So, How Much Do You Really Pay in Taxes? ? The GSCPA House ...

Written by: Colin Blalock, Chair GSCPA (The Pessimistic Optimist)

From May 15^th to May 19^th I was in Washington D.C. attending a conference celebrating the 125^th Year Anniversary of the American Institute of CPAs (?AICPA?).? The AICPA is a longtime advocate of sound tax policy, transparency and simplification.? It is important for citizens to know that a tax exists, how is it imposed and when a tax law changes.? At the start of the conference it was announced that the AICPA has released a tax calculator that can be used by everyone. ?The following is almost verbatim from the AICPA announcement.

?Announcing the TOTAL TAX INSIGHTS CALCULATOR to help taxpayers better understand their estimated annual tax responsibilities.? The AICPA?s Total Tax Insights calculator is a one-of-a-kind online tool that links federal taxes with the country?s myriad state and local tax conventions? more than 20 types of the most widely applied taxes in all? to provide users with an approximation of their particular tax obligations.?

The calculator is customized for each state and designed for easy use.? It includes, for example, real estate taxes by county, school district taxes, federal and state cell phone taxes, federal and state gasoline taxes, and many more.? A simple online form asks the user for minimal information to get started.? It should be noted that none of the information is captured, retained, or used by anyone including the AICPA.? Once you have ?computed your tax? you can print the information and delete it from the computer.

The AICPA feels that there are a number of valuable insights for citizens, including:

• Greater understanding of the number and variety of taxes they pay, and estimated amounts for each;
• Increased awareness of the need for solid financial planning in order to make better-informed financial decisions;
• Improved knowledge of the tax ramifications of changing jobs, making large purchases, deciding whether to buy or rent a home, and other pivotal actions.

Note that the Total Tax Insights calculator is not a tax preparation tool or a substitute for expert tax and financial advice of a trusted CPA.? However, it delivers a great deal of useful information with very little effort.

Visit www.totaltaxinsights.org and enter the information.? You will find it very interesting, useful and, as they say, insightful.

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