The art of procrastination is blissful– until the deadline arrives. Frantic procrastinators are, at this second, gathering papers and praying to make the deadline, fully aware that every minute passing means less money in your Individual Retirement Account (IRA) and Health Savings Account (HSA). Jump on the speeding bandwagon of worried retirees and health savvy Americans, or get left in the dust.
Studies show that 1 in 5 Americans procrastinate in filing their tax return. And reports indicate that procrastinators pay 33% more in tax preparation fees and receive smaller refunds than fellow early-bird taxpayers. They also miss out on non-cash charitable contributions, the American Opportunity Credit, medical expense deductions, etc. Why wait longer to only pay more? Cash in by filing earlier.
Contact Us
Don’t wait any longer. Visit us today to file your tax return with our expert CPAs in McAllen from Gonzalez & Arrambide, Inc. Or call to schedule a last minute appointment at 956-447-9009.
More
New data in an article of The New York Times, provided by Gallup Politics, indicated a shift in opinion on whether or not the wealthy pay enough taxes. Often attacked for “getting off easy,” the wealthy are now gaining approval from the general public in regards to paying their fair share. The poll illustrated how the majority of Americans now believe high-income people are paying their fair share of federal taxes as opposed to previous decades.
Prime example, 77 percent of Americans believed the wealthy got off easy and “paid too little” in the years 1992 and 1993, whereas today’s data demonstrated only 61 percent maintain the same opinion. Meanwhile, it seems the poor are losing support. In 1992, only 8 percent of Americans felt low-income people paid too little in taxes. The percentage more than doubled, jumping to 19 percent.
The above data ceases to match data from last fall’s New York Times data analysis, which shows how the tax rate paid by taxpayers of all income levels has “fallen since the mid-1990s.” Therefore, posing questions as to how it is the wealthy seem to be paying their fair share. Analyzers attribute the growth of the share of the nation’s total tax bill to their recent increase in yearly income. Are they paying enough or just earning more?
Contact Us
For expert assistance with your tax concerns, contact the professional CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.
More
Wednesday could be the day Senate passes the Marketplace Fairness Act, forcing online retailers to collect sales tax for the state their merchandise is being shipped to, according to WashingtonPost. The online sales tax would only apply to businesses raking in annual revenue of $1 million or more, a mark many businesses fear.
Previously, states required retailers to collect taxes only if their business expanded to their state (i.e., if they had physical presence in that specific state). Now, the businesses would be responsible for collecting sales tax for every sell. It is estimated that state and local governments will see a jump in tax revenue of up to $11 million.
Affected businesses will have to invest thousands of dollars to incorporate systems and software that efficiently track and record all sales taxes. One business owner, Shannon Schmidt-Hidalgo, owner of Green Light Fire Bag, stated, “We’re meeting with our attorneys and CPAs as we speak to discuss budget cuts and analyze the financial forecast.”
While many large businesses dread the new law, small businesses embrace it, as it could potentially help their business grow. Small businesses (those who rake in under $1 million in annual revenue) will not be affected, appealing to out-of-state customers who prefer to purchase non-taxable merchandise.
Contact Us
Discuss your tax and financial concerns with our experienced accountants in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009 to ensure your business continues on the path to success. We offer financial planning services formulated to suit your business needs.
More
Tax season 2013 is a thing of the past, but many have begun to worry about what the future holds for 2014 and beyond. The question that often haunts taxpayers: Will my taxes go up? The answer is: Yes, and high-income households will likely bear the brunt of it. According to Howard Gleckman, contributor of Forbes.com, President Obama’s 2014 budget is responsible for the future spike.
In contrast to Obama’s pledge, it was reported that individuals and couples with an average household income of $200,000 and $250,000, respectively, would also pay a little more than previous years. Households in the $100,000 to $200,000 bracket would see a $150 added to their existing tax amount. And middle-income households ($50,000-$70,000) will see their taxes increase by up to $60 come 2015.
As mentioned, high-income households of $1 million or more will carry most of the weight. The new tax plans entails an average of $83,000 spike in their taxes, along with limitations on itemized deductions. Reportedly, by 2023, taxes would have increased by an estimated $1 trillion with households of $200,000 to $1 million and over paying the most.
According to analysts, everyone’s taxes will go up, regardless of individual or household income.
Contact Us
For financial guidance in legitimate tax documentation and preparation for next tax season, contact our expert CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.
More
Texans already said no, but Texas lawmakers keep pushing for a yes. And they won. The struggle over whom or what would fund state highways caused a dispute in the Lone Star State. And it worsened as Texans learned local property and sales taxes would be the primary and only source for funding. It is a heated situation, since Texans are plagued with increasing property taxes, cutting budgets in half.
The Texas House passed Senate Bill 1110, which would directly grant state officials the right to utilize property and sales tax to fund state highway projects. The irony: Texans will provide the taxes but will also be charged a toll to use these highways, or toll roads. It is no surprise why the proposed bill was rejected the first time around in 2011 and again in 2013.
Competition amongst the Senate and Texas House prompted the ordeal to escalate. Highway and road funding have been left to slowly cook on the backburner while public schools take first spot on the list of priorities. The matter is to be decided by Governor Rick Perry who expected to evaluate the bill for a final decision.
If your property taxes are reaching an all-time high and you would like to file a rendition, contact the accountants in McAllen of Gonzalez & Arrambide, Inc. at (956) 351-6531.
More
