SavvySugar

Valentine's, the Holiday of Love, Kisses . . . and Taxes

Emily Co — Thu, 20 Jan 2011 16:58:01 PST

Not only do you have to spend the days up to the romance holiday planning and prepping for your date, but you might have taxes on your mind as well. This year, the IRS will be accepting all itemized deductions starting Valentine's Day, Feb. 14. Previously, the agency used to accept them in mid-January.

This delay is caused by changes made by Congress in the 2010 tax law that took longer than expected and were only completed in December. If you're among the small percentage of Americans who are early filers (last year only six percent of US taxpayers filed in January and February), you might have to deal with the stress of waiting to turn in your tax filings as well as figuring out your V-Day plans.

No worries though, you can still work on your taxes before the due date, so you'll be ready to send it in February. Tell me, are you an early filer or does this delay not bother you at all?

Do You Think Rich People Should Be Taxed More?

SavvySugar — Tue, 23 Nov 2010 06:00:12 PST

America's richest man, Warren Buffett, thinks the uber wealthy should be taxed more. And yes, he's even including himself. Buffett's statement comes as the tax cuts for the wealthy are about to expire or be renewed come December.

The billionaire investor tells ABC, "The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.”

Do you agree with Buffett - should uber wealthy be taxed more so that more tax benefits can be given to people who earn lower wages?

Witches and Fortune-Tellers Facing More Taxes and Fees

SavvySugar — Thu, 09 Sep 2010 16:20:00 PDT

People will tax everything these days, from bloggers to witches. Members of Romania's Senate were apparently too afraid of being cursed to pass a proposal that will require taxation on witches and fortune-tellers, reports the AP. The idea was to demand receipts from those providing these supernatural services and hold them accountable for misleading predictions. It's still not certain if the lawmakers will be brave enough to try to draft that law again.

Meanwhile, fortune-tellers in Warren, MI, are now required to pay an annual $150 fee and undergo fingerprinting and a $10 police background check. It seems like it's getting quite expensive to be a witch these days!

Philadelphia Bloggers Pay Business Tax: Fair or Unreasonable?

GeekSugar — Mon, 23 Aug 2010 12:15:45 PDT

Is this fair, or just ridiculous? The city of Philadelphia wants to charge bloggers $300 to continue posting on their blogs - the equivalent of a "business privilege license." While this fee would apply to professional or money-making blogs, it also applies to blogs created by residents as a hobby or part-time blogs that make no money. Additionally, bloggers are required to pay taxes on any earnings they received from the blog, however small the profit.

While taxes on a lucrative blog seem fair, taxing those who run popular or successful blogs that don't turn a profit seems a little ridiculous, even for a cash-strapped city. The city of Philadelphia's take: if your blog has the potential to become lucrative, you must pay a tax, regardless of how much money is actually generated.

On one hand, these are the same sorts of rules that freelance writers and others must follow; on the other, these blogs aren't turning a profit. If everyone started charging such a tax, I'm afraid that otherwise awesome content would never see the light of day. What do you think about this tax?

A Tax on Cosmetic Surgery - Love It or Leave It?

TresSugar — Wed, 25 Nov 2009 10:00:07 PST

The Senate's proposed healthcare bill includes a novel approach to enhancing funding for reform: a five percent tax increase on cosmetic surgery. Procedures like tummy tucks, face lifts, hair plugs, collagen injections, Botox, or any other non-required procedure would get hit with the increase. The tax could raise as much as $6 billion.

If you think taxing superficial wealthy people to pay for the necessary health care of the poor sounds like a perfect idea, some people, namely cosmetic surgeons, say you got it all wrong. Statistics show that one-third of people who get plastic surgery make under $30,000 and 86 percent make less than $90,000. In addition, 85 percent of procedures are paid for by credit. So the tax would hit lower income people the hardest. Then again, maybe it makes sense to make cosmetic surgery even more out of reach in order to help fund basic healthcare needs. Still, more damaging to the cosmetic tax plan is the fact that a similar tax has so far failed in New Jersey, where it costs $3 trying to figure out what counts as "cosmetic" for every dollar raised from the tax.

