download=strayer-acc-307-week-7-complete IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM ACC 307 Week 7 Discussion “Maximizing Investor Losses” Please respond to the following: After reviewing the scenario, compare and contrast the at-risk rules and passive activity limits. Discuss the purpose for each, and suggest as least two (2) tax-planning strategies for ensuring that the IRS allows passive losses in order to reduce your tax liability. Provide support for your suggestion. Imagine
Memo To: John & Jane Smith From: Date: Re: Memo summarizing various tax issues 1. John Smith 's tax issues: Issue a) How is the $300,000 treated for purposes of federal tax income? John Smith’s earned income of $300,000 will reported as gross income either on Schedule c of the individual return or as gross income on the LLC return. As a result of the variance in the state laws as to whether or not a single person LLC can report on a business return is the reasons why it could be
For a while now we have been searching for a country where we can build a manufacturing plant to produce our product. I was sent to Denmark to research and determine whether or not we should build our manufacturing plant in that country. Looking at the political economic and social factors of the country, I recommend that we do not build the plant in Denmark. Due to the issues Denmark has, it would not be the best idea to build the plant in this country. In social terms, Denmark is far from
An income tax is a rate charged on the income of individuals as well as business (companies or other legal entities). Individual income taxes often tax the total earning of the individual, while corporate tax often taxes net profit of the company. Different tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional or regressive. Tax systems define income differently such as inclusion of windfall earnings, and often allow notional reductions of income
A tax system is simply the collection of taxes in an economy. It is a sum of money paid by people or businesses to a government, to be used for public purposes. Taxes are raised through various means and the systems vary for each country. The main taxes in the UK, USA and Australia will be explained. Countries use the taxes they receive in different ways. Aims and targets of most countries vary, as does the amount of tax generated. Due to this, expenditure is prioritised and spent accordingly
measure of income used in the actual calculation is “adjusted net income”, which is equal to gross income minus pension contributions and several other things. For this essay assume that
$25,000. How is the $300,000 taxed? What about the $25,000? What can I do to minimize the tax consequences of each? Also, I am thinking about buying the building that I currently lease my office space in. My current lease is $3,500 per month. How is this lease reported on my income tax returns (either personally or for my business which is a separate law practice established as an LLC)? Do I get better tax benefits for paying the lease or for buying the building? What are the differences? Jane Smith
order. John's questions: a. How is the $300,000 treated for purposes of Federal tax income? • The $300,000 is included in your gross income. You earned the $300,000 by providing legal services. For federal income tax purposes, "gross income" means all income from whatever source derived and includes compensation for services I.R.C. § 61. Any income, from whatever source, is presumed to be income
subject: | tax issues | date: | September 29, 2012 | | | | | Dear Mr. & Mrs. John Smith: After carefully evaluating your tax issues my staff and I have come to the following conclusions on the questions you presented us. 1. John Smith tax issues: a. How is the $300,000 treated for purposes of federal tax income? The $300,000 you earned is considered earned income; therefore, it should be reported as gross income on either a Schedule C of your individual income tax return or
In this essay, the issues for taxation of national tax sovereignty for income tax, corporation tax, value added tax and excise duties are discussed as well as an opinion as to whether sovereign nations should compete or co-operate on matters of tax policy. Sovereign nations have different tax rates and they tend to change with each tax year. The issues of direct and indirect taxes are numerous and this essay will discuss two major aspects of each using the recent issue of Scotland’s independence