Gates Not Opposed to Wealth Tax Despite Implications

Bill Gates

There has been much chatter lately regarding a wealth tax. At least two of the leading democratic presidential candidates have discussed it, even though most wealthy Americans would likely oppose this tax. After all, why should they be punished just because they make more money? But not all wealthy taxpayers oppose a wealth tax. In…

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Fed Lowers Interest Rate, Still Undecided on Future Cuts

Fed Lowers Interest Rate, Still Undecided on Future Cuts

Recently, it was reported; the Fed lowers interest rate, still undecided on future cuts.  Amid much disagreement and uncertainty, the Federal Reserve lowered the national lending interest rate to a target range of 1.75 percent to 2 percent last week. Although the move was highly anticipated, it didn’t come without criticism from both sides of…

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Trump Holds Steady on Capital Gains Taxes…For Now

Trump Holds Steady on Capital Gains Taxes…For Now

Anyone who was holding his or her breath for the president to lower capital gains taxes better exhale. At least for the moment. According to a White House spokesperson, President Trump decided against slashing capital gains taxes after meeting with his advisors last week. The president and his advisors reportedly met to discuss several policy…

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Tax Planning Tips that Can Save You a Bundle

Tax Planning Tips that Can Save You a Bundle

Let’s talk about some tax planning tips that can save you a bundle. Most high net worth individuals didn’t get wealth by sitting around and hoping to get rich. They have to earn it. That’s one of the biggest differences between just getting by and actually getting rich. And one of the things high net…

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10 Common Tax Filing Mistakes

As this year’s tax deadline approaches, we though it would be a good idea to share 10 common filing mistakes.  The American Institute of Certified Public Accountants (AICPA) reminds taxpayers of 10 of the most common mistakes made each year by individual taxpayers on their federal tax returns. These avoidable errors can affect your tax…

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Top Ten Real Estate Tax Breaks

Top 10 Real Estate Tax Breaks

Here’s a look at the Top 10 Real Estate Tax Breaks for the homeowner/investor. Real Estate Tips 1-3 1. Mortgage Loan Interest: Deductions reduce your taxable income against which your taxes due are calculated.2. Home Improvement Loan Interest: You can deduct all the interest on a home improvement loan provided the work is a “capital improvement”…

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Tips for Filing Your Tax Return

Tips for Filing Your Tax Return

Tax season is here and the deadline for filing your tax returns is nearing. If you are not sure where to start, these five tips may help as you prepare to send your tax returns to the IRS and state authorities. 1.Get Organized You should review all financial activities throughout the year and collect any…

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Another Poor Showing for the U.S. Tax System

Another Poor Showing for the U.S. Tax System

Another poor showing for the U.S. tax system?  It seems that every day a new list of rankings is released about the locations where we live. Which state is best for owning a home, or which city has the highest vitality rate, are some of the topics discussed in previous lists, for example. Everyone has…

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Tax on Foreign Income of US Citizens or Residents

Tax on Foreign Income of US Citizens or Residents

Tax on Foreign Income of US Citizens or Residents Foreign Earned Income Exclusion Individual US citizens and residents are taxed on their worldwide income. However, IRC Sec. 911 provides that qualified taxpayer can elect to exclude foreign earned income up to $87,600 from taxable income. (Read IRS Pub 54 for more details.) The qualifications are:…

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