TAX
Next Entries »How do property taxes work?
Wednesday, January 16th, 2008Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property’s current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.
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Why Pay Taxes? — The Truth about Frivolous Tax Arguments
Monday, January 14th, 2008The Truth About Frivolous Tax Arguments (PDF 405K) addresses some of the more common false “legal” arguments made by individuals and groups who oppose compliance with the federal tax laws. These arguments are grouped under six general categories, with variations within each category. Each contention is briefly explained, followed by a discussion of the legal [...]
Self-Employed
Monday, January 14th, 2008If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself a self-employed individual. You are an independent contractor if the person for whom you perform services has only the right to control or direct the result of your [...]
Industry Issue Focus
Monday, January 14th, 2008The Large and Mid-Size Business Division (LMSB) of the IRS is implementing an Industry Issue Focus (IIF) approach to compliance as part of its overall issue management strategy. The goals of this approach are:
Consistency in resolution across industry lines
Improved currency
Increased coverage of non-compliant taxpayers by maximizing limited resources
Greater oversight on and accountability for important issues
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Alternative Minimum Tax
Monday, January 14th, 2008The upcoming tax season is expected to start on time for everyone except for certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax “patch.” Following extensive work in recent weeks, the IRS expects to be able to begin processing returns for the vast majority of taxpayers in mid-January. However, as many as [...]
What is the AMT?
Monday, January 14th, 2008The AMT came into being with the Tax Reform Act of 1969. Its purpose was to target a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax. A growing number of middle-income taxpayers are discovering they are subject to the AMT.
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A Tax
Friday, January 11th, 2008A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (for example, secessionist movements or revolutionary movements). Taxes could also be imposed by a subnational entity. Taxes consist of direct tax or indirect tax, and may be paid [...]
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