If The Federal Government were a household, its balance sheet would look something like this: Income $55,400 Expenses: $69,000 Deficit $13,600 Debt $341,400 Of course the Federal Government is not a household. They have unique characteristics that the average household doesn’t have. They have the ability to increase income through …
If an employer provides an HSA and the employee contributes to the HSA through payroll deduction, then in addition to HSA contributions being tax deductible for federal income tax purposes (and most state income tax purposes), the contributions are also deductible from payroll taxes, Social Security and Medicare. Currently Social …
Many of us wait until the last minute on April 15th to file our income tax returns. It’s an overly complex process, it’s unpleasant, and reminds us just how much of our money we give to the government every year. In our last minute haste it is easy to miss …
The home mortgage interest deduction is seen as a sacred cow in our tax code. Proponents insist that to get rid of it would substantially reduce home purchases and put downward pressure on prices. Who are the major proponents of this $70 billion a year tax expenditure? Realtors, Builders, and …