Tag Archives: TAXES

The Forbidden History Of Terrible Taxes

I know I go off on a lot of different tangents, mostly on about the things I am passionate about. Food, being healthy, being rich and independent and having fun and riding motorbikes of course. When I heard this video, I had that need to share as I do. 

This 13 min video is certainly worth the watch. I for one hate the Tax system. I personally believe it is hard-earned money stolen by a group of people who have never done an honest days work in their life. We complain but do nothing I know, but I think the day will come when we will rebel against the amount of tax we pay and how it is wasted.

Where does our tax go and how much do we really pay is all explained in this video.  Topher’s explanation is in-depth and very informative.

Topher is talking about the Australian tax system but it is  the same for many welfare countries and is a direction that America is heading. Look out America like the Aussies you will be taxed out of existence and under the control of a non productive Government because you will get used to Government hand outs and wont know how to live any other way. 

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Did you Know » 10/17/2011

Did you know these interesting facts about the IRS

The President Abraham Lincoln created the IRS during the civil war to help pay for the military expenses.

The federal government spends about $10 billion per year to pay the IRS’s 114,000 employees

While we are on that subject here are 13 other facts you may not know about the IRS.

1. When it was first created, the IRS was known as the Bureau of Internal Revenue. In the 1950’s the name was changed to the Internal Revenue Service.

2. The initial income tax was only 3% tax on individuals making over $800. Today the top tax bracket consists of a 35% tax.

3. In order for the IRS to print the necessary forms and documents over 300,000 trees are cut down every year.

4. The IRS collected $2.2 trillion in 2006, with $1.2 trillion coming from just federal income taxes.

5. Prior to the introduction of the Taxpayer Bill of Rights in 1998, the burden of proof was put entirely on taxpayers, meaning taxpayers had to prove themselves innocent.

6. The IRS sends out an average 8 billion page of paper every tax season. If all the pieces of paper were laid out end-to-end, it would wrap around the earth 28 times.

7. Over 229 million income tax returns were filed with the IRS in 2006.

8. The federal government spends $200 billion per year on federal tax compliance, which is more money than it takes to produce all of the cars in the United States.

9. The IRS employs over 114,000 people. That’s over double as many as the CIA and five times more than the FBI.

10. The United States tax systems is widely known for being confusing and difficult to understand. Therefore, over 60% of taxpayers seek professional help preparing their tax returns.

11. The average family pays over 38% of their total income to the IRS, which is more than the average family spends on food, clothing, and shelter combined.

12. The IRS has a whistleblowers program designed to help catch tax evaders. In 2005 they paid over $27 million to informants that resulted in nearly $350 million in revenue.

13. Tax Day, the date when tax returns must be filed with the IRS usually lands on April 15th. However, if the 15th is a weekend or holiday, Tax Day is moved to the next business day.
SOURCE

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Saving Tip For Today » 7/19/2010

Turning 70.5 yrs?

This advice comes from AARP. If you have turned 70 1/2 years of age you will have to take money out of your 401(k) or IRA by April 1, 2011. Do it this year not next. Some experts say income tax rates may rise next year, which would mean a bigger bite our of your withdrawal.

SOURCE: AARP

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What Can Trigger An Audit?

This is an article that I recieved from a Website  called Own the Dollar ,via email. The site is worth subscribing to as it has some extremely interesting subjects. The article below has information that we all need to be aware of so we can keep the wolf from the door.



Four Of The Top Events That Will Trigger An IRS Audit

Tax time is beyond us! But the fear of an audit, never is. Worried your return could be chosen for an audit? According to the IRS, it can audit your previous returns for any reason up to three years after the return is filed. However, if you don’t file at all or if fraud is involved, there is no statute of limitations for an IRS audit. Because of this, it is recommended to keep all tax information and records for at least a period of 10 years.

Want to avoid an audit? According to Sara Gould, CPA at Deming, Malone, Livesay and Ostroff, here are four IRS no-nos that might prompt an unwanted audit:

Doesn’t Add Up. “What you provide to the IRS and what a third party provides better match up,” says Gould. “If not, the system will generate a notice that might prompt an audit.” For example, if you failed to report a 1099 that the other party reported, this could generate a mis-match of information. Likewise, if a bank or investment company sends the IRS information that you fail to include in your return, this could prompt questions.

Abnormal Deductions. Excessive deductions in relation to your income will trigger a question mark with the IRS that Gould says, “Isn’t worth it.” Consider your deductions carefully and don’t exaggerate. In addition, make sure you have documentation to uphold your deductions. This includes receipts, travel logs for mileage, credit card or bank statements, and other documentation you believe supports your deduction expenses.

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