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Requirements To Produce Tax Information (What's Up With That?) 2008-01-04 06:29:00 "What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do. It is the job of others to interpret the laws that Parliament has made. Statutory Construction It is "presume[d] that the legislature avoids superfluous or meaningless words, that it does not pointlessly repeat itself or speak in ...

About Income Taxes; Tidbits 2008-01-04 06:28:00 1812The 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.And to think ...

State Tax Information 2008-01-04 06:20:00 All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is similar to an excise tax in that tax is paid on products produced, rather than on sales. Taxes on hotel rooms are common, and politically popular because the taxpayers ...

History Of The Federal Income Tax 2008-01-04 06:18:00 The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties, Imposts and Excises shall be uniform throughout the United States."One of the major concerns of the Constitutional Convention was to limit the powers ... History

What Is Tax Law? 2008-01-04 06:17:00 The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code.While its main intent is to provide revenue for the federal government, the tax code is frequently used to direct the behavior of businesses and individuals in an attempt to achieve social, economic, and ...

Send Your Kids To Summer Camp and Write It Off 2008-01-04 06:16:00 If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.The credit is a percentage, based on your adjusted gross income, of the amount of ...

What You Need To Know About Taxes If You're Getting Married 2008-01-04 06:14:00 It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. You might save money or even prevent the problem of a missing refund check.The first things to handle are changes of name and address. Later, as tax season approaches, ...

What to Do If You Can't Pay Your Taxes 2008-01-04 06:12:00 The end of tax filing extensions is quickly approaching. What do you do if you can’t pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.Credit CardsYou can charge your taxes on your American Express, MasterCard, Visa or Discover cards. If you go in this direction, you can use either of the ...

IRS Statute of Limitations: Do Taxes Ever Expire? 2008-01-04 06:08:00 Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Taxes do expire at some point and in some cases IRS does not get the money they were legally entitled to collect.Basically, IRS has 10 years from the date they ...

Furnishing Evidence in E-Tax Compliance 2008-01-04 06:06:00 Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers’ primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time.Disclosure in this context serves two main purposes. First, it is necessary to provide information for ...

Making Every Penny Count 2008-01-04 06:05:00 More and more workers are leaving their jobs and taking their 401 k retirement plan funds with them. While some are rolling their funds over into IRAs or other qualified plans; many are taking their distributions in cash. Once an employee has left the job, any payments of earned vacation, sick or other leave made after leaving the job were not considered for inclusion in deferrals to Solo 401k, ...

Euro Tax Haven Threat 2008-01-04 06:04:00 Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country’s tax authority.But Roger Munns, Managing Director of tax haven ...

Some Folks Pay A Lot Less Tax Than Others On Very Same Income-Did You Pay Too Much Tax In 2004? 2008-01-04 06:03:00 Someone once remarked, “Next to being shot at and missed, nothing is quite so satisfying as an income tax refund.” There’s no question that saving money in taxes is high on everybody’s list of financial priorities, especially small-business owners.Taxes are an inevitable — and painful — part of every business owner's life. But there are ways to reduce, if not eliminate, your company's tax burden ...

Taxation of Forgiven Debt - The 1099C & You 2008-01-04 06:02:00 Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of the original sum. Once this is paid, the debtor often thinks the matter is closed, but it is not! It is very likely that the creditor will issue a 1099-C. This is a notice to IRS of the forgiven debt. If the debtor ... Amp

Getting A Second Extension to File 2004 Taxes 2008-01-04 06:01:00 Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn’t particularly difficult. For individuals, there are two available extensions.Automatic ExtensionWhat do you do if April 15th is approaching and you simply can’t get your taxes done? The IRS allows you to file a request for a four-month extension to ...