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Taxes

France Introduces Carbon Tax of $25 Per Metric Ton

by Luke Landes

President Nicolas Sarcozy of France revealed his plans for working to reduce his country’s carbon dioxide emissions. For each taxpayer’s metric ton of carbon dioxide emission due to use of oil, gas, or coal, the government will charge that taxpayer a fee of €17 (roughly $25). This rate would rise over time. Other energy use, […]

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Enforcing Tax Laws Works. Go Figure.

by Smithee

Earlier this Fall, the IRS was offering an amnesty program for offshore tax cheats to come forward and admit their wrongdoing, thereby getting a more lenient punishment. Nearly 15,000 Americans who knew they were cheating came forward and admitted their bad behavior. From Reuters: While IRS officials were still analyzing the amount of offshore assets […]

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Changes in Estate Tax Law Affect When People Die

by Luke Landes

Between March 1917 and January 1984, there have been thirteen major changes in the rules for the estate tax, a tax paid by heirs for wealth inherited. Of these thirteen changes, eight were tax increases and five were tax decreases. In 2001, A study by the University of British Columbia and the University of Michigan […]

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2010 Federal Income Tax Brackets and Marginal Rates

by Luke Landes

Thanks to a low level of inflation, there won’t be too many changes to tax brackets and the standard deduction in 2010. I’ll keep this updated if the IRS decides to set the rates differently than outlined in this prediction, but chances are these will be the official brackets. Remember that if you are “in […]

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Are You One of the 4400 (Tax Evaders)?

by Smithee

Every so often I come across a news story that’s more enjoyable to read when I add a vindictive “ha ha ha ha ha” after each sentence. For example: Rich Americans who have evaded taxes by hiding foreign holdings have about a week to turn themselves in to an Internal Revenue Service amnesty program or […]

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Receiving the First Time Homebuyer Credit

by Luke Landes

Although receiving the first-time homebuyer tax credit initially took six weeks to receive, many customers have had problems receiving their credit from the IRS. As evidenced by the six hundred comments below, many have not been thrilled with the process, even those who filed the paperwork correctly and legitimately should receive the credit. For those […]

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How to File an Amended Income Tax Return (Form 1040X)

by Luke Landes

This article refers to an earlier version of Form 1040X. Some instructions may be slightly different depending on the form revision the IRS now has available. If you have filed your taxes for the most recent year but would like to take advantage of a new credit, such as the $8,000 first-time home buyer tax […]

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2009 Federal Income Tax Brackets and Marginal Rates

by Luke Landes

Marginal tax rates are one of the most misunderstood financial concepts, and I intend to write more about this in the future. This misunderstanding occasionally leads people to mistakenly believe that earning $1 over the barrier into the next tax level would result in a significantly higher tax bill because all income would be taxed […]

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Basics of the Fair Tax

by Smithee

Now that Tax Day has come and gone again, and anger is subsiding, let’s spend some time thinking about what a better system might look like. Have you heard of the “Fair Tax” proposal? I may be late to the knowledge party (Flexo mentioned it briefly in December 2007 when comparing presiential candidates’ ideas), and […]

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Basics of 2009 Energy Efficient Tax Credits

by Smithee

As a result of the American Recovery and Reinvestment Act of 2009 (see our roundup of ways to take advantage), 2009 and 2010 are good years to make some of the “green” home improvements you may’ve been considering. I’ve had a little trouble, however, navigating and understanding the many tables and footnotes, so I’m condensing […]

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