Income Taxes
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- My Income Tax Report is DueThis is a poem about an income tax report that is due and getting it get done on time to send it in.
- Tax TimeInternet tax filing and the IRS
- First Person: Keeping Track of My Freelance Income TaxesEarning income for something that I truly enjoy makes the extra paperwork and even the tax liability worth the effort and cost.
- Who is Considered Married for U.S. Federal Income Tax Purposes?If you are considered married for federal income tax purposes you can file jointly and will generally pay less tax. The IRS has specific criteria to determine whether you are considered married, based on your particular circumstances.
- Illinois House Republicans Propose Cutting Corporate Income TaxIllinois House Republicans are proposing to cut back corporate income tax by more and at a quicker pace than proposed by Democrats and passed in January. The goal is to keep businesses in the state.
- States with No Income TaxThere are currently nine states which do not require residents to pay income tax, according to the Kiplinger website. States without income tax include Texas, Florida, Alaska, Nevada, Washington, Wyoming, South Dakota, Tennessee and New Hampshire.
- U.S. States with No Income TaxHere is the list of US states without income tax
- Are You Required to Pay Federal Income Tax by Law?Is there a law that requires U.S. citizens to pay income tax?
- The Regrettable Omission in the Candidates’ Tax Reform PlansA Fair Tax proposal has garnered significant support. Nearly half of Americans favor replacing the payroll tax with a consumption tax on new purchases. It’s the only just, reasonable, and viable option for tax reform
- Understanding Occupy Wall Street DemandsWritten by one of their early philosophers 45 years ago and currently updated, John Schlitz (pen name in those days) gives an early-to-understand perspective on the Occupy America and Occupy World movement.
- Mr. Cain, How About a "99 Plan?"A brief discussion of Herman Cain's 999 Plan - and a suggested alternative.
- Herman Cain Tax Plan to Be "9-0-9" for the PoorCain fired back at his detractors and said that his tax plan would in no way hurt the poor and that those who pay no taxes now would pay no taxes once the 9-9-9 plan went into effect. He called it the "9-0-9 Tax Plan." Still...
- Why the Herman Cain 999 Plan Won't WorkAn analysis of the Herman Cain 999 Plan showing how it benefits only the rich and the corporate interests while hurting the working class.
- Who Doesn't Pay Taxes?A close examination of who doesn't pay federal taxes under current tax laws. Case studies of who they may be.
- Herman Cain's 999 Plan: Do We Really Need It?Herman Cain has a 999 plan to fix the US economy. What is in it? And why didn't he talk about it at the Florida GOP debate?
How to Calculate Federal Income Tax for Each Paycheck Manually?Step by step guide on how to use federal tax tables and calculate federal income tax for each paycheck manually. Get more information at www.halfpricesoft.com- "Wholly and Exclusively Incurred: Interpretation and Tax Liability Dichotomy Under the Income Tax Act 1967"The comment by Mr Tan Thai Soon is a good comment on 'Tax Deductions from Gross Income' as per
- Why You Should Avoid Paying Income Taxes with a Credit CardWe all agree that the credit card is very convenient.
- Do You Pay State Income Tax Where You Live or Where You Work?You are generally subject to state income tax in your home state on your income from all sources. If you work in another state you may be taxed in that state also, but you can claim a credit. Some states have reciprocal agreements to avoid double taxes.
State and Local Taxes If You Retire in CaliforniaCalifornia has a relatively high state and local tax burden. State income tax rates are up to 9.55%. The state sales tax is 7.25% with additional local taxes. Property taxes as a percentage of median home value are lower than in many other states.- Are You Paying Enough Federal Taxes?One pervasive mantra of many pundits and politicians seems to indicate that you are not paying enough taxes to support the US government. This examination reveals whether the Reagan and Bush 43 tax cuts are to blame and if you are just need to suck it up.
