Despite the tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is often a whopping 46.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who purchase the good fortune (misfortune?) always be subject to both the 25% taxes bracket along with the 85% inclusion rate for Social Security benefits. (iii) Tax payers are generally professionals of exc...

Every year, the government issues a listing of tax scams. The goal is to alert taxpayers to physical fitness . merit of certain strategies as well as letting everyone know the IRS will not accept them. This isn't to say, don't pay back. The point is there are consequences and factors do not have fully thought about, especially for you if you might go the bankruptcy route. Therefore, it is a popular idea to debate any potential settlement with your attorney and/or accountant, before agreeing t...