Tax Time: Interesting Stories from CNN Money

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Here is the latest Tax News from CNN Money.

Use your tax refund to buy tax prep stocks?
The tax deadline is almost here! Turbo Tax owner Intuit is thriving while rivals H&R Block and Liberty Tax struggle.

20% of big companies pay zero corporate taxes
A new report from the Government Accountability Office, which conducted its analysis at the behest of Senator Bernie Sanders, found that a fifth of large U.S. companies pay nothing in taxes.

Europe plans to force big firms to come clean on profits and tax
Thousands of big companies could soon be forced to publicly divulge their juicy secrets about earnings and taxes around the world, under new rules proposed by European officials.

The country with the highest income tax in the developed world
Belgium levies the highest rate of income taxes and social security payments on its workers, according to data from the OECD.

Apple scheming to avoid taxes? ‘Total political crap,’ says Tim Cook
Apple CEO Tim Cook, in an upcoming interview with ’60 Minutes,’ pushes back against assertions that his company aggressively pursues tax schemes to lower its U.S. tax bill.

IRS tax season: You can start filing January 19
And if you’re not an early bird, the due date for all federal tax returns — or requests for an extension — will be April 18.

Donald Trump’s big tax cuts come at a big cost
Read full story for latest details.

IRS customer service could soon get a lot worse
National Taxpayer Advocate Nina Olson signals that the IRS’ future plans may include a big reduction in telephone and face-to-face service in favor of online taxpayer accounts.

How Hillary Clinton wants to make rich pay their ‘fair share’
The Democratic presidential candidate has laid out several proposals to ensure that the very highest-income households pay a bigger percentage of their income in federal taxes than the middle class.

Podcast favorites: Bernie gets the Axe | Radical Islam in America | Graham Opposes GOP Leader

How much do you pay in taxes?
Some presidential candidates claim the rich pay a lower rate than many middle-class workers or that the poor pay nothing. But on average neither is true, at least when measuring effective tax rates – the percent of one’s total income paid in federal taxes. Here are estimated average effective tax rates for 2015.

Bernie Sanders’ plan to pay for health care falls short by trillions, says one analysis
Read full story for latest details.

How taxes would be much higher under President Bernie Sanders
Bernie Sanders has pulled back the curtain on how he would pay for his $1.4 trillion a year Medicare for All proposal. In short: higher taxes.

Is the ‘tampon tax’ unfair to women?
It’s become politically popular to say women are ‘taxed for getting their periods.’ But the arguments ignore the fact that state sales tax laws typically tax people for most goods, and exemptions are very inconsistent.

Record number of Americans dump U.S. passports
Read full story for latest details.

Marco Rubio’s tax plan would cost at least $6.8 trillion
GOP presidential candidate Marco Rubio wants some radical changes to the tax code. But the numbers don’t add up, according to a new analysis.

Podcast favorites: Blindsided: How ISIS Shook The World | Bernie gets the Axe | Guns in America

12 biggest tax scams to avoid
There’s no end to the creative ways scammers will try to steal your identity and your money. And tax time is one of their favorite times of the year. Here’s how to spot a top scam and protect yourself.

The IRS seized this guy’s life savings. Now he’s getting it back
Laws intended to nab criminals have ended up hurting innocent individuals, whose bank assets get taken by the IRS. In the case of a North Carolina convenience store owner, the IRS has finally agreed to repay him in full, his lawyer said.

Trump says he can’t release tax returns because of audits
Donald Trump says he wants to release his tax returns but can’t because he is being audited by the IRS.

Here’s how much Hillary Clinton’s tax plan would hit the rich
The tax proposals the Democratic presidential front-runner has put forth so far would raise the tax burden of the country’s highest earners, according to a new analysis from the Tax Policy Center. But her plan would also make the tax code more complex.

Bernie Sanders’ mega tax increases largest in peacetime history
Read full story for latest details.

7 most common tax mistakes
Avoid these common errors when filing your taxes this year.

Popular: Guns in America | Sanders Demands Clinton Apologize | Blindsided: How ISIS Shook The World

The candidates’ tax returns — what they made, what they paid
Here’s a look at some key details from the 2014 federal tax returns of the remaining 2016 candidates.

Quiz: Is it tax deductible or not?
Sometimes even the strangest things can be justified as legitimate deductions on your federal tax return.

6 (not so) dumb tax questions you’re too embarrassed to ask
Read full story for latest details.

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