A Brief History of Income TaxesFriday marks the 150th anniversary of the law that created the U.S. income tax system. While many Americans won't be celebrating the milestone, the income tax is vitally important running the government. Ever wonder how our income tax system came to be?- Income Taxes and How Both Sides of the Aisle in Washington LieAn explanation as to why all politicians lie in order to get their voters to agree with what they do.
- House Mortgage Tax Deductions Misled UsWe believed everyone who told us buying a house would save us a bunch of money through income tax deductions. What an expensive mistake that was!
- Income Tax when You Sell an Interest in a PartnershipWhen you sell a partnership interest you normally have a capital gain or loss for the difference between the amount realized and your basis. But if the partnership has unrealized receivables or inventory, part of your gain may be taxed as ordinary income.
Income Tax for Expats Who Retire in ChileFor your first three years in Chile you would only be subject to Chilean income tax on your Chilean source income. And pensions and retirement income from other countries are not considered taxable income in Chile.- When Does Your Business Have to Pay Franchise Tax in Florida?Whether your business has to pay franchise tax in Florida depends on how your business is set up. Sole proprietorships and partnerships are not subject to the tax. The corporate tax rate in Florida is 5.5% of net income after a $5,000 exemption.
Income Tax on the Sale of Gold and Other CollectiblesWhen you sell gold, works of art, antiques, or other collectible items, you pay a 28% tax on the gain on the sale if you have held the item more than one year. How you acquired the item determines your basis for calculating the gain.- Federal Income Tax on PrizesPrizes are generally subject to federal income tax. If you receive property, the fair market value is taxable. In that case, you would have to come up with the cash from other sources to pay the income tax.
- How I Save Thousands of Dollars in Income, Sales and Property TaxesI don't pay more taxes than I have to by following 5 easy steps. These help me save thousands of dollars I would otherwise be paying in federal income tax, state income tax, local income tax, sales tax, or property tax.
- Taxing Solution Staring U.S. In the FaceThere is no perfect tax, but the income tax is the least desirable type of tax. With over 67,000 pages of tax law, 155 forms, billions spent in compliance, and the fact that several preferable alternatives exist, it's time to replace the U.S. income tax.
- Payroll Taxes for Family Members Who Work in Your BusinessThe payroll tax rules regarding FICA tax and federal unemployment tax may be different for a spouse and children who work in a family business, depending on how the business is set up.
Income Tax on Puts and CallsThe federal income tax on put and call transactions depends on what you do with the option: sell the option itself, exercise the option to buy or sell the underlying stock, or let the option expire.- When is a Husband and Wife Business a Partnership for Tax Purposes?A husband and wife business in which both spouses materially participate would generally be considered a partnership for federal income tax purposes. But you could qualify to file as a joint venture treated as a sole proprietorship.
- Don't Leave Money on the Table - Claim the Earned Income Tax CreditIf the federal government was handing out free money, wouldn't you think that all those who were eligible would be front and center? The IRS has been giving out funds via the Earned Income Tax Credit since the 70s. Problem is, not everyone is claiming it.
- Federal Income Tax when Your Small Business is a PartnershipA partnership is a pass-through entity for tax purposes. The partnership files an informational return and Schedules K-1 showing each partner's share of income and deductions. Then the partners report their shares on their own tax returns.
- Are Insurance Proceeds Subject to Federal Income Tax?Some insurance proceeds are not subject to federal income tax. Others may not be subject to tax, but could have tax effects on your deductible expenses or on the basis of your property, depending on the type of insurance.
- Income Tax when You Sell Your BusinessWhen you sell your sole proprietorship business, you have to allocate the total sales price to each business asset. The IRS requires the residual method, in which you allocate the price among the assets in a certain order based on classes of assets.
If You Telecommute from Outside New York, Are You Subject to New York State Income Tax?If you telecommute for an employer in New York, you could be subject to New York State income tax even if you live and work in another state, if you work from home for convenience rather than for the necessity of your employer.- Business Income TaxBusiness are taxed differently based on the type of entity chosen.
