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Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn. Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.
It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »
The Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day.
The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases and spending cuts.
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
This week is Mob Week on AMC. We get to watch classic Mob movies like The Godfather, Scarface and The Untouchables.
In 2011 the State of Connecticut passed their largest tax increase ever. The highest state income tax rate was increased from 5% to 6.7%.