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TRUE or FALSE :Extensions lead to audits

True or False :Extensions lead to audits: Filers suspect that if they request more time to file a return, the IRS will get suspicious and might pull them in for an audit. But extensions are routine and...

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True or False :Kids and retirees don’t have to file

True or False :Kids and retirees don’t have to file: It’s not your age that determines whether you have to file but your income. For instance, singles younger than 65 with $9,350 in gross income last...

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True or False :Most will pay the federal estate tax

True or False :Most will pay the federal estate tax: This tax disappeared this year, but it will be back in 2011. Still, last year 99.8 percent of deaths didn’t set it off, according to the Tax Policy...

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True or False: Americans are overtaxed

True or False: Americans are overtaxed. In 2007, federal, state and local taxes claimed about $3.8 trillion, or 27 percent of U.S. gross domestic product. That’s nearly $13,000 for every American....

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True or False : The poorest and the richest Americans pay no taxes.

True or False : The poorest and the richest Americans pay no taxes. About 45 percent of households will owe no federal income tax in 2010, according to our estimates. Half of them earn too little,...

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True or False: Americans are overtaxed.

True or False: Americans are overtaxed. In 2007, federal, state and local taxes claimed about $3.8 trillion, or 27 percent of U.S. gross domestic product. That’s nearly $13,000 for every American....

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True or False: Higher taxes could eliminate the federal deficit

True or False: Higher taxes could eliminate the federal deficit. Washington spends more than it takes in through tax revenues, resulting in a projected budget deficit of almost $1.35 trillion in 2010,...

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True or False : Most people’s tax returns are way too complicated

True or False : Most people’s tax returns are way too complicated. No one claims that our tax system is simple. After all, the Internal Revenue Code runs more than 3 million words, and the instructions...

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Should You should aim for a big tax refund?

Should You should aim for a big tax refund? It’s wonderful to receive a big check in the mail. And having to write a check to the IRS is never fun. But you’re better off owing the government a small...

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US TAX CODE …What is IT?

The U.S. tax code is massive and complicated, the perfect fodder for Conspiracy and New millennium Mythology. Taxation in the United States is a complex system which may involve payment to many...

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