government asks an individual to pay tax they are fined if they don’t. When the government asks a large multinational company to pay tax a political party gets a donation, and no tax gets paid. The Australian government has regardless of which political party, over many years shown that its preference is to allow large multinational companies including Google, Apple and Amazon to avoid their tax obligations while doing very little to help those in need with any form of tax relief. In 2013-14…
else’s life in a different way. The government can put tax on anything and everything and it affects everyone in the world. It effects everyone because they put taxes on everything we use and need in life. We pay this tax on almost everything we use daily like clothing, electronic equipment, electricity, gas, cars and some foods. There are all different kinds of taxes sales, income, property and many others that effect the way we live. Sales tax is one of the main taxes that we as younger kids…
A Generation Skipping Trust (GST), also known as a dynasty trust, allows the grantor to transfer a significant amount of assets to beneficiaries, in skipping a generation, are typically their grandchildren who receive the benefit of the “gift” as tax-free. In acquiring a dynasty trust, it is mainly to aid in the future generations besides one’s direct descendents. As this type of trust “does not have a defined termination date or event”, it has the ability to pass down through many generations.…
Most of us dread doing our taxes, whether for our personal finances, our business, or the few dollars our child made flipping hamburgers last summer. Although filing a tax return is generally a once-a-year event, the activities that result in the final amounts reported occur all year long. That’s why the professionals at CK & Co offer year round service and planning. Why Choose a Certified Public Accountant CPAs devote years of study obtaining their degrees in subjects such as business…
this will provide the maximum amount of income tax deferral and flexibility in distribution but lead to no additional restrictions on the use of the funds. This will also avoid the high income tax rate imposed on trust. III. STATEMENT OF FACTS Paul Dutton currently holds a 401(k) retirement plan provided by this employer, Acme Auto Parts, Inc. The value of the plan is currently $2,400,000 and all contributions to the plan have been made with pre-tax income. He has currently designated Erika…
the question of how much of the tax burden should fall on the rich. This question has many important facets from what loopholes exist in the complex US tax system to arguments about top marginal rates and whether rates on various types of incomes and profits should be raised or lowered to the debates on how tax policy should be shaped to deal with the concerns about rising income inequality. Much of this…
Federal taxes are used to fund the government. Federal taxes are income taxes, money taken out of your paychecks to fund the government and government projects. This country is run on the American dream. The right to make as much money as possible in this country if that is desired. The pole to the top is a long journey. The wealthy have to work night and day to get to where they are. Normally individuals are rewarded for accomplishing their goals. They are taught from when they 're young…
No Money to Pay Taxes or to Keep Paying Back Taxes You Can Stop IRS Collection of Tax Debt if You Qualify as “Currently Non-Collectable” “CNC” If your economic circumstances have deteriorated and you have too little money left after you pay for the essentials of living: rent, utilities, groceries, etc., you may qualify as currently non-collectable (CNC) – which means that the IRS will stop trying to collect back tax debt from you, whether or not you have a payment agreement with them. Getting…
Guy La Monica- Hiring Household Employees How to File Your Taxes as a Household Employer If you are a household employer, it is wise to consult a proper tax preparer or accountant to assist you with filing your taxes. Guy La Monica, and his team at RKL Tax Service LLC are prepared to help you determine how your household employment taxes need to be handled, ensuring you are in compliance with the federal and state government standards. Who is a Household Employee? In short, a household…
Retirement Analysis Article 1 The issue of income tax planning has long been a problem for many Americans and more so for retirees. After working for a major part of their lives, prospective retirees would like to ensure that they get the most out of every dollar they saved for their retirement. In her article “Retirement Relocation: State Taxes Matter More Than You Might Think” Rebecca Barsch observes that states with minimal or no income taxes are proving to be popular destinations for many…