Posts Tagged “taxes”
Last week I got a large envelope in the mail from the IRS. Never a good thing. But then once I opened it, I realized it was just a copy of the form I requested they send me. Via snail mail. In 2011. Here’s the backstory. Apparently forms 1096 and 1099 use a magical special [...]
Religious Sects Can Opt Out of Social Security, Medicare Taxes. Why Not Everyone Else?
By Nick | December 9, 2010
Have you ever looked at your paystub and grumbled about how much Social Security and Medicare taxes were taken out? Well the other day I stumbled upon an interesting loophole in our tax code: Religious exemption. An exemption from social security and Medicare taxes is available to members of a recognized religious sect opposed to [...]
The one good thing about the bursting of the real estate bubble is that our property taxes are way down. Our tax assessed value this year is less than half of what it was 3 years ago. I think it’s best to stay positive. We may be six figures underwater, but at least we’re saving [...]
Ever bought a new cell phone and been charged a ridiculous amount of sales tax? It’s a tax loophole known as “bundling.” Since your free or heavily discounted phone probably required you to enter into another service contract, the government thinks they’re entitled to collect sales tax as if you paid the full retail price. [...]
Happy Tax Day! I thought this was an interesting tidbit: according to the Tax Policy Center in Washington DC, roughly 47% of U.S. households will have no federal income tax liability for 2009. That is a huge percentage of the population with little or no “skin in the game.” Imagine sitting at a poker table [...]
There are two primary methods of accounting for the income and expenses of a business: cash and accrual. In general, if your company’s revenue is less than $5 million per year, you are free to choose either one. Cash Accounting Cash accounting is the more common choice for small business accounting. Income is not reported [...]
