Relying On Dividends For Income? Tax Hikes May Be In Your Future

If you’re one of millions of older Americans who rely on dividends to supplement your income, brace yourself. A sharp increase in dividend tax rates, scheduled to take effect Jan.1, will impact all investors but it will take a harsher toll on those at or nearing retirement, according to a new study for the Edison Electric Institute (EEI). The analysis was released just weeks before the House is expected to vote on whether to extend the current federal income tax rates, including …

Volunteers Don’t Drive #TinyCars, They Don’t Deserve a Tiny Tax Rate.

Our friends at VolunteerSpot have a brand new campaign everyone should hitch a ride to, #TinyCars!  Honor volunteers this tax season (and show them some love this February) by spreading the word that volunteers don’t deserve a tiny 14 cent tax rate. A little background, Congress set the current 14 cent charitable mileage rate in 1997 when gas cost just $1.30/gallon; unfortunately, it has remained the same since then, while in contrast, the 2011 business rate was set at 55.5 cents for the …