April: Tax Time

You heard how the "Affordable Healthcare Act" has helped Americans in 2011. When you use a computer software program and do you own taxes, you actually see how it does in the "medical deduction section." You heard of the "American Government Educational Credit Act," you see it working on your tax form as you enter your child's college tuition. There is the "Earned Income Credit" and how to file your "Gambling Winnings." It is a variable encyclopedia of tax information and a reflection of what our legislatures have been doing in Congress.
Check out the "Capital Gains" and "Inheritance Gifts." Did you know that "COBRA Premium Assistance" is considered taxable income? Now that is really going to help with the deficit (this is a sarcastic remark). Educational savings accounts like Coverdells and 529 are considered income, now think about that! You paid your taxes on these savings. Saved your money gave it to a child, relative, or even yourself in some cases. Now you have to count that savings as income! But remember, we are giving tax breaks to the oil companies. Subsidies and incentives are given daily by state municipalities to entice business to locate in the name of "business development and jobs."
So, if you have the time and patience and really want the skinny of who is paying what:
- Get yourself a tax preparation software
- Take your time going through the software steps
- Look at every available deduction
- Click on those blue underlined words
- Garner the information
- Use it to challenge your representatives in your State and Federal delegation
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