Taxes

This news article is by William P. Barrett at partner site Forbes.

While President Obama's push to raise federal income taxes for the wealthy gets lots of attention, the continuing upward creep in the sales tax rates imposed by state and local governments has gotten less notice.

But Vertex Inc., which calculates sales tax for Internet sellers, reports that the average general sales tax rate nationwide reached 8.629% at the end of 2009, the highest since the Berwyn, Pa., company started tracking data in 1982. That was up a nickel on a taxable $100 purchase from a year earlier and up nearly 40 cents for the decade. The highest sales tax rate in the country now stands at 12%.

To Roth or not to Roth – that is the question.

This year (2010), the income limitations to convert retirement plan balances to a Roth IRA have been eliminated.  Anybody, regardless of income, can now convert from a tax-deferred retirement option to a tax-free plan.

Are Amazon taxes backfiring on states? 

Named after the online retailer who's the main target of a growing number of state tax departments, these taxes require sales tax collection by retailers who have affiliate contracts within a state. These are deals with independent in-state residents who post Web site links to the out-of-state seller and then get a share of money based on referred sales. 

I’d think that someone making millions of dollars would have the smarts to hire a professional to make sure their taxes were appropriately filed and paid.

It constantly amazes and astounds me how many of the rich and famous get in trouble because they’re either financially dumb or incredibly greedy.

• Video: Tips for maximizing your tax refund

Rapper Snoop Dogg was bitten hard by the IRS in February when the IRS filed a tax lien of nearly $600,000 against him. That’s twice as much as the state of California liened against him in 2009, putting the total at nearly $1 million owed in taxes. It’s a rap sheet to be proud of.

You can use the Tax Code to improve your sex life.

No, it’s not going to get you a date, although the IRS rep at my latest audit was kind of cute. But it will get you going and improve your performance.

• Video: Tips to maximize your tax refund

Let’s start with the easy stuff.  As a child of the ‘60s, I saw my sex life greatly improved by the discovery and dissemination of birth-control pills. Such prescription pills are legitimate, allowable medical deductions.

This news article is by M.P. McQueen of partner site The Wall Street Journal:

Dan Scagliozzi has paid higher property taxes each year since he purchased his home in West Orange, N.J., more than a decade ago. Last year, with the value of his house sliding, he decided to do something about it.

Using a new online property-tax service, he appealed his tax assessment -- for $49.99. Mr. Scagliozzi, 52 years old, says he reduced his assessment about 10%, knocking his tax bill to $13,049 from $14,680.

"Overall, a very nice return on our $49.99 investment," he says.

Property owners are taking action across the country as tax bills continue rising, even as home values have tumbled.

By David Seaman, MainStreet

The United States doesn’t have it so bad tax-wise compared to other nations, despite what Glenn Beck would have you believe.

Here‘s a rundown of average income tax rates for 10 high-tax countries, based on information from the Organisation for Economic Co-Operation and Development. The data are for 2008, the most recent numbers available.

10. Australia

IRS employees certainly have been in the crosshairs of crazies recently.

In 2009 there were more than 1,000 threats made against IRS workers. That’s up more than 10% over the roughly 900 threats received over the previous few years.

IRS offices in states including Nevada, Colorado and California have been targeted with arson and mortar attacks, shotgun blasts and a fertilizer bomb.