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taxes

What is involved in filing an income tax extension?

Submitted by DeFilippis Financial Group® on January 2nd, 2018

You are probably aware that you can file for an extension if you cannot complete your income tax return by the filing deadline. However, you probably aren't aware of everything involved in filing an extension.

Tags:
  • extension
  • penalty
  • tax return
  • taxes
  • Read more

Tax Reform: You Can't Have It Both Ways

Submitted by DeFilippis Financial Group® on November 28th, 2017

In my three plus decades in tax practice, the most common complaint I have heard about our tax code is that it is too complicated. A complaint with which I agree. Another complaint that I have frequently heard is that the lobbyists are in control of our tax code. Again, I concur.

Tags:
  • lobbyist
  • tax
  • tax compliance
  • tax deduction
  • tax reform
  • taxes
  • Read more

Tax Reform - Tool for Social Engineering or Economic Growth?

Submitted by DeFilippis Financial Group® on September 28th, 2017

I have always thought that our government's tax policy should be driven by its positive impact on economic growth and that it should not be used for social engineering. If tax policy successfully increases economic growth, economic opportunity increases. Economic opportunity is the best way for individuals to progress from one socioeconomic status to the next.

Tags:
  • economic growth
  • social engineering
  • tax deduction
  • tax reform
  • taxes
  • Read more

College Grads Take Note:

Submitted by DeFilippis Financial Group® on July 6th, 2017

If you are a college graduate lucky enough to be starting a full-time job, please note: you can use part-year withholding to have less tax withheld and increase your net pay. When determining your withholding, the standard federal tax withholding tables assume you’ll earn a full year’s income.

Tags:
  • college
  • grads
  • graduate
  • graduation
  • paycheck
  • taxes
  • withholding
  • Read more

Business Mileage Documentation is Critical to Successful Audit Defense

Submitted by DeFilippis Financial Group® on January 1st, 2017

A recent Tax Court case (Powell, TC Memo. 2016-111) reinforces the importance of keeping a detailed mileage log to support your business deductions. In this case, a taxpayer used his personal vehicle in his marketing business. He kept a detailed log with the exact miles driven, destination and purpose for some activities.

Tags:
  • auto
  • income tax
  • mileage
  • proof
  • tax
  • tax deduction
  • taxes
  • vehicle
  • Read more

Beware the Consequences of Moving Abroad

Submitted by DeFilippis Financial Group® on October 28th, 2016

An ever increasing number of US Citizens are claiming that they will move outside the United States based on the outcome of the 2016 Presidential Election. From a tax standpoint this is easier said than done.

Tags:
  • citizen
  • citizenship
  • presidential election
  • tax
  • taxes
  • Read more

Election 2016 Will Have Long-term Impact on the US Economy

Submitted by DeFilippis Financial Group® on October 20th, 2016

Tax policy is an important part of this Presidential campaign. Here is some information that might help you decide which candidate's tax policy is best for the United States economy:

• During President Obama's two terms, taxes have been increased significantly with the promise that these tax increases would reduce the deficit and increase economic growth.

Tags:
  • Election 2016
  • GDP
  • taxes
  • Read more

Is Warren Buffett paying his "fair share" in income taxes? Read this and find out:

Submitted by DeFilippis Financial Group® on October 17th, 2016

Anyone who knows me understands that I cannot stand hypocrites. After I read this story my blood was boiling. Buffett has been in the news a lot over the last several years pushing his "Buffett Rule". Meanwhile, he has cleverly structured his tax situation to avoid paying taxes.

Tags:
  • fair share
  • taxes
  • The Buffett Rule
  • Warren Buffett
  • Read more

Are You an Active Citizen?

Submitted by DeFilippis Financial Group® on July 20th, 2016

I personally take my responsibility as a citizen seriously. It is my opinion that I have no right to complain if I am unwilling to do anything to help rectify the situation. Consequently, I frequently attend local government meetings to monitor their activities and make my voice heard. I also write letters and emails to my elected representatives and write letters to the editor.

Tags:
  • activism
  • activist
  • citizen
  • citizenship
  • letter to the editor
  • property taxes
  • real estate taxes
  • tax
  • taxes
  • Read more

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