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Know What Your Taxes Pay For...

Author: Jenny Shilling

Every year we pay our taxes. Where does that money go and why? In 2014, as in recent years, Americans will spend more on taxes than on groceries, clothing, and shelter combined.  So what do all those weeks of work get us?

In 2014 the $3.5 trillion federal budget for 2014 can be broken down into major categories. The biggest category is Social Security and income programs, which uses 24% of the budget.  Another 17% of the budget goes to defense and related items, and 26% goes to Medicare and health programs. The other 33% of the budget pays for the following categories:

• Veterans' Benefits
• Education, Employment, Training & Social Services
• Veterans' Services
• Energy
• Agriculture
• General Government
• Administration of Justice
• Community & Regional Development
• International Affairs 
• General Science, Space, & Technology
• Income Security
• Federal Civilian & Military Retirement
• Transportation
• National Resources & the Environment
• Income Security
• Health

Are taxes one of your biggest budget items? If so, you should take steps to make sure you’re managing your overall tax bill. Please consult a qualified tax professional for specific information regarding your individual situation. 

The Tax Office, Inc., works with you to compile your records and file your taxes.  If there are any questions we can answer regarding how your tax money is used, or taxes, please contact us. Our tax specialists are happy to assist with any tax related matters.

 Add These Tax Deadlines to Your Calendar! 

Author: Jenny Shilling

When you think of tax deadlines, most people think of April 15th, or tax day. Sad to say, there are many more deadlines when it comes to taxes.  If you file an extension, you can add another tax day to your calendar.  If you pay estimated taxes, you can add 4 more deadlines.  If you run a business, you can add a few more deadlines to your calendar as well.  To make things a little easier, the IRS has put together a "tax calendar" to show you when everything is due. 

We will soon be leaving the third quarter of the tax year. With it, we have some important tax dates for you to remember as tax extensions are coming due:

• September 16, 2013:  Third installment of estimated taxes due.
  Partnerships: File Taxes (if you requested an extension).
  Corporations: File Taxes (if you requested an extension). 

As we enter the fourth quarter of the tax year, important dates to remember:

• October 15, 2013: Individuals: File Taxes (if you requested an extension).
• December 16, 2013: Fourth Installment of estimated taxes due.

If you are handling your payroll inhouse, there are also payroll tax deadlines that need to be met during these months.  If your are outsourcing your payroll, the payroll company should be handling your payroll tax issues.

At the Tax Office, Inc., our tax specialists are able to answer questions regarding extensions, taxes, non-filed tax returns, late returns, or tax related concern you may have. Please contact us by phone, email, twitter or facebook at #plan4tax or facebook.com/plan4tax.