Another Federal Tax Record Set in October
As the year winds down and we look ahead to another tax season, the Federal Reserve is looking at another record tax collection in October. According to the latest numbers released in the Monthly Treasury Statement, October set an all time record high for the month, with $221,692,000,000 collected. What a great way to start the fiscal year for the Treasury. That was an increase of more than $6.7 billion from last October.
However, despite the incredible numbers coming in, the federal government still had a deficit of more than $44 billion in the month, thanks to expenditures of more than 265 billion. Meantime, if you were to break down the numbers in October, on average the Federal Reserve collected roughly $1,459 from everyone who worked either full- or part-time during the month.
So where did the majority of that record revenue come from, you ask? The answer is largely from individual tax returns. According to the Treasury, Americans paid $121,576,000,000 in income taxes in October. But the tax bill for Americans doesn’t stop there. Collectively the country paid another $79,361,000,000 in Social Security and additional payroll taxes.
The rest of the money came from corporate taxes: $2,27 billion; excise taxes: $5.7 billion; and estate and gift taxes: $3.06 billion.
You also might like Despite Record Revenues, Federal Government Still Facing Huge Deficit
http://www.cnsnews.com/news/article/terence-p-jeffrey/221692000000-federal-taxes-set-record-october-1459-worker-feds-still
Request Telephone Tax Refund By Amending Your Return
Request Telephone Tax Refund By Amending Your Return Maybe you filed your federal tax return, received a refund and even spent the last penny before realizing that you missed out on a one time opportunity to request the Telephone Excise Tax Refund! Luckily, some opportunities do call twice. You can still request the telephone tax…
Tax Saving Strategies For Business Owners
[vc_row][vc_column][vc_column_text] Tax Saving Strategies For Business Owners 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction.…
Credit Default Swaps – Impose A Tax On Bogus Insurance
[vc_row][vc_column][vc_column_text] Credit Default Swaps – Impose A Tax On Bogus Insurance By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP Proposal to amend the U.S. Internal Revenue Code: Any Seller, Buyer or Insured Party who enters into a Credit Default Swap (“CDS”) contract insuring U.S. source risks will be subject to an excise…
Income Tax Deferral Strategies for Real Estate Investors
Income Tax Deferral Strategies for Real Estate Investors There are a number of significant income tax benefits that are often overlooked by real estate investors that could allow them to defer or exclude some or all of their income tax liabilities on the sale or disposition of their real estate tax deferral assets. It is…