Do you think the "botax" is worth a try?

6 Healthy Ways to Use Your Tax Refund

FitSugar — Wed, 15 Apr 2009 11:00:00 PDT

The days leading up to April 15 can be particularly stressful if you owe Uncle Sam, but those of you who are receiving tax refunds might have some extra pep in your step. Sure, put some of it in the bank, but now could be the time if you've been looking for a way to invest in your health. Start the slideshow to see six healthy ways to use your tax refund.

Source

Dear Poll: What will you do with your Tax Refund?

DearSugar — Mon, 16 Apr 2007 14:45:00 PDT

Happy tax day! Are you getting a refund this year or did you have to pay up? Some people view their tax refund as "free money" while others are much more responsible with their government issued check. So I'm curious, what are you planning on doing with your tax refund?

Source

Hard on Soft Drinks

FitSugar — Thu, 16 Nov 2006 09:30:00 PST

A recent proposal to push for taxes on soft drinks was rejected on 11/14/06 by the American Medical Association. The initial proposal was an attempt to combat the obesity epidemic in the United States. Instead, the nation's most influential doctors' group voted in favor of a proposal for a broader-based effort to combat obesity, the Associated Press reported.

If you drink more cola than anything else, you're not alone.
Soft drinks currently account for 7 percent of the calories in the typical American diet, which makes them the leading source of calories.

For some tips on how to ease off the cola,

If you drink it for the fizz then switch to seltzer water and mix your own juice in.
If you drink it for the caffeine then try drinking tea (or even coffee) instead. Juice is OK, but can likewise be high in sugar and should not be your only beverage.
If you drink it because it is always there then start stocking your fridge with other alternatives. At work, ask whoever handles the food situation to have more non-cola alternatives available.
If you drink it because it's diet then you should know that the artificial sweeteners raise red flags in terms of many health concerns (experts are still figuring out how our bodies deal with artificial sweeteners) and the high acidity (diet sodas are more acidic than regular) can erode your teeth.
If you drink it because you just thought it was healthy then you couldn't be more wrong. If you want healthy, drink a glass of milk or water.

Fit's Tip: I am not sure the war to tax soft drinks is over, so you might as well wean yourself now for your health and your wallet.

Biggest Travel Bargains to Consider This Summer

Emily Co — Thu, 24 May 2012 10:16:50 PDT

If you're planning a Summer trip this year and the high prices are getting you down, don't fret, there are a couple of travel bargains you can take advantage of. SavvySugar talked to travel expert, AirFare Watchdog's Founder George Hobica, for the scoop on the best airfare deals to find this Summer.

Berlin

If you're jonesing to go to Europe but are holding back because of the inflated prices, Berlin would be an ideal getaway. The new Berlin airport (code BER) has been having a lot of great fares, according to Hobica. One reason being lower airport fees and taxes in addition to the airport being a brand-new one. Peak Summer round-trip fares from New York to Berlin are about $650 including taxes, a bargain compared with round trip prices for up to $1600 or $1800 for other European destinations. "Consumers should realize that even if Berlin isn't in their travel plans, easyJet flies between Berlin and, say, Paris for 64 euros round-trip including tax. So one could fly to Berlin, spend a couple of days exploring the city, and then head off to other European destinations cheaply," says the airfare expert.

Spain

If Berlin isn't for you, flights to Spain are generally cheaper compared to the other European countries, says the travel expert. That's partly due to the lower airport fees and taxes.

Read on for more.

Who Are the Biggest Tax Cheats?

Emily Co — Wed, 30 Mar 2011 11:10:09 PDT

"Money reasons" are what drives this minority group to cheat on taxes with 42 percent claiming that they are "“one missed paycheck away from disaster." Ways to fudge your taxes include inventing a dependent or donating to imaginary charities.

It's one thing if it's a simple mistake, but it's another if you're knowingly trying to put one over on Uncle Sam. Just remember, you can run, but you can never hide and tax karma will come back to bite you.

Take my quick quiz to see which demographic cheats the most in taxes!

Question 1 of 1

Who are the biggest tax cheats?