America's gross domestic product, a broad measure of economic growth, grew by just 0.7 percent in the first three months of the year, according to government data issued Friday morning, an estimate economists say is more likely due to measurement error than Donald Trump's performance as president.
What should you do if you can't finish your tax return on time of if you don't have the money to pay your taxes now? There is a common belief that you should be among the masses filing by the April deadline so you don't draw attention to yourself from the IRS and bring on an audit.
Some politicians claim the rich pay a lower rate than many middle-class workers or that the poor pay nothing. But on average, neither is true, at least when measuring effective tax rate.
Following the discussions about President Trump's 2005 tax returns on Rachel Maddow's show last night, many are scratching their heads and wondering what the AMT (Alternative Minimum Tax) is. Here is a brief explanation.
Every taxpayeer misplaces receipts. In a Seinfeld episode called "The Truth", even Jerry was undergoing a tax audit. The IRS questioned a $50 charitable contribution to the people of Krakatoa for volcano relief.
WASHINGTON (Reuters) - U.S. President Donald Trump's first budget proposal will spare big social welfare programs such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday.
I know you've seen headlines and ads claiming that you can completely avoid a tax audit by following certain advice. If you're hoping to learn how to completely avoid a tax audit, lean in and I'll tell you a secret: you can't. No one can promise you that you will never be audited. That's because while most tax audits are targeted (more on that in a moment), a percentage – granted, a tiny percentage – of audits are random.
The most frequent question tax advisors hear from taxpayers is 'What's my tax bracket?' The answer is, 'It depends.' It is not as simple, straight forward, and even understandable as it used to be.
As President-elect Trump and his fellow Republicans promise big tax changes come January, there's some talk about changes that they should consider making to simplify one of the most complicated tax codes in the world. Americans spend 6.1 billion hours each year prepping their taxes— how can it be simplified? Keep reading for some suggestions.
The recent election of President-elect Donald Trump and the Republicans' continued hold over the Senate and the House mean that tax cuts will occur in the near future; many people are seeking to defer their income into 2017 to take advantage of the lower tax rates. However, there could be problems for people and businesses who try to take that action.