Indiana Ranks #9 For Tax Climate Index

New ratings are out for the state of Indiana and their tax climate. Continue reading →

U.S. government spending $12 Billion daily in 2016

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Government spends money…..a lot of money.

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Tax Season: Deductions, Credits & More

Tax filing season is underway so here is some basic information for deductions and tax credits. Read more at Forbes as they have a big list for all types of taxpayers.

Standard Deductions. The standard deduction rises to $6,200 for single taxpayers and married taxpayers filing separately. The standard deduction is $12,400 for married couples filing jointly and $9,100 for heads of household.

Earned Income Tax Credit (EITC). For 2014, the maximum EITC amount available is $3,304 for taxpayers filing jointly with one child; $5,460 for two children; $6,143 for three or more children and $496 for no children.

Child Tax Credit. For taxable years beginning in 2014, the value used to determine the amount of credit that may be refundable is $3,000 (the credit amount has not changed).

Kiddie Tax. For 2014, the threshold for the kiddie tax – meaning the amount a child can take home without paying any federal income tax – remains at $1,000.

Federal Government Deficit for 2015 Fiscal Year

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CNSNews.com is reporting the federal governments 2015 first two fiscal months of tax revenue collected and how much it spent.

The U.S. Treasury continued to rake in tax dollars at a record rate in November as the federal government closed out the first two months of fiscal 2015 with $404,155,000,000 in total receipts, according to the Monthly Treasury Statement released today.
Even with these record revenues, the Treasury ran a deficit of $178.531 billion deficit in October and November as it spent $582.686 billion.

What were the sources of revenue?

The biggest source for the record federal revenue during the two-month period was the individual income tax. It brought in $192,619,000,000 in October and November. The second biggest source was “Social Insurance and Retirement Receipts,” the taxes Americans pay for Social Security and Medicare. These brought in $146,263,000,000.