Tax law

making sure that you get quality estate planning tax advice when you are arranging your final affairs is one way to ensure that your heirs, and not the IRS, receive the bulk of your estate. While it may be trite to observe that no two individuals are the same, it is not a cliché to say that everyone of us can benefit from estate planning tax advice, if only to learn that we will not have to worry because our estates will not be large enough that a tax is applicable. The estates of those just…

aside and it the later stage it is about the non-financial, lifestyle aspect ("Retirement Planning Definition"). There are a variety of retirement plans (and a brief description) that are offered: • Traditional IRAs – may be tax deductible, earnings grow on a tax deferred basis, tax isn’t taking until the money…

Wacky Tax Deductions Unusual Tax Deductions Generate Unexpected Income People have successfully claimed some pretty zany deductions, and in the interests of lightening up the dry topic of preparing taxes, we 'd like to examine the lighter side of business and tax planning by covering some of these deductions. Of course, there is a point to reviewing these wacky deductions -- you’ll get a better of idea of how the IRS applies tax law to your tax claims. You can deduct those claims that the IRS…

In the case of Casimaty v FCT 97 ATC 5135, the taxpayer was doing fencing and farming business, which his father inherited an amount of 998 acres land that was known as “Acton View” (Australian Tax Casebook p.162). He then purchased another 40 acres of land, which he built a homestead. As time goes by, he suffered some sort of difficulties as there were drought, severe financial debts, and as well as poor health condition. As he had no alternatives, so he decided to sell-off portions of the land…

less molasses. Since that did not work the government decided to make another tax. This hit us much harder. It went into effect on November 1, 1765. It was called the stamp act because it used a stamp to be put on every paper we used. In the colonial times we used paper even more. We shouldn’t have to pay taxes on paper like this.…

for goods. They are only useful for tax purposes so therefore should only be apparent on the parent’s financial statements. Throughout our research on intercorporate transfer pricing we were intrigued by the effects it has on taxes purposes and financial statements. Transfer pricing has a direct effect on the financial statements. For this reason they are a crucial point for tax purposes as well. According to FASB Codification Sec. 482 “A section of the U.S Tax Code allowing the IRS to…

economic tax reforms that took the united states to the highest economic heights, until the Clinton administration of 1993. The Tax reform act of 1986 imposed the biggest tax cuts on income revenue in history. This reform voiced by the iconic President, was a total overhaul of the previously complicated and loophole riddled tax code. Before 1986, the tax code basically crippled middle-class americans and favored the wealthy. On the other hand, Reagan’s reform aimed to create and equal tax on…

States tax system needs help; some people think this problem can be solved. It will be quite a task because of the extensive 72,000 pages of IRS and U.S. tax codes. Almost everyone in America can agree that our tax system isn’t perfect, or even close. There have been numerous proposals, but which one is best? David Marron has an interesting idea, on how to try and fix it, called the “X tax”. It does have one major change to our system, it wipes away all of the old laws and regulations. The X…

According to Teles, there are many reason why the tax code is so messy: it is easier to add things to it than subtract; resource transfers through the tax code seem to enlarge government more than direct spending, regardless of similar effects; the conservative immune system of big government in the tax code is lower than to the big government through expenditure, and finally, people attempting to attain special deals can do it more easily through the tax code than through directing spending,…

proposition 30 back in 2012. The reason why they changed this proposition to number 55 is because they want to expand it and revise this proposition. The difference between the two is that in proposition 55, they do not want to continue to extend the sales tax. Their purpose is to extend this proposition because they believed the money will help fund education and health care for low income…