Federal Tax

Questions on Tax Extensions

Questions on Tax Extensions

More than 14 million taxpayers requested an extension to file their federal income tax return this year. There's just about a week to finish up: October 15 is the last day for most people to file their tax returns for 2018. 

What Would It Take For Congress To Bring The Federal Debt Down To Manageable Levels

What Would It Take For Congress To Bring The Federal Debt Down To Manageable Levels

Back in the presidential campaign, candidate Donald Trump promised to eliminate the national debt in eight years.  This goal was never plausible, even before Congress passed a tax cut that is expected to reduce federal revenues by more than $1 trillion over the next decade and before it agreed to $288 billion of new spending over just the next two years. Now, a new report by the Congressional Budget Office shows just how deep a fiscal hole we have dug, and gives some idea about what it would take to crawl out of it.

Private School Tuition is not Deductible On Taxes

Private School Tuition is not Deductible On Taxes

Private school tuition is not deductible. As with the inaccurately reported demise of the student loan interest deduction, this perpetually confusing myth likely got a recent boost in interest thanks to a meme that appeared earlier this year which claimed that private school tuition was made deductible as part of the tax reform bill.