Your taxes, your voice and your choice. Which one to raise?

Categories: Business, Economy, Featured, Politics, Tax News, Tax Policy
Your taxes, your voice and your choice. Which one to raise?

For millions of Americans every year, doing their taxes is a horrendous nightmare. Each year, many tax filers end up facing serious issues with the IRS after being puzzled by the complicated tax code.

Unlike major billionaires and large corporations, most citizens can’t afford private accountants to do their finances in order to avoid violating tax laws. Many people file their taxes on their own instead of finding a tax service to file their taxes professionally. As a result, possibility for risk and complications within their tax return dramatically increases. Thanks to the complicated tax code and a high risk of return complication, many Americans living overseas have decided to renounce their citizenship along with many of their US… Read more…

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ObamaCare: A Tax Failure?

Categories: Business, Economy, Personal Finance, Politics, Tax News, Tax Policy
ObamaCare: A Tax Failure?

During President Obama’s first term, Obamacare was created. Initially, it was designed as an alternative to what private healthcare companies had to offer. In addition, Obamacare also meant a low cost investment without an increase in taxes.


However, the reality of what Obamacare is much different than the initial plans. Since the fateful day when the “Affordable Healthcare” Act was signed into law a couple of complete disasters occurred.

  1. Insurance premiums skyrocketed dramatically.
  2. Health insurance costs increased  in 41 states.
  3. The Healthcare website did not work properly and brought discontent to many consumers.
  4. Billions of taxpaying dollars went to Obamacare workers refreshing screens all across the country.
  5. The law has forced countless companies

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Step One: Check “Yes” If You Are Disabled. Step Two: Collect Money

Categories: Uncategorized
Step One: Check “Yes” If You Are Disabled. Step Two: Collect Money

Believe it or not, the Federal Disability Insurance Program started in the 1950’s with no plans to grow larger than a small program to help those unable to work due to injury or illness. Fast forward sixty years and this once very small program now supports twelve million people. In fact, the $135 billion disability budget surpasses the Department of Homeland Security’s budget.

Where did all of these “disabled” Americans come from? More to the point, what percentage of these 135 billion dollars are dollars going to people who learned how to game the system? The answer is many more than you’d want to know. In fact the actual number would most likely lead you to either become… Read more…

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Should there be a tax on the foreign income of nonresident citizens?

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Should there be a tax on the foreign income of nonresident citizens?

Decades ago, people around the world dreamt of immigrating to America, and American citizens believed they were part of the best country in the world.  Now, it seems like the “American Dream”, is finding another country to call home. Of course, The United States still has some attractive qualities, but when it comes to taxation while living abroad, American citizens are willing to give up their American passports. What has changed? International taxation and the hassle of paperwork associated with tax laws for US citizens that are residents of other countries.

In the entire world, there is one country that taxes its citizens for their world-wide income, regardless of where they live; The United States. Well, actually, there are two; The… Read more…

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Congressman Rahall Gets Caught Double Dipping

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Congressman Rahall Gets Caught Double Dipping

The Tax Rascal may hate taxes, but we also believe that the law is the law, and that lawmakers specifically should obey the rules they expect the rest of us to follow.  Of course, not everyone believes the same as we do.

Take Congressman Nick J. Rahall II for example.  The congressman owns a house in his home state of West Virginia (in the district he represents) and like many members of Congress, owns property in Washington, D.C. as well.

Now D.C. has something called a homestead tax deduction, which basically means tax payers who own property in the city and actually live in that property as their primary residence (versus renting it out or running a business, etc.) are entitled to… Read more…

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How Much Does Government Tax You?

Categories: Economy, Featured, Personal Finance, Politics, Tax Policy, Uncategorized
How Much Does Government Tax You?

How much of your paycheck will go to government in 2013?

The answer, of course, partly depends upon which state you live in, but the simplified answer can be stated this way: way too much!

Patrick Tyrrell at the Heritage Foundation has an excellent piece out that breaks down the approximate amount an average middle class single filer would pay in each state (see image to the right).  Naturally we need to control for certain variables, but this thought experiment is nothing short of scary regardless of one’s personal situation.

The federal income tax for 2013 will be around 28%, depending on what happens with the fiscal cliff.  Add to that the Social Security and Medicare payroll tax at 15.3% (projected 2013… Read more…

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Our Prayers are with the Victims, Family Members in Newtown, CT

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Our Prayers are with the Victims, Family Members in Newtown, CT

The Tax Rascal and Rapid Tax would like to extend our deepest sympathies and condolences to the victims, families and everyone else affected by the tragedy in Newtown, CT earlier today.  In the immediate aftermath of this horrific shooting, we lift of up our thoughts and we pray for peace and healing.

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New ObamaCare Taxes Revealed

Categories: Business, Economy, Featured, Personal Finance, Politics, Tax News, Tax Policy, Uncategorized
New ObamaCare Taxes Revealed

When Nancy Pelosi was Speaker of the House, she famously quipped that Congress would have to pass the 2010 omnibus healthcare bill in order to find out what was in it.  Congress complied, and now America is starting to find out what is inside the bill come law: taxes, taxes and more taxes.

The Internal Revenue Service recently released new rules for investment income taxes on capital gains and dividends earned by so-called “high income” payers.

Enter: the first surtax to be applied to capital gains and dividend income at 3.8%.  But the surtax is more complicated than it seems, because it applies to a broad range of investment securities such as stocks, bonds, commodity securities, specialized derivatives and more.

In addition,… Read more…

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Union Shakes Down Tax Payers

Categories: Economy, Featured, Politics
Union Shakes Down Tax Payers

Across the nation local governments are having to cut back due to the constraints of economic reality.  Yet as everyone is asked to sacrifice, some unions simply refuse to do so.  There are those who believe they are owed not just guaranteed salary increases and cadillac health benefits but much, much more.

Do you need a nose job?  Maybe some liposuction?  Or do you need some hair removed from your upper lip?

If you do, make sure you become a teacher in Buffalo, NY!

Teachers in Buffalo have what may be the most incredible, and most egregious “health care” benefits of all: free plastic surgery.

And when I say free, I mean it.  The 3,400 teachers in Buffalo who are eligible for free plastic surgery… Read more…

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What Are the Penalties and Interest for Late Taxes?

Categories: Featured, Personal Finance
What Are the Penalties and Interest for Late Taxes?

You might not have to pay as much as you think, or anything at all

The first thing everyone wants to know when it comes to late taxes is whether they will be charged any penalties and interest. In fact, fear of penalties is enough to keep some people from filing their taxes. But some late filers don’t have to pay any penalties at all. Arming yourself with information can help you make the best decisions when it comes to dealing with your late taxes.

No penalties

If you’re due a refund, you don’t owe the IRS any penalties or interest. That’s right. None. Zippo. Zilch. That means you can file a late return without having to worry about getting… Read more…

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