The Daily Deduction

Weekly Tax Inventory - 4/12/12013

 Tax Day Freebies: Enjoy These Awesome Treats At No Cost – The Inquisitr

In this 2013 edition, dealnews scours the web for freebies to give consumers some financial relief on April 15.

The IRS Doesn’t Think “Reasonable Expectation of Privacy” Applies to Your Emails – Slate

With Tax Day less than a week away in the United States, you probably don’t need another reason to dislike the IRS. But here’s one anyway: Newly released documents show that in recent years, the agency has claimed American Internet users “do not have a reasonable expectation of privacy” when it comes to their emails being snooped on.

Obama seeks cigarette-tax hike for preschool expansion – USA Today

President Obama wants to increase cigarette taxes by 94 cents a pack to finance an expansion of preschool education for moderate- to low-income families.

Memphis-based Mo Money Taxes sued by Department of Justice on claims of filing false returns – The Washington Post

Federal prosecutors are seeking to shut down a Memphis-based company on claims it prepared false tax returns in at least three states.  The Department of Justice said Wednesday it is suing Mo Money Taxes and requesting an injunction to stop it from serving as a federal tax preparer.

11 Surprising Things You Have to Pay Taxes On – Business Insider

Extreme Makeover winners weren’t the only ones to have their elation bubble burst. Past recipients of HGTV’s Dream Home Giveaway, for example, also got a crash course in the realities of the gift tax: If the gift is more than $14,000, the IRS considers it income. In fact, because of tax implications and other issues, most winners of the HGTV contest have ended up selling the million-dollar properties.  For 2013, you should receive a 1099-MISC form from an employer on any income over $600, which you must declare as part of your overall income. Even small amounts—like the interest earned on a $500 savings account—must be declared unless it’s specifically exempt under the tax code. Once everything’s been reported, your final tax bill depends on your income level, your exemptions and so on.


 

 

Posted To: The Daily Deduction By: Lauryn on 4/12/2013 12:25:00 AM
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