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Tax Tips & News: wall street journal

Tax Pitfalls To Avoid When Investing In Funds

14 minutes read

Beware Of Fund Tax Implications

Even if it is too late to do anything about this year’s returns, it is a good time to start planning for next year’s. At the root of the most common blunders are three types of taxable fund payouts: interest income, dividends and capital gains. While all three are subject to a complex web of tax rates and regulations, investors can limit their tax bills by understanding their funds, planning carefully and staying abreast of tax changes in Washington....

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Deputized Inspector General’s Office Access to Tax Returns May Be Illegal

5 minutes read

IG's Office Deputized

NY tax commissioner Thomas Mattox recently deputized the entire staff of the NY Inspector General’s office in what is a being dubbed a pre-emptive “crime fighting” move. What was meant to be a quite ceremony has caused a stir because the new powers granted to the IG’s office allows them the ability to look at NY state employee’s tax returns–and potentially any other NY tax return that they dub “relevant” to an investigation–without the taxpayers consent. Mind you,...

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Lessons Learned From Mitt Romney’s Tax Return

8 minutes read

Republican candidate Mitt Romney recently bowed to pressure last week and released his 2010 tax return.  What it showed is that Romney paid a little less than $3 million in taxes on $21.6 million of income.  This equates to an affective tax rate of less than 14%–far below what the average taxpayer pays.

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