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Birds Fly and the IRS Taxesfrom:
The IRS taxes the incomes of those individuals whose earnings meet or exceed the specified minimum requirement. Normally, taxes are automatically withheld from an employee's check by an employer. However, each year in April citizens must still file an individual income tax return. Depending on the total amount of earnings for the year and filing status, there will be either an underpayment or overpayment of taxes. An underpayment requires individuals to send in an additional payment when they file or make an approved payment arrangement with the IRS. An overpayment of taxes results in a refund check from the IRS to an individual. A failure to pay an amount of taxes owed results in penalties, fines or even imprisonment.
The IRS taxes corporations and other business entities as well. Just like individuals, businesses are responsible for accurately reporting their income to the Internal Revenue Service so that the correct amount of taxes can be levied. Because there are some differences in the way corporate income is reported as compared to individual income, many rely on the help of a professional tax preparer to put their financial information in order. This is to make sure the IRS taxes the right and accurate amount of income; otherwise, a business can find itself looking at an audit of all its financial records.
When the IRS taxes an individual or business, a number of systems and codes are applied based on everything from income and expenses to age and number of dependents. There are codes for singles and married couples, as well as codes for couples filing separately or as Head of Household. While these tax codes are often confusing, they nonetheless help determine the share of taxes that may be due. Deductions and tax credits are routinely offered to those with children, ongoing medical expenses or those businesses bearing the depreciation costs of equipment or advertising. All these help to lessen the tax burden on both companies and individuals.
There are other areas in which the IRS taxes individuals other than income. Federal taxes can come in the form of estate taxes, gasoline taxes or even in federal universal telephone service fees. While many do not like the idea of taxes, they are still a necessary part of life. These collected revenues help to fund the various programs and services that keep a country up and running. The arguments against taxes and how they are used have been waged since early history. Programs that help those with low incomes or disabilities receive medical care is just one of the many examples of this; interstate highways and schools are another.
Property For Sale For Taxes Only News
Shelby County to be first in state to make delinquent property tax sale online ... - Memphis Commercial Appeal
Memphis Commercial Appeal
Shelby County to be first in state to make delinquent property tax sale online ...
Memphis Commercial Appeal
In January, Shelby County will become the first community in Tennessee to conduct a delinquent property tax sale using an online-only format. The sale, a joint effort of the Chancery Court clerk and master and the county trustee's office, will be held ...
At Skadden, Tax Law Isn't So Boring as Inversions Raise the Stakes - Wall Street Journal
Wall Street Journal
At Skadden, Tax Law Isn't So Boring as Inversions Raise the Stakes
Wall Street Journal
It came just four days after U.S. regulators released new guidelines to discourage inversions, their second attempt in 14 months to deter transactions with foreign companies that can be used to move U.S. corporations into lower tax jurisdictions overseas.
Danby inn heading toward Dec. 8 tax sale - Rutland Herald
Danby inn heading toward Dec. 8 tax sale
DANBY — The Board of Abatement in Danby denied owners of the Silas Griffith Inn a reduction of more than $217,000 in overdue taxes, attorney's fees, processing fees, and interest due for the period 2007 to 2015. Brian and Catherine Preble, inn owners ...
One-time ASARCO property awaits new activity - KFDA
One-time ASARCO property awaits new activity
Puga, who lives in southern California – but who spends time managing another closed ASARCO site in El Paso – said the trust at one time tried to put the Amarillo property on the market for sale. The trust had virtually no takers, Puga said. “We took ...
Tax Geek Tuesday: Reminding You That The Gain On That Sale Of Stock May Be Tax ... - Forbes
Tax Geek Tuesday: Reminding You That The Gain On That Sale Of Stock May Be Tax ...
For example, only C corporation stock meets the definition of “qualified small business stock” under the meaning of Section 1202. And while you may not be ... This means that when computing the shareholder's subsequent gain on the sale of the QSBS ...