Another tax season has come and gone, but not without its scams. IRS reports that cheating was up 181% this year. Favorite scams: Deduction for prostitutes; Earned Income Credit fraud; deductions to charities that were never made and taking a tax credit for buying an energy efficient car that wasn't bought.
IRS is upping their automated review of returns using computers to match W-2's and 1099's. So if you didn't include one on your return, you will be getting a letter this summer!
If you didn't file, or do get a love letter, please do not hesitate to contact us. We are here to help.
Sunday, April 24, 2011
Thursday, April 14, 2011
So Who Pays The Tax Bill
The wealthy? The Middle Class? The poor? Who pays what?
Well here is the answer. But like all statistics, they lie! The wealthiest 1% of Americans paid 40% of the total taxes in 2007. But overall, the percentage of tax they paid was 29% of their income, down from 37% in 1979 and 30% in 2002. The Average American paid 20% in 2007, down from 22% in 1979. But the wealthy pay the most. Here is a chart that shows the spread.
Well here is the answer. But like all statistics, they lie! The wealthiest 1% of Americans paid 40% of the total taxes in 2007. But overall, the percentage of tax they paid was 29% of their income, down from 37% in 1979 and 30% in 2002. The Average American paid 20% in 2007, down from 22% in 1979. But the wealthy pay the most. Here is a chart that shows the spread.
As always, we are here to reduce your taxes. Do not hesitate to call at 949-683-8111 or email. Have a very happy Tax Day on Monday, 4/18.
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