Category: Tax

Political Risk Could Have an Outsized Impact on the U.S. Economy in 2013

The combination of increased taxes and spending reductions that will automatically take effect on January 1 if Congress does not act has the potential to decrease the budget deficit by around $600 billion next year but also tank the economy, according to estimates by the Congressional Budget Office.  Tax increases would account for about two-thirds…
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How To Avoid IRA Penalties

The Wall Street Journal recently reported that the IRS will be going after taxpayers that made contribution or withdrawal errors in their IRAs. There were over $280 million in uncollected tax penalties in 2007, according to the Treasury Inspector General for Tax Administration. That’s low-hanging fruit for a federal government strapped for revenues. With this…
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