Dec 112012
 
Whatever you do, file your taxes!

The IRS, and for that matter any state government, doesn’t care how famous or popular you may be. They only care that you file and pay your fair share of taxes as outlined by law. Unfortunately for Stephen Baldwin, he was recently charged with failing to pay New York state taxes for three years that amounted to roughly $350,000 (click here to read his story). When it comes to the IRS, not filing your tax returns in one of the worse mistakes you can make. It is actually worse than filing yet not paying, which is reflected in the penalties More…

Dec 072012
 
What's all the noise about the "Fiscal Cliff?"

While politicians are wrestling with the details of new tax laws that will prevent America from going over the “fiscal cliff,” many are left wondering what this fiscal cliff is all about. Coined by Chairman of the Federal Reserve Ben Bernanke, the fiscal cliff is looming with big financial consequences on the American economy, if it goes unresolved. At midnight, December 31, 2012, laws are set to change concerning several areas including payroll taxes; business taxes, meaning the end of some breaks for businesses; increases in federal income tax, long-term capital gains and dividends; and the implementation of the health More…