Tax Strategies

Tax credits and deductions for education are too complicated and so confusing that most taxpayers cannot determine which provisions are best for them, the American Institute of CPAs said in written testimony to the Senate Finance Committee.

Every year, it seems that the tax profession is faced with year-end legislation, late forms and radical changes that add to the complexity and headache of preparing a return. Despite all of the above, most practitioners realize that it’s the complexity and confusion that drives new clients their way.

With record-setting temperatures across the country this summer reminding people that the weather has been getting pretty hot lately, it was only a matter of time before the notion of imposing carbon taxes would return to the heads of policy makers.

The House approved legislation last week that would allow federal employees with seriously delinquent tax debts to be terminated.

President Barack Obama criticized Republican rival Mitt Romney’s tax reform plans during a campaign appearance, referring to them as “Robin Hood in reverse” and “Romney Hood.”

Jackson Hewitt Tax Service has unveiled a mid-year list of top areas taxpayers should be considering or have pointed out to then by preparers to help put them in a better position when filing their tax returns next April.

Newly introduced legislation would cut business taxes by more than half for companies that manufacture patented products in the U.S.

A proposal by the Obama Administration regarding grantor trusts has estate planners on edge as they ponder its implications.

The House passed Republican-sponsored legislation Thursday to streamline congressional procedures and pass comprehensive tax reform next year.

The Senate Finance Committee approved legislation Thursday extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform.