Taxation in the United States

insurance. Casualty Insurance will cover other liabilities like auto, boat, and motorcycle. 5. If I make a home insurance claim, and it is denied, can I expect my premium to rise as a direct consequence? In the past that was true. However, the state of Texas has recently passed laws dictating that insurance premiums cannot go up if no money is paid out, even if a claim has been filed. 6. Does having a home security system lower the cost of my homeowners insurance? Yes, you are protecting…

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…

Currently Non-Collectable - 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…

One lump sum payment is basically less money, the state taxes will take half of the advertised jackpot. However, an annual payment you will receive some of the percentage of lottery every year. Firstly, if I won the lottery, and I had to choose between a lump sum and annual payment I would pick annually payment. The reason I settle upon annually payment because I prefer having inclusive amount of money later on in life. Even though, I’m receiving the money yearly I acknowledge it's a marvelous…

According to 5 things to know about Trump's new budget plan, " Trump's budget proposal doubles down on his tax plan, and outlines cuts to federal spending in areas that touch many Americans directly". Trump gives his 5 ways of lowering funds " Medicare, food stamps, social security disability benefits and student loan changes". Student loans wil save not only the Federal System, but a lot of Americans as well. Student loans can take a toll on a person when trying to pay them off as well as other…

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…

To the Trustees: We are writing this memorandum in response to your inquiry regarding the value of Houses LLC, having an address at 123 4th Avenue in New York, NY (“Company”). The Trusts own a majority share of Houses LLC, a real estate management company which manages a real estate portfolio held and controlled by affiliated parties. You have requested us, in your capacity of a fiduciary to the Trusts, to analyze the value of Houses LLC in anticipation of a sale to Messrs. John and Jane for a…

a.) In this income statement the operating expenses are included as opposed to the other two in which there is no operating income. b.) One of the income statement reflects a non-profit organization and the other a for profit business. You can tell because the for profit business must account for how much they think they will pay in income taxes that year, hence, one statement has a provision for income taxes. c.) Green Valleys total profit margin is the net income/revenue. Therefore the…

In the course of recent years, numerous little organizations have started to guarantee their own dangers through an item called "Hostage Insurance." Small prisoners (otherwise called single-guardian prisoners) are insurance agencies built up by the proprietors of firmly held organizations hoping to safeguard chances that are either too immoderate or excessively troublesome, making it impossible to protect through the conventional protection commercial center. Brad Barros, a specialist in the…

1. She agrees that the husband shall transfer the restaurant's name to the wife because she paid for the Restaurant, operates the business and only used his husband's name, so the restaurant should be hers. In addition, the husband took $2500 from the business account without permission, which should be returned to her; 2. She agrees that the husband shall transfer the titles of 2 cars to the Wife because the Wife paid 2 cars, but only used your client's name because she did not have credit…