Posts Tagged ‘taxes’

In need of a hero?

Monday, July 25th, 2011

Holy blazes, Batman, the budget’s gonna bust! We’re zooming toward the debt ceiling, but nobody seems to know what to do..

We need a hero. A Budget Hero!

Luckily, American Public Media put together this awesome widget that you can use to play around with the U.S. government budget, a little bit like our elected officials in Congress do. Cut spending, increase taxes, watch your deficit move around, and learn about what all these cuts and increases mean.

Think you can do better than Congress is now? You just might be… a BUDGET HERO!

Tax-Exempt is…

Friday, June 3rd, 2011

Tax-exempt is exactly what it sounds like: excused from taxation. This usually applies to organizations that aren’t required to pay federal income taxes, but it can also refer to some kinds of personal income. For example, interest that you earn from bonds issued by cities, counties, or states is tax-exempt.

Taxable Income is…

Friday, June 3rd, 2011

Taxable income equals the portion of your earnings the government is allowed to tax. Most income is taxable, so if you have a job, odds are that whatever money you make at that job counts as taxable income.

Things that are tax-deductible, like most charitable donations, reduce the amount of your taxable income and so may reduce your tax bill.

A Social Security Number is…

Friday, June 3rd, 2011

A social security number (SSN) is a nine-digit number issued by the Social Security Administration to every United States citizen, plus permanent residents and temporary working residents. Its main purpose is to track individuals for taxes, but it’s also used as an official national identification number.

Close your eyes. Breathe in. Now visualize your taxes:

Thursday, April 21st, 2011

where-did-my-tax-dollars-go.png

This is a pretty neat Eyebeam/ Google project. They offered money and fame (okay, just money) to the person who could come up with the best way to help you understand where your tax dollars are going, and then had a jury full of design types choose the best.

Click here to play with the “Grand Award Winner” of the interactive visualization competition, and see the rest of the winners and finalists here.

You just enter your approximate yearly income and your filing status, and the site estimates how much federal tax you’ll pay based on what tax bracket you’re in. Then it breaks down where all of that tax money you pay during the course of a year actually goes. For example, do you know how much of your paycheck goes toward funding the Department of Agriculture?

Do you even know what tax bracket you’re in? (If you don’t, you can find out here.)

The Dutch Sandwich & The Double Irish: How Google Saved $3 Billion in Taxes

Thursday, March 31st, 2011

We’d never heard of a Dutch Sandwich (mmm… sandwich) or a Double Irish before reading this article about how multinational corporations avoid paying U.S. taxes.

But then, we don’t have hundreds of highly-paid tax experts and lawyers working day in and day out to help us find and exploit loopholes in the tax code.

But guess who does? That’s right. The Googles, the Facebooks, the Pfizers, and the Microsofts of the world. General Electric alone currently has 975 people on staff to ensure it pays the least amount of tax possible while still not technically breaking the law.

They must be doing a pretty good job, because last year, G.E.’s U.S. tax bill was $0.00.

It pays to have smart people helping you make decisions.


(photo courtesy of Google)

How are you when it comes to saving money? Time to revisit that budget?

Click here to learn more about the wild and wonderful world of taxes!

Guess what? You’re probably committing tax fraud on a regular basis! Yes, you!

Wednesday, March 23rd, 2011


(photo credit: swanksalot)

Did you know that New York State requires residents to pay sales tax on items they order from Amazon.com?

Not at the time of purchase, because Amazon doesn’t calculate state taxes. But when you file your state tax return every year, you’re supposed to tell the state exactly how much unpaid sales tax you owe on everything you’ve purchased from out-of-state retailers (i.e., almost everything you buy online). And at the end of the year, you’re supposed to write a check for that amount.

Which, of course, nobody does. So states have been trying to pass laws requiring online retailers like Amazon, FatWallet, and Overstock to collect sales tax at the time of purchase.

Why all the sudden fuss? Well, most states are facing multi-billion-dollar budget deficits these days, and unpaid sales tax on online purchases could add up to more than $10 billion this year. Aside from selling the local park to a private company, taxes and traffic tickets are really the only ways a state can hope to raise the money it needs.

When you’re low on cash, don’t you suddenly start thinking about all the money that’s owed to you?

Click here to learn about hidden taxes, tax evasion in Switzerland, and tax breaks for do-gooders.

Why are gas prices so wildly different around the world?

Tuesday, March 22nd, 2011


(photo credit: Drew__)

If you’ve been in Europe recently, you’ve probably noticed all those extra digits in the price of “petrol.” In the U.S., we’re horrified at the idea of paying $4 a gallon for gas, but in Norway they’ve already blown past the equivalent of $9.

But… why? Is it harder to pump oil in to Norwegian gas stations? Is greater demand among the Norse driving prices up? Not even.

There are a few reasons, but according to Aaron Smith at CNN, it’s pretty much all about the government. Governments can either charge their citizens extra to buy gas (by taxing it) or the pay them to buy gas (by handing out subsidies, which lower the price per gallon).

Taxing gas is useful because the money pays for government programs. And handing out subsidies is useful if you want to keep your population happy. (You see this a lot in oil-producing nations like Saudi Arabia. It’s hard to be angry at the super-wealthy ruling elite when they’re basically paying for your gasoline.)

The moral of the story: Stuff is only worth what someone says it’s worth. $3 or $10, you still need it to make your Hummer go.

How much do you think you should pay to fill up your gas tank?

Where your tax dollars are going in 2012…

Tuesday, March 8th, 2011


The United States Budget Proposal for 2012

Click on the image to see the whole thing.

What would YOUR budget look like if it were stuck into a sweet infographic?

IRS Blows Minds By Building An App For That (Where “That” = “Your Taxes”)

Friday, January 28th, 2011

“Taxpayers waiting on a refund from the Internal Revenue Service can now check on its status using a smartphone.

The application for Apple Inc.’s iPhone and Google Inc.’s Android operating system also will give taxpayers daily tax tips during the filing season, the U.S. tax collection agency said today. Smartphone users may download the “IRS2Go” app for free, the IRS said.”

What do you think?

Would you use an app to check your tax refund status? What will be the next government-made mobile app??