If you want to make sure that you don’t find yourself in trouble come tax time, you need to pay quarterly taxes.
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Due to the nature of our tax reporting system, there are attempts to illegally reduce what is owed. The government generally ramps up some of its enforcement efforts during tax season, and isn't shy about publicizing cases of prosecution for tax evasion -- and even pointing to those who have jail time.
When I was first starting out with my home business, I could have used a helpful guide on self-employed taxes. Learn more about self-employed taxes with this comprehensive guide from TaxHelp.org.
Starting in 2014, the individual mandate for health insurance coverage is in effect. However, once you look deeper, it becomes apparent that the Obamacare tax penalty lacks teeth.
This is something that I don’t get. I don’t think it’s “punishment” for success when the wealthy pay higher taxes. I’m not sure how contributing more to the general advancement of society is a punishment.
One of the biggest stories of the new year is that Colorado started allowing the sale of marijuana for recreational purposes on January 1, 2014. So far it has brought in $1.24 million in taxes.