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Tax and Tax Information - Income Tax

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Tax and Tax Information * Income Tax

Some Useful Information; Tips And Tricks About Taxes.   
frank vanderlugt

The first attempt to impose an income tax on America occurred during the War of 1812.


After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the previous lower rates.

Article to continue below----------------------------------------------

NARUC Asks For Clarification On Broadband Grant Tax Status (Broadcasting And Cable)
Association says money should be tax...

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And to think that the Revolution was started because of Tea Taxes in Boston?


Excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed during the war.

Article to continue below----------------------------------------------

Let Bush Tax Cuts End, Economists Say (Fox News)
NABE economist said Congress should let the Bush tax cuts expire.
Tax Tips For The Unemployed (CNN Money)
Tax time can be a painful time for many of us, and it's especially tough for people without jobs. If you're unemployed, there are a few twists and turns in the tax code that can work to your benefit.

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After the war ended in 1816, these taxes were repealed and instead high customs duties were passed to retire the accumulated war debt.


What is Taxable Income?
The amount of income used to arrive at your income tax. Taxable income is your gross income minus all your adjustments, deductions, and exemptions.
Some specific taxes:
Estate Taxes:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of death.


The US still has Estate Taxes, although there are proposals to do away with them.
Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers).


An estate tax is a charge upon the deceased's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on beneficiaries receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death.


Canada no longer has Estate Taxes.
Most European countries have Estate Taxes, one prime example is Great Britain which has such high Estate Taxes that it has just about ruined the financial well-being of most of Britain's Nobility which has been forced to sell vast Real Estate holdings over time.


Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers).


An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on individuals receiving property from the estate).


Taxes imposed upon death provide incentive to transfer assets before death.
Capital Gains Taxes
Capital Gains are the increases in value of anything (including investments or real estate) that makes it worth more than the purchase price. The gain may not be realized or taxed until the asset is sold.


Capital gains are normally taxed at a lower rate than regular income to promote business or entrepreneurship during good and bad economic times.


Why there is an Income Tax by Frank Vanderlugt

What Other Authors say about Taxes

All About Late Filing Of Federal Taxes by Carl LaFresnaye

The IRS allows for late filing of federal taxes provided the appropriate paperwork is filled out (there's always paperwork!). This simple guide shows you how to go about it. Forms for Late Filing of...

Using The Federal Withholding Tax Table by Carl LaFresnaye

The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age. These...

Making the Switch from IRA to Roth IRA by Barry Waxler

<p>There is also a type of IRA called the Roth IRA. This is also a retirement plan open to those whose income falls within the Modified Adjusted Gross Income (MAGI). The Roth IRA does not have age...

Tax Credit for Going Solar by Rick Chapo

As we sit in the middle of winter, most people can't believe how high their utility bills are. Going with solar energy can lower your bills and you get a hefty tax creditSolar Tax CreditSolar energy is...

Taxes Necessary Evil by Frank Vanderlugt

Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.According to the National Taxpayers...

Investing In China: Expatriate Individual Income Tax by David Carnes

Expatriates on Business Trips to ChinaIf you are sent to China by your company, your salary is paid outside of China, and you spend less than 183 days in China in a calendar year, than you must pay Chinese...

Finding Free Printable Tax Forms by Carl LaFresnaye

If an individual decides to do his own taxes, there are many different avenues where he can find free printable tax forms for his use. There are websites that provide these forms to individuals at no...

how to compute tax withholding amount by Steven Chang

Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...

Avoid Annuity Tax Problems by Tony Novak

Millions of investors own retirement annuity accounts but few are aware of the tax implications when the annuity is passed to an heir or beneficiary. A little known tax fact is that income tax on an individually...

Tax Issues for Retirement Planning by admin

<p>The 401(k), 403(b), or 457 Plan<p>A pre-tax retirement plan offered by your employer is one of the best ways to save for retirement. That's because your contributions to the plan are deducted...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

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Index of Articles about Taxes

What Other Authors say about Taxes

All About Late Filing Of Federal Taxes by Carl LaFresnaye

The IRS allows for late filing of federal taxes provided the appropriate paperwork is filled out (there's always paperwork!). This simple guide shows you how to go about it. Forms for Late Filing of...

Using The Federal Withholding Tax Table by Carl LaFresnaye

The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age. These...

Making the Switch from IRA to Roth IRA by Barry Waxler

<p>There is also a type of IRA called the Roth IRA. This is also a retirement plan open to those whose income falls within the Modified Adjusted Gross Income (MAGI). The Roth IRA does not have age...

Tax Credit for Going Solar by Rick Chapo

As we sit in the middle of winter, most people can't believe how high their utility bills are. Going with solar energy can lower your bills and you get a hefty tax creditSolar Tax CreditSolar energy is...

Taxes Necessary Evil by Frank Vanderlugt

Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.According to the National Taxpayers...

Investing In China: Expatriate Individual Income Tax by David Carnes

Expatriates on Business Trips to ChinaIf you are sent to China by your company, your salary is paid outside of China, and you spend less than 183 days in China in a calendar year, than you must pay Chinese...

Finding Free Printable Tax Forms by Carl LaFresnaye

If an individual decides to do his own taxes, there are many different avenues where he can find free printable tax forms for his use. There are websites that provide these forms to individuals at no...

how to compute tax withholding amount by Steven Chang

Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...

Avoid Annuity Tax Problems by Tony Novak

Millions of investors own retirement annuity accounts but few are aware of the tax implications when the annuity is passed to an heir or beneficiary. A little known tax fact is that income tax on an individually...

Tax Issues for Retirement Planning by admin

<p>The 401(k), 403(b), or 457 Plan<p>A pre-tax retirement plan offered by your employer is one of the best ways to save for retirement. That's because your contributions to the plan are deducted...