babies don't pass tax muster. Dee was not alone. The Twitter hashtag #ExcusesForNotFilingTaxes underscored the internet's reputation as cat loving and apparently tax hating. "Still waiting for cats' social security numbers," Tweeted @growingupZee. Good point, Zee, since those nine official digits from the Social Security Administration are key... Read more →


Tax Day 2017 is over. That means Uncle Sam has the bulk of his take from our 2016 earnings, thanks to tax bills paid on April 18 with return filings and extensions. Now what's he going to do with our money? Steve Ballmer at World Mobile Congress in 2010 talking about the Windows phone when he was still heading Microsoft. (Photo by Aanjhan Ranganathan via Flickr CC) Steve Ballmer, former Microsoft CEO and current owner of the NBA's Los Angeles Clippers, has the answer to that eternal taxpayer question. Well, not Ballmer himself, but rather his newly launched government financial... Read more →


The U.S. Postal Service has evolved since the days when Texas Panhandle residents depended on mule mail. That's a good thing, since millions of taxpayers still insist on using today's postal system to send their annual tax returns to the Internal Revenue Service. (Photo courtesy of Traces of Texas via Facebook) The 2017 tax filing season has been unusually slow. Through April 7, the Internal Revenue Service reports it had received 3.6 percent fewer tax returns than during the same time period last year. The decrease in filings extends even to electronic returns, an area that in recent years had... Read more →