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Income taxes have been imposed as one avenue for governmental revenue collection in the United States by Congressional legislation and since 1909. Moreover, the ability to require the payment of income taxes by U.S. citizens is provided for by the U.S. Constitution, Article I, Section 8, Clause 1, as might also be referred to as the Taxing and Spending Clause. This languag..
What are Tax Credits?Tax Credits, which are commonly-referred to as tax deductions, are individual amounts of tax relief that can be obtained by taxpayers with regard to the amount of tax withholding experienced in tandem with earnings and income. Globally, a vast array of Tax Credits exists, which can result from the number of children, expenses incurred as a result of employm..
Taxpayer b/gA taxpayer is the legal entity that bears an obligation to pay taxes. Taxpayers can be individuals, although a tax payer can also be a collection of individuals, such as those that combine to form partnerships, non-profit organizations or associations, trusts, government agencies, corporations, or business entities. Whether the taxpayer in question is an individual ..
Background on Tax RefundThe American system of taxation allows for certain circumstances in which citizens may be eligible for a refund of the payments they have made or are otherwise obligated to under law, as is also the case in several other countries. In general, the majority of American taxpayers in any given tax year will be found eligible for some kind of tax refund. In ..
Intuit BackgroundIntuit is a computer company that creates software to help the organization and quality of many companies. Software the Intuit is most popular for is Turbo Tax, Quick Books, Quicken, and Digital Insight. Founded in 1983 Intuit has been offering services to allow companies of all sizes to balance checkbooks, run and manage companies, pay taxes, run payrolls, and..
E-File BackgroundE-filing is a term that is used for the process of electronically submitting or filing ones takes. E-filing takes place when an individual has completed their taxes and sends them to the IRS. E-files are encrypted so no one is able to access them other than the person who has submitted them and those who work at the IRS. E-filing can lessen the amount of h..
Through the Internal Revenue Service's resources and functions, the Federal Government of the United States is responsible for distributing tax forms, imposing rules associated with a levy, and then finally collecting the appropriate taxes. Every working citizen (who meets age requirements) and all businesses who operate in the country are subjected to taxation. As a result of ..
Income Tax BackgroundThe income tax is the predominant source of funding for the United States Federal Government. All employees and employers are subjected to an income tax--the government takes a percentage of an entity's salary to fund public services (such as the military) and pay for current expenditures. The income tax is a progressive system; those who earn larger salari..
Personal property taxes are not the same as property taxes, which cover real estate and land. Property taxes are due in every state. However, paying personal property taxes are only required in certain states. One must check with their state tax rules so they can know exactly what will be taxed. Every state has different guidelines that they follow. Some states may require..
Income tax deductions are a way of lowering the amount of a taxpayer's taxable income so that the total amount of taxes paid for that individual will ultimately be lowered, and is allowed for various items in which taxpayers incur expenses for. Tax deductions are often confused with tax credits, but they are two different concepts in American tax law. A tax credit is a dir..
Each state and local government is allowed to make their own tax laws. In fact, each jurisdiction has the power to impose taxes at will. Those taxes must apply equally and result in no unfair treatment, as is found in the Commerce Clause Payroll taxes Background:Each state and local government has the ability to make laws regarding taxes they impose on citizens...
According the Sixteenth Amendment, the government may tax all individuals on all income they earn, no matter what the source of income is. Although the Amendment is still frequently challenged, the courts have determined that those cases are frivolous and allowed the Sixteenth Amendment to be upheld. All employed tax payers, and others that have a source of income, are required..
The tax revenue stream for local, state and federal government is vital to provide certain services for taxpayers within those tax jurisdictions. The manner in which tax revenue is accumulated can vary. For example, sales taxes are a regressive tax, which means that taxpayers with a lower salary are responsible for a higher tax burden as a percentage of their salary. There..
What is the Car Tax? When you are ready to purchase a car, whether new or used, you must be prepared to calculate the required additional costs and taxes that will be added on the agreed upon purchasing price. Car tax rates and requirements vary by each state, so it is important that you find out the tax rates for your state before purchasing a vehicle. How Car Taxe..
What is a Car Tax?In 2008, the United Kingdom’s government implemented a taxation system that was fashioned in order to regulate and authenticate any or all motor vehicles that operate a carbon dioxide-based (CO2) mechanical system; this is oftentimes referred to as the ‘car tax’. Vehicles that utilize a combustion engine that utilized gasoline in order to operate will al..