Taxes : Business & Finance
The ARRA of 2009 is not all about the Making Work Pay provision. Businesses and individuals still has other provisions to consider like Homebuyer Credit, Work Opportunity Tax Credit, the Energy Effici
Goods and services tax (GST) is an indirect tax introduced in New Zealand on October 1, 1986 at 10%, and later increased to 12.5% on July 1, 1989, and is to be increased to 15% on October 1, 2010. This brought a major change in New Zealand taxation policy as until this point almost all revenue had b
The Internal Revenue Service requires that all income be reported in a tax return, and failure to do so can result in many penalties. Most penalties can be waived if you can convince the IRS that you had reasonable cause for not reporting the income and didn't understand that you needed to report th
The United States Department of Revenue has individual departments of revenue in each state. Of the 50 state departments, 43 require residents to file state income taxes if they meet income requirements, which is a yearly income greater than the amount of the standard deduction each resident is elig
Advances in technology have enhanced the ability of government agencies to share information. Gone are the days of one hand not knowing what the other hand was doing. In 21st century governments, agencies share information for increased efficiency and debt collection. If you are delinquent in payin
The Internal Revenue Service assesses penalties in a number of instances in order to encourage adherence to Internal Revenue Service (IRS) rules. Although the most common IRS penalties are the Failure to File and Failure to Pay penalties, there are a number of penalties which directly relate to unpa
When mailing your federal income tax return, it is important to know the location where you must file your return. The Internal Revenue Service has several locations and the state in which you live determines the location you must mail your return. In addition, whether you owe taxes or expect a refu
The difference between realized income and taxable income is that realized income refers to any income received during the tax year including taxable and non-taxable income. Taxable income refers only to income that is subject to taxes. You might receive several types of income during the year, but
A shareholder's basis is the market value of his stock investment for income tax purposes. Earnings and profits are distributed to the shareholder based on the amount of stock owned. An increase in basis due to earnings and profits earned is included in taxable income reported by the shareholder on
You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year.
Most taxpayers prefer doing taxes with minimal efforts not because they are lazy. Due to the advancement in the technology, one can complete the task with a great pace and the same applies with preparing ...
The United States charges an excise tax for certain goods and services at the point of sale. Goods subject to the federal excise tax include tobacco products, alcohol and gasoline. Services subject are cellular and land-line telephone services. Excise tax is calculated in two ways (depending on the
The cost of hiring a tax preparer can be almost as intimidating as preparing the tax return itself. Tax preparation fees are often arbitrarily set, making it difficult to determine the benchmark or base price for tax preparation costs. Thankfully, competition in the tax preparation business has prod
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Instead of being based on the market value of your property, tax assessments are calculated on the benefit your property receives from a community improvement. For instance, if you own a plot of land worth $30,000 and a house worth $150,000, your property taxes will be different on both. However, if
Modified adjusted gross income is a tax concept. Modified adjusted gross income is defined for each of the 10 tax breaks to which it applies.
Business taxes are filed on different tax forms for different types of businesses. Corporations file a different tax return than partnerships and Limited Liability Companies. Each business tax return can be filed through an accountant, through an online tax preparer or on paper to be mailed to the I
An individual can quickly find his ability to pay his bills decimated by disability, the loss of a job or the loss of a spouse's income through death or divorce. Fortunately, a party facing the imposition of a judgment has several things he can do to avoid or minimize the damage in a debt collection
When you work for yourself or earn income by providing services as an independent contractor, the IRS treats you as a sole proprietor for tax-reporting purposes. This designation increases your tax compliance obligations since you must file a Schedule C in addition to your 1040 form. And although yo