If you’re one of the 1% of Americans who control over 40% of the country’s wealth, life is full of choices. Among them — how best to keep all that money away from the government. The U.S. economic system offers no shortage of loopholes allowing the ultra-rich to shortchange Uncle Sam. This infographic from Top Accounting Degrees reveals some of them.
There are many mistakes that people make when filing their taxes, and familiarizing yourself with these common mistakes can help you avoid them and eliminate the chance of fines. Common mistakes include not filing taxes on time, reporting the wrong information or even simple math errors. People also commonly forget to keep their old returns and their old receipts, which they could need in the future.
Certain people get audited by the IRS every year. There are things that may trigger an audit and make the chance of being audited more likely. The following infographic by Florida Tax Solvers reveals some of the top reasons that are triggers for an IRS audit. To avoid being audited by the IRS, even if you are innocent, follow the tips below.
Tax season leads many of us to wonder what we should do with our refund, that is for those of you that get refunds. Should we save it, pay down debt, or see it as “free money” and buy whatever we want? While no one answer is right for everyone, looking at potential outcomes for the different ways you could spend it will give you perspective on what the best use of your refund might be. The following infographic from Jemstep takes a look at this question.
Tax day is upon us! What will you deduct and what will you actually get away with? Check out some of the strangest things taxpayers have deducted legitimately as well as those that have failed , and which celebrities got nabbed for not paying taxes at all in this infographic by CheapSally.com.
Did you know President Abraham Lincoln, one of America’s most beloved leaders, also instituted one of its least liked obligations – the income tax? In this brief history of taxes by Turbo Tax, see the historical events which shaped income taxes in the United States today.
Today marks the “official” start of the 2012 tax season as the Internal Revenue Service begins accepting electronically filed tax returns. What’s so great about e-filing? This infographic from H&R Block explores the benefits of e-filing your income tax return.