Income tax

The first four months of every New Year signify tax season. This is a stressful time of year due to family and workplace commitments. Therefore, get a head start on tax filing by knowing the benefits, restrictions, and solutions to tackle tax season 2017. Benefits This tax season is a blessing for procrastinators. The deadline has extended from April 15th to April 18th. This is due to April 15th being a Federal Holiday (Emancipation Day). The standard deduction for Head of Household increase

To most, the term federal income tax is just paying the government or money they don’t get. But in government and the world of finance, it is major and involved idea which involves a great deal of focus and discussion. The United States’ federal income tax is a complex system which is a necessary function of the government. A taxable amount is determined on income, and it creates taxation for the government to accumulate money. There are many factors that play into the complexity of the system which

The state of Texas should not adopt a personal income tax. Any legislator who would propose a bill seeking to establish a state income tax would be seriously questioned, because a state income tax is currently unconstitutional. The Texas Constitution was amended in 1993, during Governor William P. Clements’ second administration, to prohibit a state income tax. Therefore, any such proposal would have serious difficulties passing both chambers of the legislature and then it would be subject to

be included (A) in or excluded (B) from gross income for the 2012 tax year. 1.  Alimony | | 2.  Lottery winnings | | 3.  Life insurance proceeds received upon the death of a family member | | 4.  Child support payments | | 5.  Reimbursement of hospital expenses from a health insurance plan | | 6.  Municipal bond interest | | 7.  Unemployment compensation | | 8.  Scholarships for tuition and books | | 9.  Wages | | 10.  Farm income | | 11.  Inheritances | | Which of the following

The United States enacted IRC 385 in 1969, which gave tax authorities the power to determine if intercompany loans were, in substance, equity investments. The tax authorities believed then that characterising intercompany loans as equity would resolve the thin capitalisation issue. If the IRS could deem intercompany loans to be investments, it could treat the interest payments as dividends, which are not tax deductible. However, the tax authorities eventually determined these tools were inadequate

INCOME TAX LAW Name: MEHRAN MUZAFFAR Candidate Number: 30111746 Professor: SATHIASUNDAR VIJAYASANKAR Date Due: 18 Sep 2014 PART A REQUIRED 1 Introduction 1. Income tax is generally payable annually by residents or non residents who are receiving income in Australia provided the income was derived, earned or accrued while living in Australia. The returns earned from a business operated partly in or out of the country i.e. Australia are considered to have accrued in totality from Australia

topic of the federal income tax. Specifically, the discussions have revolved around how exactly the people should be taxed. There are several ways in which tax rates can be determined, and all of them have some form of a strong argument behind them. The flat tax is the best option as, by nature, it is the most fair. Tax rates are measured by percentages, and when taxes are collected by percentages, the wealthy are already paying more money than the poor. For example, if a flat tax rate of 20% is in

He will get a charitable income tax deduction for the amount of the present value of the remainder interest passing to charity which is $347,930 as per the above calculation in the year of donating property, but it will be limited to 30% of his AGI with a carry over for the next five years to reduce his future taxable income as the property that he distributed is a capital gain property. Since Mrs. Rich is the only income beneficiary of the annuity amount, there is no taxable gift as it is protected

The federal corporate income tax was created in 1909 with a rate of 1% for all businesses who had an income above the line of $5,000. The tax rate has been as high as 52.8% in 1969 and has been divided into different rates for different income levels. Today, the federal corporate income tax rate is a uniform rate of 35% for companies who have an income of over $18.3 million. Throughout history, people have debated whether lowering the federal corporate income tax rate will result in job creation

Everyone gets frustrated with income taxes and everyone complains that they are paying more than enough, but who really pays more in federal income taxes? Having a progressive tax system; meaning that the more money you earn, the more you will have to pay in taxes; would lead to the rich paying for most of the taxes and not the poor. Unfortunately, many people do not realize some of the problems with the tax system itself that offsets the balance as well as the results when it comes to taxes. There