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Taxes : Business & Finance

Goods And Services Tax (new Zealand)

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

Penalties for Not Reporting Income to the IRS

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

How Do I Get a Date for My State Tax Refund?

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

What Does an IRS Offset Mean?

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

How to Appeal an IRS Penalty

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

Tax Tips for Where to File Your Return

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

Difference Between Realized Income & Taxable Income

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

How Is a Shareholder Basis Affected by Tax Credits?

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

How Do You Calculate the Excise Tax for Income Taxes?

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 Cheapest Way to File Taxes Electronically

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

When Is Tax Assessment Deductible?

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

How to File Business Taxes for Free

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

Debtors' Rights to Stop a Judgment

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

How to Claim Money on Your Taxes As a Sole Proprietor

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

Unpaid Employment Taxes

In 2008, the Internal Revenue Service issued an internal directive to go after companies that fail to pay their employment taxes, according to attorney Howard S. Levy. If you have not paid, you can often negotiate with the IRS to reduce fines and penalties.