Donald Trump’s Taxes

Donald Trump’s Taxes | Donald Trump paid $38 million in taxes in 2005

CNN reports that Donald Trump has released how much he paid in 2005 in income tax. confirmed by the White House. The White House published its statement just before material from Trump’s 2005 tax return was disclosed. This is based in information obtained by the first two pages of Donald Trump’s 2005 tax return. Trump, himself, weighed in on the …

Warning to those who file Tax Deductions

The IRS reassessed a list this year they call “the dirty dozen”. IRS this year has specifically warned people about what it calls padding of tax deductions and added that to their dirty dozen list this year. Now to be fair, the IRS agrees that the majority of taxpayers file honest and accurate tax returns each year. Yet there are …

Some Tax-Exempt Charities Do Not Qualify

Internal Revenue Service approves 94 percent of the applications it receives from charities for tax-exempt status filed through the simplified Form 1023-EZ. It has also been found that some do not meet the requirements. A recent report by the National Taxpayer Advocate pointed out that Treasury Department regulations generally require 501(c)(3) organizations to pass an “organizational test” by including the …

Trump Plans IRS Tax Reform

President Trump on Monday reiterated his promise to slash the tax rate for individuals, and for American businesses: “We are going to be cutting taxes massively for both the middle class and for companies,” he said from his chair in the Roosevelt Room at the White House./ Trump’s proposed tax reform vision is to give tax cuts to working families …

Refunds will be delayed due to tax fraud battle

If you are looking to claim Earned Income Tax Credit or the Additional Child Tax Credit on your tax report this year, your tax return will not be sent before February 15th. That was a mandate by Congress to give the IRS more time to review returns to try to catch fraudulent ones before refunds are paid out. Though In …

3 Tax Scams to Look Out For

With the tax season returning, so are tax scams. Tax scammers prey on people who are either ill-informed or not informed at all. The Internal Revenue Service estimates that it prevented $22.5 billion in attempted identity-theft tax fraud, but paid out $3.1 billion in fake refunds in 2014, the most recent year available. The U.S. Treasury Inspector General for Tax …

2017 Tax Brackets – Guide For Tax Planners

It is getting close to that time to start filing your 2016 taxes. Yet for the planners out there that try to do some pre-planning, 2017 tax brackets have been released. Below, I show you the IRS tax brackets for 2017 so that you can use them in your tax planning for your 2017 taxes. 2017 tax brackets for singles …

Tips for Avoiding an IRS Audit

There are some quick tips I am going to share with you on how to avoid an IRS Audit. I do have to give a word of caution though, I really do believe it is best to have a tax professional do your taxes. The tax code waters can be very tricky and hard to navigate, yet I do understand …

Beware of your average tax preparer

I posted about this just recently on Facebook, but I felt the need to expand on the subject just a little more. The following statement was brought to my attention by an associate. This was a help wanted posting for tax preparers. It read: “LOOKING FOR A SELF ,MOTIVATED PERSON WITH PEOPLE SKILLS, LOOKING TO EARN FULL-TIME MONEY IN 4 …

IRS Releases Final Report On 400 Richest Taxpayers

The IRS has released data on the 400 richest taxpayers in the country. This release contains four tables which contain information from the Top 400 Individual Income Tax Returns for each of Tax Years 1992 through 2014. Table 1 contains frequencies, money amounts, and average dollar amounts for the major income, deduction, and tax credits reported as part of the …