The company is one of many companies that managed to pay no income tax thanks to loopholes in the tax law.
As we head into the heart of the tax season and try to figure out just how to avoid having to pay in when we file our income tax, we should all be grateful we don’t have a bill the size of a company like, say Facebook, right? Not so, reports the Huffington Post. In fact, despite making pre-tax profits of $1.1 billion, Facebook paid no income tax at all in 2012. And on top of that, it received $429 million in net tax refunds for the year. Is it time for the whole tax code to be overhauled to ensure that everyone does indeed get to pay their fair share? This is as a result of those loopholes that the president talked about getting rid of in his State of the Union speech on Tuesday. Facebook is just one of the corporate giants that is able to…
It's tax time again in Holly Springs. Standard deductions will increase, but the ceiling for itemized deductions decrease in 2013, plus other changes that will affect your taxes this year.
Tuesday, January 15
On Friday, the Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41. -News release from the Internal Revenue Service If you have tax questions and need an expert, use the Holly Springs-Hickory Flat directory to locate a CPA or Tax Service …