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Tip of the Day Play the IRA Game Smart

Play the IRA Game Smart - When planning for your retirement it is always wise to do it in the right order so that you have the plan with the...

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    Federal Tax Increase

    Tax increases are for the most part inevitable and impact just about every facet of our life. Some of the taxes to be aware of only affect certain people and business while other taxes everyone has to pay. Here is a short article about some taxes and their respective increases.

    Lets start with taxes on smokers. Well smokers, get ready to dig deeper to support your (our) habit. Obama has signed the law that will increase the federal cigarette tax by 62 cents, effective April 1.

    Not only will this inordinately hit the lower wages earners hard, it will put a dent in states efforts and plans to increase their own cigarette taxes.

    Some tax increases are for local governments to raise money for infrastructure and other civic plans. Taxpayers could see their Chester County property tax bills increase slightly next year if the commissioners' proposed 2010 budget is adopted as is.

    But the three commissioners have vowed that they will urge their administrative staff to find further reductions in expenditures to make whatever tax increase less than what is currently foreseen.

    "We will get there," said Commissioner Carol Aichele at a public presentation on the budget Tuesday at the county's Historic Courthouse. "I am very confident that we can get to a balanced budget in Chester County with no tax increase. We're going to do the right thing."

    The combination of the downturn in the national economy, a drying up of state and federal revenue, and a stagnant county real estate market has resulted in a proposed property tax millage rate at the county level of 4.118, an increase of 3.8 percent over the 2009 rate of 3.965 mills, according to budget figures.

    The next are changes to the federal income tax that tend to have adjustments made to it on an annual basis. The best place to find out about changes to the federal income tax and other taxes is to visit the IRS website. There is a wide range of information that can be found regarding direct taxes on the IRS site. To find information about what could be considered taxes but not called taxes would be to visit government agencies websites and view the fees and administrative charges, an example about this is motor vehicle registration fees.

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    Definition of the Day Permanent Financing

    Permanent Financing - When a need arises for a company or individual to purchase or develop something that is not expected to be sold in the next fiscal year, such as office furniture or manufacturing equipment, this is called a long term fixed asset. Often short term financing is required...

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