Tax deduction

The government would have much less money to spend on important things like infrastructure and health care. People would not have access to basic health care like Medicare and Medicaid, because these are funded by tax dollars. In addition to this, social security would not be properly funded and many retired workers would not get paid and would then not have access to basic needs without going out and finding a new job; however, many would not be able to get a new…

proprietorships. The tax advantages include qualifying for more deductions and being able to hire family members and offer them tax-advantaged benefits that legitimately reduce your tax burden. Other IRS Red Flags to Consider…

As tax professionals, it is essential to maintain and follow the rules and standards which govern our industry. It is expected for tax professionals to follow the ethical standards that contain information which governs the standards and provides guidance to become a professional taxpreparer. IRS Code 6694(a) focuses and addresses tax return preparers concerns including the conflicts involved from tax preparers who decide their claims may surpass an unreasonable position within sections or…

equal. Income from private activity bonds is subject to the alternative minimum tax. Private activity bonds account for approximately 7 percent of the bonds issued last year. The most common issuers are airports and single family housing projects. The difference between private activity and a general obligation bond is that the private activity bond has corporate rather than government backing. The alternative minimum tax was intended from its inception in 1969 to make the very rich pay some…

Management is highly confident that all other tax positions will be sustained by the taxing authority upon examination (recognition) and that 100 Copyright 2007 Deloitte Development LLC All Rights Reserved. Case 09-9: Bricks & Mortar Page 2 percent of the deductions claimed in the tax return should be reflected in the financial statements (measurement) because they are based on clear and unambiguous tax law. Refer to Appendix A for information about situations in which interest…

limitations set by current government tax laws. The Roth IRA…

but if there is one lesson to take from America’s history, it is that taxation (or a mechanism to raise revenue in general) is vital to a healthy and functioning government. It is a necessary evil. Even though taxation may be necessary, the income tax…

her taxes is a cat, not a human. In this scenario Betty is committing tax evasion because she is knowingly breaking the law to avoid paying taxes on all her taxable income by claiming her cat as a dependent. If a tax preparer is not provided with truthful information by the taxpayer they can unintentionally help a person to commit fraud. According to the AICPA’s Statements on Standards for Tax Services (SSTSs), SST No. 3, a tax preparer may rely without verification on information that a…

Canadian payroll deductions are an important aspect of your business. After all, you need to properly calculate them to avoid running into trouble with the Canada Revenue Agency (CRA) later on down the line. Figuring out deductions can be a bit of a task. There are many different factors you need to take into account. It can sometimes seem a bit too complicated! If you’re feeling overwhelmed, don’t fret. There are many tools to help you. Different Province, Different Rules One of the biggest…

The April 15th tax deadline is coming up fast, but there's still plenty of time to get your documents in order and avoid the costly penalties that can come from procrastination. Hal Surratt CPA, a tax accounting expert serving the High Point, NC area, offers some last-minute tax preparation tips. To minimize your tax liability, prevent mistakes, and increase your refund, Hal Surratt CPA recommends: Staying Organized: Gather all of your relevant income statements, like W-2s and 1099s, as well…