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Archive for the ‘Tax News’ Category

2016 average taxes

How Much Does an Average American Pay in Taxes

April 26, 2016

The 2016 tax filing season is over, and most taxpayers are finished with their annual tax duty. Those that have obtained an extension to file have until October 17, 2016, to file their returns and pay any balance due. The Motley Fool shares how much an average American family pays in federal taxes, including income tax, payroll tax, and excise taxes on goods like gasoline and cigarettes: The average rate was ...

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property taxes

5 States With Killer Property Taxes

September 22, 2015

Taxpayers often focus on federal taxes, but in some states, property taxes can be just as burdensome. According to reports, property taxes were the primary source of funding in states in the past months. States collected a total of$500 billion in property taxes between Q1 2014 and Q1 2015, making the contribution 39.5%. Where you choose to live can have a big impact on your tax bill. If you consider the property taxes you pay over ...

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income taxes

Are The Super-Rich Paying Even Lower Taxes?

June 09, 2015

The United States has a progressive tax system, which means that taxpayers that earn more pay more in taxes. Lower-income groups get certain tax benefits that help them save on taxes, such as the Earned Income Tax Credit. Traditionally, statistics reveal that the super-rich pays less in taxes. New data from the IRS shows the percentage of tax individuals in different income groups pay.

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turbotax security breach

Why The TurboTax Security Breach Should Worry Us

February 17, 2015  |   Last modified on May 12, 2021

The security breach of TurboTax came as a blow to Intuit, the company that owns TurboTax. Even though TurboTax was operational again, after a brief shutdown and added security, the breach shows the damage identity thieves are capable of inflicting. It is particularly worrisome because taxpayers had no control over preventing their identities from being stolen. Identity Theft On The Rise Identity theft is steadily becoming a problem with no solution. Despite the efforts of the IRS ...

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