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Tax and Tax Information * Benefits And Burdens Under Federal Income Tax Principles
Knowing The Benefits And Burdens Under Federal Income Tax Principles
Carl LaFresnaye
There are many different benefits and also burdens that individuals can have under federal income tax principals.
It is important for individuals to consult some sort of professional advice when doing their taxes in order to ensure that they receive all the benefits and relieve all the burdens possible under the current federal income tax principles. If an individual does not seek advice, there are times when he or she will not pay enough in income taxes for that year and end up in a lot of trouble in following years since the back taxes will have to be paid in addition to any penalties that have accrued for those years that were missed. This can put a huge strain on an individual or family that can be averted by using some of the different software and professionals who are trained to know the ins and outs of the benefits and burdens under federal income tax principles.
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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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Economy and Taxes
In the faltering economy today, it is also important for individuals to be aware of these benefits and burdens under federal income tax principles for the purpose of influencing their Congressmen about different pieces of legislation that are being proposed to make changes to these principles. Although some of them might sound good at the outset, like relieving federal income tax for lower and middle class brackets, they might not be the best for even those individuals in the long run, with taxes being added through property or sales that affects them in a bigger way. In addition, there may be areas where the changes may not seem beneficial in the first place, like decreasing the amount of tax breaks for home owners, but it can have a better effect for the economy in the long run and save those same individuals money.
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Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.
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There are plenty of different resources on the market today that individuals can use to learn about these benefits and burdens under federal income tax principles. One place is to read about them for free on the IRS website. There are other tax attorney and accountant websites that will give general information, as well as blogs and news postings. For help with the taxes, there are software applications that can be used, often for half the price of hiring an accountant that lead individuals through the process of doing their taxes, even if they own their own business, have investments in various arenas, or just have a simple tax return to complete.
What Other Authors say about Taxes
Need a Copy of Your Tax Return Information?
by Richard A. Chapo
Taxpayers have two easy and convenient options for getting copies of their federal tax return information. Tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
Smart Use of After Tax Funds for Retirement
by Andy Andersohn
Don’t Neglect After Tax Savings for Retirement We are almost all familiar with retirement savings and investment programs that are pre-tax like 401k’s, 403b’s and IRA’s. These programs give you...
Tax Breaks Make Homeownership Affordable
by admin
<p>How Does Buying Beat Renting?<p>Melissa is single with no dependents and earns $50,000 a year. As a renter, she doesn't itemize deductions. Melissa eventually purchases a home and ends up...
Are Foreclosure Taxable
by
The Internal Revenue Service unveiled a special new section for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures...
Being Careful To Choose Legal Tax Shelters
by Carl LaFresnaye
There are some types of corporations that try to find loopholes in the tax laws that allow them to get out of paying such high taxes. There are some companies that look for tax shelters, which are ways...
Health Savings Accounts and Taxes
by Kurt Stammberger
HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored...
Taxes and Bankruptcy: The Nuts and Bolts
by Richard K. Gustafson, II
Taxes and Bankruptcy: The Nuts and BoltsThe filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however,...
IRS Reports Tax Gap of $300 Billion
by Richard A. Chapo
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
Filing An Income Tax Return
by Gray Rollins
When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments...
Is The RRSP The Most Effective Plan For Your Retirement?
by Yvonne Finn
For many years Canadians have been relying on the income from their RRSP, which was instituted in 1957, to fund their retirement years.Now, however, the small rates of return, taxes and inflation are threatening...
The Principles On Paying Tax
by Teguh Budimulia
Why Tax Loop Holes Must ExistA long long time a go, in a country far far away, in China to be exact, there was a hunter that put nets in 4 sides of the forest. The hunter wanted to catch all animals. Then...
The Tax Gifts Keep On Coming
by Jeffrey Voudrie, CFP
<p>Capital gains tax must be paid when you sell an asset for a profit. For instance, if you buy a stock at $10 per share and sell it two years later for $15 per share, there is a $5 per share gain...
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“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.
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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.
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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.
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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.
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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.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about Taxes
What Other Authors say about Taxes
Need a Copy of Your Tax Return Information?
by Richard A. Chapo
Taxpayers have two easy and convenient options for getting copies of their federal tax return information. Tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
Smart Use of After Tax Funds for Retirement
by Andy Andersohn
Don’t Neglect After Tax Savings for Retirement We are almost all familiar with retirement savings and investment programs that are pre-tax like 401k’s, 403b’s and IRA’s. These programs give you...
Tax Breaks Make Homeownership Affordable
by admin
<p>How Does Buying Beat Renting?<p>Melissa is single with no dependents and earns $50,000 a year. As a renter, she doesn't itemize deductions. Melissa eventually purchases a home and ends up...
Are Foreclosure Taxable
by
The Internal Revenue Service unveiled a special new section for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures...
Being Careful To Choose Legal Tax Shelters
by Carl LaFresnaye
There are some types of corporations that try to find loopholes in the tax laws that allow them to get out of paying such high taxes. There are some companies that look for tax shelters, which are ways...
Health Savings Accounts and Taxes
by Kurt Stammberger
HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored...
Taxes and Bankruptcy: The Nuts and Bolts
by Richard K. Gustafson, II
Taxes and Bankruptcy: The Nuts and BoltsThe filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however,...
IRS Reports Tax Gap of $300 Billion
by Richard A. Chapo
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
Filing An Income Tax Return
by Gray Rollins
When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments...
Is The RRSP The Most Effective Plan For Your Retirement?
by Yvonne Finn
For many years Canadians have been relying on the income from their RRSP, which was instituted in 1957, to fund their retirement years.Now, however, the small rates of return, taxes and inflation are threatening...
The Principles On Paying Tax
by Teguh Budimulia
Why Tax Loop Holes Must ExistA long long time a go, in a country far far away, in China to be exact, there was a hunter that put nets in 4 sides of the forest. The hunter wanted to catch all animals. Then...
The Tax Gifts Keep On Coming
by Jeffrey Voudrie, CFP
<p>Capital gains tax must be paid when you sell an asset for a profit. For instance, if you buy a stock at $10 per share and sell it two years later for $15 per share, there is a $5 per share gain...
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