You see, we should be very thankful that we are born in this modern generation because of the existence of the Internet. With the Internet, every information (whether about ordinary income taxes or any other such as tax questions, accountants, income tax changes or even income tax refunds) can be found with ease on the Internet, with great articles like this.Also, have your cards printed on a paper stock that someone can actually write on. If...more
I am sure your quest for ordinary income taxes has come to an end as you read this article. Yes, gone are those days when we have to search endlessly for ordinary income taxes information or other such information like tax preparation, tax questions, federal income tax deductions or even income tax rebate. Even without articles such as this, with the Internet all you have to do is log on and use any of the search engines to find the ordinary...more
Author: EricIncome taxes are levied by the Federal government, most states, and some local governments. Federal governments usually attempt to assure the collection of income taxes by requiring certain pay-as-you-go procedures (e.g., withholding requirements for employees and estimated tax prepayments for other taxpayers). The responsibility for administering the federal tax rests with the Treasury Department. Administratively, the IRS is part of the Department of the Treasury and is responsible for enforcing the tax laws. The income tax base is the amount to which the tax rate is applied. In the case of the Federal income tax, the tax base is taxable income. Taxable income is gross income reduced by certain deductions. The tax rates are applied to the tax base to determine a taxpayer’s liability. The tax rate is progressive. A tax is proportional if the rate of tax remains constant for any given income level. For example, Susan is a single taxpayer, and has $12,000 of taxable income. She pays a tax of $1,200, or 10%. If, however, Susan’s taxable income is $40,000, her tax will be $4,800. This will be average tax rate of 12%. The tax is progressive since higher rates are...more
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A taxpayer has a choice of itemizing deductions or taking the Standard Deduction in computing his Regular Tax liability. The Standard Deduction is a fixed dollar amount that varies depends on filing status. In tax year 2009 it is $5,700 for Single and $11,400 for Married Filing Jointly what well call the base Standard Deduction.State sales taxes...more
Author: Roni Deutch1. Claiming a DependentIn most cases, caregivers can benefit from claiming the person they care for as a dependent. Just remember, you cannot claim an individual as your dependent unless you are providing over half of their support for the year of which you are filing. Additionally the dependent must be either related to you or have lived with you for a full calendar year. 2. Dependent Care CreditSince providing care to an elderly relative or permanently disabled friend is more than a full time job, caregivers will often need to hire someone to assist them with the duties. Fortunately, the dependent care credit will allow you to deduct up to 35% of your expenses for hiring such help. Check out IRS Publication 503 for a full run down on the credit, and qualifying factors. 3. Deduction Qualifying CriteriaThe person whom you are giving care to will need to meet certain criteria in order for you take medical expense deductions on their behalf. In most situations you will need to be related to the individual or they will need to be a permanent member of your household, meaning they have lived with you for at least a calendar year. The dependent will need to be a...more
Author: Roni DeutchFair TaxYou may remember hearing the phrase “fair tax” during the recent presidential election. Republican candidate Mike Huckabee was a large supporter of this tax, which would pretty much eliminate the current tax system, and...more
One of the busiest international shipping borders in the world is that between Canada and the United States. When you do business in a State that actually borders Canada, such as Wisconsin, there is a good chance that at least some of your customers...more
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