Income tax

last month, we discussed many concerns regarding your joint income tax return for 2014. After researching your inquiries, we have developed the following conclusions: This year, you sold your former primary residence (which was purchased in 2010), and were concerned about the tax effects that this sale would have on your return. Although the sale of your home resulted in a realized gain, it will not increase your gross income on your 2014 tax return. This is because the amount of gain you earned on

the best way to encourage the world of work is to open the window of opportunity and reward. This was the mindset of the government when they establish Earned Income Tax Credit (EITC). This program was established to reward low and moderate income workers through the tax system to continue to encourage work. The central idea of Earned Income Tax Credit is a work-oriented program that provides a

the United Stated singed an income tax treaty and protocol on October 24, 1994. The parties initialed the proposed convention and protocol during the first half of 1993. Although similar to the U.S. - Russia income tax treaty, the new Kazakh accord contains some distinguishing features. Creditable taxes The new agreement applies to the Kazakh on profits and income provided by the laws “On Taxation of Enterprises, Associations and Organizations” and “On the Income Tax on Citizens of the Kazakh SSR

change one thing about the constitution, I would alter an income tax amendment XVI a little bit. The government has to be stricter in terms of the income declaration, so the government is capable of not losing a large proportion of taxes that help the government have further money spend on crucial fields like education, medicare and infrastructure. As a matter of fact, some of private businesses cheat the taxman of announcing monthly income while company workers’ salary is strictly managed by the

love the fact that Texas does not have to pay state income tax. Although it may have some advantages it also has a great deal of disadvantages. Texans are suspicious when it comes to changing tax laws and would rather keep it how it is now than having the government raise the taxes and change the system up. Texas is one of the worst states with education because it has a difficult time funding schools. Instead of state tax, Texas has sales tax and property taxes to help pay for education and government

Earned Income Tax Credit Evaluation Meyer (2010) states that since the birth of the EITC in 1975 it has grown dramatically in size and is now the largest antipoverty program for the non-aged in the United States. Meyer (2010) continues that “in 2007, 25 million families received EITC payments totaling $49.7 billion.” Meyer (2010) avers that “as a result, the EITC lifted at least 4.0 million individuals above the poverty line.” Meyer (2010) further continues to explain that “in addition to directly

For many years low-income families have been stigmatized due programs destined to provide welfare. Most of the families that are in need of economic support undergo a scrutinized agenda, which most of the time, question by question undresses recipients by stripping their dignity. In my childhood we used something similar to food stamps. We were a family of 12 members, parents and 10 children. I remembered my mother crying full of anger and frustration when the government sent a letter saying: “Your

As of April 8, 2017, I have decided to volunteer for the Volunteer Income Tax Assistance program (VITA) to prepare tax returns for low income families. I came to this decision as a result of my interview with Marcella Holmes, CPA; the interview rekindled my interest in tax preparation. Because I enjoy tax accounting and I’m looking for a volunteer opportunity, this appears to fulfill two desires at once. Since no money is invested, this decision carries a zero financial risk factor. If the opportunity

For most Americans dreading Tax time is something we all have in common. We spend many hours focusing on filling out forms while trying to decipher the instructions and tax regulations. While completing these forms and submitting them to the IRS we all become fully aware of just how much money we are actually putting into federal funds each year. This amplified awareness as you may assume has caused a flood of suggestions on how to improve the way our government should collect funds. This begins

Recent History of the Additional Rate of Income Tax It is important to note, from the onset, that income tax remains the government’s largest revenue source – effectively raking in an average of 30 percent of the total tax collected. In essence, every individual has what is referred to as personal allowance on income tax, whereby every tax year, all incomes that do not exceed the set allowance are not taxed. All other income is subject to the various tax rates captured in several bands. In the