Tax refund

Taxes When it comes April 15, do you hear adults of all ages groan about “tax day”? Why do the citizens of the United States have to pay taxes ? Taxes have been a part of the United States since the Mesopotamian times also known as the Ice Age. There are many different points of view about paying taxes some are negative and some are positive. Many people think paying taxes are unbearable, outrageous, and torturous while others think taxes are delightful, brilliant, and personal protection.…

Income Tax The Net Investment Income Tax, also known as the Medicare Contribution Tax, is a 3.8% tax on net investment income of individuals, estates, and trusts further detailed in Code Section 1411 of the Internal Revenue Code. Taxpayers subject to the 3.8% surtax must pay this tax in addition to the Medicare tax on earned income. Individuals who are nonresident aliens, dual-resident, or dual status are not subject to the Net Investment Income Tax. Origin The Net Investment income Tax was…

To start off, the unfairness begins when you take a look at the resources used to collect tax. The government decides to give a certain amount of income to those with unemployment, many of whom are so sick, they cannot maintain themselves, and to those who deserve commissions and bonuses. What’s the big deal? I’m glad you asked. Why in the world…

Under the rules and regulations for social security, medicare and unemployment taxes, an employee and new employer cannot get credit for taxes already deducted by a prior employer when an employee moves to a new employer during a tax year for which deductions have already been made by the prior employer. One exception to this general rule — the successor rule — applies in certain cases when the assets of an employer are purchased. For purposes of determining whether a successor employer has…

1031 (a) (1)) I don’t think John and Jane would be able to utilize a 1031 tax exchange in this scenario because I don’t think the handcrafted jewelry that Jane sells would constitute their house as a business property as that is not the main purpose of the property. Personal properties are unable to take advantage of the 1031 tax exchange. 2-C: c. Does Jane have a business or hobby? Why is this…

tuition costs o $300 required lab fees (required for physics class) o $1,000 required books and supplies o $4,800 room and board • Sabrina asked me, an FIU graduate and Certified Public Accountant of the state of Florida to advise her regarding the tax consequences of the scholarship. Issue and Conclusion 1 Is Sabrina a resident/citizen of the United States or is she from a foreign country? Since no information stating otherwise, it is assumed that Sabrina is a US resident/citizen. Analysis 1…

Daniel Thomas is currently operating a sole proprietorship of garden design and maintenance business under the name Tuscan Gardens. Daniel 's business has no permanent base for its operations, since all the garden design and maintenance processes are made on the client headquarters. In this situation, according to the ABR website the business’ office or/and the home address can be considered as a business location (Australian Business Register, 2014).Therefore, it can be considered that Tuscan…

sued, hire employees, own assets and pay taxes. Advantages of a corporation is it is a limited liability that protects owners from losing more than they invest. The business can achieve large sizes due to marketability of stocks. It receives certain tax advantages. Has greater access to financial resources allows growth within the company. Attracts employees with specialized skills which can help the business. Disadvantages of a corporation is double taxation because both cooperate profits and…

1. Will Mame recognize a gain on her individual tax return for a portion of the insurance proceeds given that the fair market value of the property lost in the fire exceeds her adjusted basis in the property? Section 1033(a)(2)(a) states that property that is destroyed and involuntarily converted into money would recognize a gain equal to the amount of proceeds realized minus the taxpayer’s adjusted basis in the property. However, the taxpayer can make an election to defer either some or all of…

There are many reasons why churches should remain tax exempt. There are some who believe that churches should be required to pay taxes, but I believe that taxing churches would diminish the good works that churches do for their surrounding communities. Since the year 1894, churches in the United States have been tax exempt as a way of separating churches from the state. By taxing churches, funds which would otherwise be used to help those in need would need to be paid in taxes. Churches help…