The IRS’ Taxpayer Advocate has released its review of the 2017 filing season (PDF).
While noting that tax filing was relatively hassle-free for those who did not require assistance from the IRS, the Advocate found that “results were mixed” for taxpayers who sought help from the agency. Continue reading “Report: IRS installment plan hold time was 47 minutes in 2017” »
Americans love to gripe about income tax rates, particularly in April.
However a new report indicates that U.S. tax rates aren’t that high compared to other developed countries.
The Organisation for Economic Co-operation and Development (OECD) released its annual Taxing Wages report yesterday. The study finds that the tax burden of U.S. workers is below average on a global scale.
The average single U.S. worker with no children paid a 32 percent overall tax rate in 2016 compared to the OECD aver of 36 percent. Continue reading “OECD Report: Income taxes in the U.S. are relatively low” »
A Virginia woman is not responsible for a $30,467 tax deficiency assessed by the IRS according to a U.S. Tax Court Opinion summary opinion filed on Thursday.
The case involves a Texas couple who moved to Purcellville, Virginia (an ex-urb of D.C.) in 2005 and built a home on a 5.5 acre plot of land.
In addition to building their house, the couple also built a “run-in shed” for their four Peruvian Paso horses, which they brought from Texas.
In 2008, the husband bought a 14.8-acre plot of land next to the marital property, which he wanted to use for cattle ranching. Then, in 2011, he switched to a part-time work schedule so he could pursue his cattle ranching activity. Continue reading “Tax Deductions at the Ranch” »