Tax deduction

Thank you for choosing our company, Ma’s Tax Services, for your tax preparing needs. In response to your recent correspondence regarding travel business deductions, tax preparers have a duty to file tax returns with accurate and complete information. Furthermore, under federal tax law, trade or business deductions are disallowed if the taxpayer cannot substantiate the deductions. Unfortunately, since you do not have substantiation regarding your business travel expenses, the travel expenses are…

at which depreciation deductions are optimized. Also, if you don’t switch to the straight-line method you will not be able to completely depreciate the property. Since Salem wants to take higher depreciation in 2010 (the initial year of service) it is recommended that the straight line method be used, because it has higher depreciation in the initial years. “Taxpayers are allowed to claim an additional 50% depreciation deduction on qualified property acquired during tax years beginning in…

1. What is a progressive tax system? How does it differ from a regressive tax system? A progressive tax system is when those with higher incomes are required to pay a bigger potion of their income in taxes. The more money you make the more taxes you will pay. Progressive tax system is different from regressive tax system is in regressive tax system, everyone is charged the exact same amount, percentage, or proportion. 2. What is gross income? What types of income are included in gross income?…

Income tax return for an individual. Assistance for individuals wanting to file their income tax return. This report helps individuals who wish to know more about filing an income tax return for themselves in Australia. It gives a bird eye about things to keep in mind while filing an income tax return Sreyansh Giri 21922648 Table of contents Executive Summary ......................................................................................................... 1 Introduction Tax…

related to tax contingencies into the income tax provision (Amazon.com Inc., 2015, p. 46). With an effective interest rate as high as Amazon’s, an increase in income will result in a significant increase in the tax provision. To illustrate, take a $2 million dollar increase to income from operations. This increase would result in a new taxable income of $1.570 billion and an income tax provision of $951.42 million. Consequently, an increase of $2 million would result in an increase to the tax…

the most significant advantages that Amazon has is their fulfillment centers are more cost effective and also easier to scale than having a large physical presence like traditional retailers. Additionally, Amazon has cost advantages from current U.S. tax laws, where online retailers only have to collect sales taxes in states where they maintain a physical presence (Amazon’s report 2015). Another unique advantage over competitors is a so-called network effect, which essentially is a result of…

A flat-tax system and the progressive tax system Abstract: flat-tax system has many supports all the time, they believe this system is easy to understand and is fairer to taxpayers. This paper starts with explaining the flat-tax system, then moves to the pros and cons within the flat-tax system. Then I use a model to explain the difference between flat tax and progressive tax, and concludes which tax system is better. 1. What is flat-tax system Due to federal income tax’s lack of efficiency,…

Liberty Tax Service first opened its doors in Canada in year 1997 and then expanded its services by opening five new locations in the U.S in 1998. The founder is CEO John Hewitt who was also the regional director for H&R Block. There are currently 4300 Liberty Tax Services locations in the U.S and Canada. Services include preparing and filing tax forms needed for individuals and small businesses to file their taxes. Examples of services provided is having the customer first fell out a…

● Reporting component Today I completed 3 tax returns together with my partner Rebecca Graham. ● What are your most vivid first impressions of the VITA site? Describe the settings, people, actions and positive or negative feelings you had. As I entered VITA cite I was surprised how friendly the environment was. My first interaction was with 2 cite coordinators. They were really helpful and explained me everything. All the volunteers and cite coordinators were in the same room with a little…

is also a quite reliable source. Tim Worstall essentially intends to express that Apple isn’t going to transfer back their manufacturing jobs because of the high corporate tax in the US and the high costs of labor. Tim Worstall is a British-born writer who writes on environmentalism and economics, specifically the corporate tax, his contributions have appeared in a lot of important publications. The article was published on September 25th, 2013, which is relatively recent, so we could assume…