Does any one know about the Fair Tax?
Answers: There is a lot more to the Fair Tax than a 30% national sales tax. I'm not going to even argue with these people who don't even read the book but seem to think they know everything.
Read it and make your own judgement:
FAIR TAX BOOK:
http://www.amazon.com/FairTax-Book-Neal-...
FAIR TAX ANSWERING THE CRITICS:
http://www.amazon.com/FairTax-Answering-...
If you don't want to buy the Fair Tax book then you can check it out from the library. Just do yourself a favor and read it and don't let these people with their own agenda poison your mind with their bashing of the Fair Tax proposal.
See fairtax.org for info from the proponents.
In short, it's a proposal where federal payroll taxes would be abolished, and in its place what amounts to a national sales tax would be collected when you buy anything new - including food, clothes, medicine, cars, houses.. This would of course have a pretty nasty effect on the home-building industry and the auto industry - would you buy a NEW house or car if you had to pay an extra 30% over buying a used one?
The proponents say that a tax of 23% would be enough to fund the government. Opponents don't agree, and feel the % would be much higher. And even the 23%, since it's stated as the part of the total cost of an item that's the tax, is really equal to 30% being added on to what's paid now.
Each family would get a "prebate" each month to cover the tax on an amount equal to the poverty level.
This is a real good deal for the rich, since as a group they'd pay a lot less tax than they do currently. For the poor, with the prebate they might come close to breaking even - unless they are currently getting EIC or other benefits that wouldn't exist any more under this plan. The middle class would pretty much get the shaft, especially those with kids who now get child tax credits and maybe EIC.
Fair? Well, that's a matter of opinion.
It's a joke basically...
The funny thing about the fair tax is how unfair it actually is. Most people think the rich should pay more in tax than the poor... the fair tax would give huge tax break to the rich who save and or invest most of their money (i.e. are not affected by a sales tax.)
The other thing making it a joke is that the odds of a "fair" or "flat rate" tax ever being instituted are close to zero. The reason is because our tax system is how the government institiutes public policy... (i.e. wants people to buy hybrids, gives a tax break... wants people to own homes, gives them an extra deduction... wants people to invest in stocks, decreases the capital gains tax, etc to infinity.)
Tax time for consultants?
I have a full time opportunity but recently I become a consultant for a county government agency, I’m running the consulting business as a proprietorship and on my procession of work the cost of operations is minimal so taxes will slay me this year.I will appreciate need any tips or recommendation.
What is the benefit of S corporations?
Answers: Advantages of an S Corporation
1. Corporate losses can be passed through to the shareholders, and as the owner (and shareholder), you may be able to clutch the loss against income that appears on your personal return.
2. You can have the protection of set personal liability without have to pay corporate taxes.
3. You can minimize self-employment excise and FICA tax. Your profits, as a shareholder, are not tax in this deportment.
4. It's easier to raise income as a corporation than as a sole proprietorship or partnership.
You shouldn't make any decree by only looking at the advantages...in attendance are also disadvantages to setting-up and operating an S-corp.
Disadvantages of an S Corporation
1. Numerous regulations and requirements must be upheld by an S Corporation, including a limit on the number of shareholders.
2. Like a C Corporation, it can be costly to set up and follow corporate formalities.
3. Close scrutiny by the IRS of shareholder-employees, who must receive okay compensation (subject to employment taxes) before any nonwage distributions may be made to that shareholder-employee.
Good luck!
The benefits of person an S corp is your taxed as self -employed. Meaning your one and only taxed once at the self - employed charge rate.
Filing as a C corp there are different excise brackets for each increment of money. For instance these are purely figures.
$1-100 tax 10%
$100-200 taxed 15% so on and so forth
I own my own trucking company and I'm an S corp. This also go against your personal taxes. Your profit from your company you pay taxes on.
I hope this make sense.
Is Immigration medical exam payment IRS tariff refundable?
I paid $800 contained by 2007 for me and my wife for the medical exam to get I485 and that will head to work permit. Can I claim that as a toll refundable when I file for IRS taxes surrounded by 2008.Answers: It is certainly not refundable. It is deductible as a medical expense on programme A. You can only subtract medical expenses if you itemize, and even then can just deduct the cog that's over 7.5% of your adjusted gross income.
Refundable mode you'd get the complete amount back. Deductible funds it would be subtracted from your income before your export tax is calculated - your tax funds might be 10% or 15% of the total deduction, or more if you generate a lot of money and are within a high income bracket.
Like others idiots, I am writing in need an specific answer. Of course my excuse is: "They wrote first"...
But all medical bills surrounded by this country should be tax refundable for you since you money a lot of money to live and work justifiably here, and you did not vote or support the policies that messed up the health concern system. Unless you were covered by form insurance by your employer, your search is unquestionable.