Romney Has Investments Funds In Cayman Islands

Romney Has Big Stash in Cayman Islands

It might not be immediately obvious, but Mitt Romney has millions of his fortune in investments funds in the Cayman islands, an infamous tax refuge.

A representative for Romney says he obeys the law, and that he pays the normal taxes despite where his money is.

As Republican nominations get closer, Romney is finding it harder to keep the secrets about his wealth under wraps.

Jack Blum, a lawyer from Washington thinks Romeny’s financial situation is a disgrace to the United States tax system.

Romney recently let out that he has been paying … Read more at 2011 Tax.

Tax Carnival Ecstasy – December 6, 2011

Welcome to the December 6, 2011 edition of Tax Carnival Ecstasy. In this edition we have a couple great stories including Beth Montgomery looking at Saving for Retirement and Kristine McKinley who expects Congress to Extend the Payroll Tax Holiday into 2012. Hope you enjoy all the articles, bookmark, share, tweet, like on Facebook and come back soon.

Ralph Ferro presents American Airlines Parent Company Files for Chapter 11 Bankruptcy posted at Bankruptcy Attorney NJ RSS Feed, saying, “Another day and another bankruptcy; this time financial troubles fly high as AMR Corporation (parent company to American Airlines) files for … Read more at 2011 Tax.

Tax debt reduction: Offers in Compromise explained

There are many different types of debts that people are struggling with these days and for some people it is their tax debt that is causing them a huge problem. Whilst the Internet Revenue Service does, of course, expect people to pay the taxes that they owe, but in some cases an exception may be made and the tax debt may be reduced through the use of an Offer in Compromise.

If the IRS has reason to believe that there is little to no chance of being able to receive the total amount of the tax debt that you owe, … Read more at 2011 Tax.

The UK Economy Could be ‘jump-started’ by a Tax Cut

Back in June, Ed Balls – Labour’s Shadow Chancellor – called for a temporary ‘emergency’ tax cut in an attempt to ‘jump-start’ the economy and reverse the slump in consumer confidence since the recession began, the BBC reported.

Describing Labour’s economic policy in a major speech, Mr Balls said that acting immediately to encourage consumer spending and boost the economy would be preferable to just “hoping for the best”.

Mr Balls’ suggestion followed the previous Labour government’s temporary VAT cut back in 2008, when they reduced it to 15% (from 17.5%) in an effort to stimulate a flagging high street … Read more at 2011 Tax.

4 Steps to Setting Your Own Debt Ceiling

Use Your Tax Return for 2011 To Pay Down Your Debt

Debt is on everyone’s mind these days. The national debt has been covered by every major and minor news outlet for months. They finally reached a resolution to raise the debt ceiling. How nice. If only it were so easy for individual Americans to do the same. Unfortunately it is not, and many Americans find themselves in the same situation as their country. They are living beyond their means and are facing an impending crisis. So how do average American’s deal with their own debt crisis and pay the … Read more at 2011 Tax.

Your Tax Return For 2011

Your tax return 2011 will need to be filed before April 15, 2012, for those not keeping track. It’s important to be aware of the deductions you’re planning to take right now. Keep track of your expenses and have them readily available for your tax professional to refer to when needed.

Preparing for your 2011 tax filing can be relatively pain free if you set up a system which organizes tax deductions, exemptions and tax credits. Start by having a clear understanding of your earnings. Next keep a record of all your deductions. Keep them organized by category.

Medical costs … Read more at 2011 Tax.