Every so often, a proposal comes along that would transform everything. Every so often, activists and people in power end up on the same side of an issue. Every so often, the solution isn’t complicated … just brilliant. Every so often, we get the chance to be part of something huge. We have that chance right now, and it’s called The Robin Hood Tax. A tiny fee on the trade in financial transactions – paid by banks, not by people – it would raise billions of dollars for fighting poverty and climate change at home and around the world. Many dont agree with this Tax but  Bill Gates seems to aim for it. What are your thoughts on the Robin Hood Tax?

Check out the link on Bill Gates thoughts-

http://www.politico.com/news/stories/1111/67533.html

We all, except maybe Warren Buffet, think that we pay enough taxes.  I for one cringe when I see the dollar amount from my paycheck that goes to Uncle Sam.  As a matter of fact, I would like to opt out of taxes.  If I’m going to get a refund on them anyway, I would like to opt out. I’ll save it and put it in account (or maybe boost the economy with a shopping spree at the mall;)) where it can grow interest as opposed to giving it to the government on an interest free loan. In a sense that’s what your refund is:  money you loaned to the government interest free upon which they give you a refund because you loaned them too much.  Sounds like a great idea!  As much as I would like this to become a reality, I enjoy the ease of toll-free highways, having policemen and firemen in emergencies and having the military defend our great country amongst many other benefits.  So I will continue paying taxes, all the while with a smile on my face and I won’t complain any more……as long as the rates don’t go up!

Obviously we all know that we pay tax on just about everything we purchase.  From the gas we pump into our cars to the food at the grocery store and clothes in the mall, we pay tax.  But did you know there’s tax on candy bars?  However, it’s not shown on the receipt as tax.  It’s actually figured into the cost of the candy bar itself.   And who knew that there were different tax rates on adult beverages with higher alcohol content? Yes, 80-proof alcohol has a higher tax than a six-pack of beer. 

This is an interesting article on taxes we don’t even know we pay and some we are fully aware of as well.  I learned a few interesting things and hope you will too!

Enjoy!

http://money.msn.com/tax-planning/hidden-taxes-you-pay-every-day.aspx

I think we all live in fear of it:  an audit by the IRS.  Most of us try to do our taxes “right”, while trying to get as much as we can from our returns.  We are all looking for a tax break here or there and we all try to write off a lot of our expenses.  Turns out most of the time the IRS doesn’t mind that we do this as long as we play by their rules. It’s when we bend or stretch them too far, that we get that dreaded letter in the mail. 

Here are some tips to avoid an IRS audit, as well as a few good tips on things you can write off.  Just remember to play by the rules;)

http://finance.yahoo.com/taxes/article/111658/irs-audit-red-flags-kiplinger

Where DOES all of my tax money go?  Wouldn’t it be great to get a receipt? A dollar-by-dollar breakdown of where it all went. If you’re like most people out there, I’m sure you’re curious and would absolutely love to see this. This is a great little article about where your tax dollars go. It breaks a hypothetical tax return down to show you where and how much of your tax dollars go. Enjoy!

http://www.mainstreet.com/article/moneyinvesting/taxes/where-does-your-tax-money-really-go?cm_ven=msmsnp

In an effort to be more eco-friendly millions of drivers have purchased hybrid cars.  The craze continued so some auto makers extended this phenomenon to not only cars, but suv’s as well.  Now millions of drivers are doing their part to help save the planet, while saving their wallets by cutting down their fuel consumption costs.  Now we all may be penalized because of this.  Some states are now considering a mandatory toll on their roads, a pay by-the-mile toll.  States would put navigation systems in your car that would see only the many miles you drive (not your location) and charge you for those miles.  Personally, I would rather have the higher taxes and toll roads than big brother looking over my shoulder.

Check out this article and let us know your thoughts!

http://content.usatoday.com/communities/driveon/post/2011/08/more-states-considering-pay-by-the-mile-taxes/1

We all know that by 2014 it is required that we all have health insurance.  The problem is for many out there the monthly cost is just too high. With all of the economic problems and financial hardships so many families face today, how is the added expense supposed to fit into the family budget?  There’s always the option of MedicAid, but with budget cuts to this program it may not be around for too long, and even if it is, qualifying for MedicAid and what it will or will not cover will end up being the bigger issue. Step in:  your local drugstore. CVS, Walgreens, & Walmart are all considering jumping into the health insurance industry but at “affordable” rates.  It will be interesting to see how they compare to big health insurance companies and the quality of the insurance they will offer.

Have a look at this article. It gives some good pointers and things to look for in this new wave of health insurance.

http://money.msn.com/health-and-life-insurance/article.aspx?post=81e5183b-1320-49e1-bcd4-1f322198dc01

In the interest of being “fair” maybe we should have to pay taxes on our internet purchases. But the fact that there is no tax for these types of purchases is the obvious draw to them. It’s what drives millions of people every day to the internet to do their shopping.  That and we can do it from the comfort of our homes in our pajamas while watching our favorite shows.

Let us know your thoughts!

http://www.accountingtoday.com/news/Congress-Introduces-Bill-Collect-Online-Sales-Taxes-59368-1.html?ET=webcpa:e1655:215854a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_080111