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Fill me in about irs substantiation for a bad debt

Regardless of whether you like it or not Taxes are a fact of life. Most people do not realize what the burden in taxes is that they pay on a daily, monthly or yearly basis. Taxes have insidiously sneaked into our lives in many forms. Many of us bear federal state and local or municipal taxes. Do you ever look at your phone invoice and see what taxes are added or other utility accounts? How about the taxes added at the fuel pump, use fees at national parks, tolls for turnpikes. Your boss is paying for your social security as much as you are with what is known as the employment tax.

Is it a wonder that virtually all families want two jobs just to stay afloat these days. Sitting down a number of years ago I estimated out what we paid in taxes and it was easily over $50,000 for one year. I had involved Federal, State, social security including employer share, real estate, sales taxes (a rough estimate). It seems government on all tiers is taking more and more all the time.

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