Income Taxes May Soon Generate Half of All Federal Tax Revenue – Forbes
Over the next decade, the individual income tax will be the
fastest growing source of federal revenue, according to new estimates by the
Congressional Budget Office. In fact, the individual income tax will pretty
much be the only revenue source likely to increase significantly over the next
decade. As a result, it will generate
more than half of all federal revenue for the first time since the turn of the
Untapped Tax-Deferred Savings Face Big Hit – The Wall Street Journal
A big IRA or 401(k) account can be a burden, not a
blessing--at least when it comes to taxes. Many boomers in or near retirement
have a big share of their wealth tied up in tax-deferred accounts that will
cost them extra in taxes if they fail to plan carefully. Advisers see a golden
opportunity for older clients to save taxes and build wealth by tapping their
tax-deferred accounts instead of letting the money sit.
taxes, Money May and killer instinct: Manny Pacquiao comes clean – Yahoo!
For some reason, things get attributed to Manny Pacquiao
that either aren't at all what he said or are a distortion of his views. Prior
to his fight with Brandon Rios in Macau, it was noted that he no longer wanted
to fight in the U.S. because of the high taxes assessed on foreign athletes.
Your Taxes? Prosecutions Are Way Up, But The Big Push Now Is Against Identity
Thieves – Forbes.com
If you’re starting to think about tax filing season, you’re
not alone. As always occurs in the run-up to April 15th, the government wants
to remind you to fly right. You must sign tax returns under penalties of
perjury. The numbers you report must be true—they’re not an opening offer.
Taxes on IRA Withdrawals – MarketWatch
If you have several traditional IRAs, you must add them
together and treat them as one account to determine the tax consequences of
taking withdrawals from any of them. Don’t forget to add any rollover IRAs set
up to receive distributions from former employers’ retirement plans into the
mix. Ditto if you have a SEP-IRA or SIMPLE-IRA set up in your name.