America’s 3 wealthiest families have more money than 4 million average families combined

Three families of dynastic wealth — that’s the Walton, Koch and Mars families — have seen their wealth increase close to 6,000% since 1982, according to the Billionaire Bonanza report by the progressive think tank Institute for Policy Studies. Their combined wealth – a staggering $348.7 billion as of October 2018 – is more than … Read more America’s 3 wealthiest families have more money than 4 million average families combined

Made A Mistake On Your Tax Return? Here’s What You Need To Know

What happens if you discover a mistake on your tax return? Mistakes are totally fixable. Here’s what you need to know: The Internal Revenue Service (IRS) may fix the mistake for you. The IRS will correct math errors and may even figure a capitulation for you (bringing a total from a schedule that you forgot … Read more Made A Mistake On Your Tax Return? Here’s What You Need To Know

How Milton Friedman Helped Invent Income Tax Withholding

In one of the great ironies, the great economist Milton Friedman–known for his pro-market, limited government views–helped to invent government withholding of income tax. It happened early in his career, when he was working for the U.S. government during World War II. Of course, the IRS opposed the idea at the time as impractical. Friedman … Read more How Milton Friedman Helped Invent Income Tax Withholding

Who Is Exempt from Paying Social Security Tax?

Just like the income tax, most people can’t avoid paying Social Security taxes on their employment and self-employment income. There are, however, exemptions available to specific groups of taxpayers. If you fall under one of these categories, you can potentially save a significant amount of money. However, if you do take advantage of the exemption, … Read more Who Is Exempt from Paying Social Security Tax?

IRS Issues Guidance For Deducting Home Equity Loan Interest Under The New Tax Law

The home mortgage interest deduction was spared in the tax reform, but the amount of home mortgage allowable for purposes of the deduction was limited to $750,000 for new mortgages. Existing mortgages were grandfathered, but that didn’t appear to be the case for home equity debt, raising some questions for taxpayers. The Internal Revenue Service … Read more IRS Issues Guidance For Deducting Home Equity Loan Interest Under The New Tax Law