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Santorum needs professional tax help

February 17, 2012

Rick Santorum, the latest Republican presidential nominee wannabe to give Mitt Romney fits, apparently has had a tax filing epiphany.

The former U.S. Senator from Pennsylvania released his tax returns this week. The filings from the last few years show that like most candidates for office, Santorum is sort of rich.

On earnings ranging from $660,000 in 2007 to $1.1 million in 2009 to $923,000 in 2010, Santorum paid a tax rate of around 28 percent. That's double the effective tax rate Romney paid on his vastly larger earnings.

But Santorum now sees his tax problem.

"Look, I do my own taxes," Santorum told reporters following him as he campaigns in Michigan. "Heck, Romney paid half the tax rate I did, so obviously he doesn't do his own taxes. Maybe I should hire an accountant in the future."

How about you? How do you plan to deal with your taxes this year?

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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