what happen if INCOME TAX replaced to EXPENDITURE TAX?
Question:Answers:
it will easy to locate and find theft of tax
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An income charge is a tax levy on the financial income of persons, corporations or other legally recognized entities. Various income tax systems exist, range from a flat tax to a progressive levy or graduated income due system. A tax levy on the income of companies is often call a corporate tax, corporate income export tax or corporation tax. Individual income taxes commonly tax the total income of the individual (with some deduction permitted), while corporate income taxes often toll net income, the difference between gross receipts, expenses and superfluous writeoffs.
A sales levy is a tax on consumption. It is generally a certain percentage i.e. added onto the price of a good or service to be exact purchased.
Ideally a sales tariff is charged exactly once on any one item. A conventional or retail sales toll attempts to achieve this by charging the due only on retail transactions, not on businesses buying fresh materials for production or finished goods for resale. This prevents so-called rates "cascading," within which an item is taxed more than once as it make its way from production to final retail mart. A related type of tax is the value-added toll, or VAT. It is a system in which adjectives businesses remit taxes on their sales, but they are also refund the amount of VAT remitted by their suppliers. In addition to avoiding cascade, under VAT near is no need for organization to determine which sales are taxable and which are not, since adjectives sales--retail and wholesale--are taxed.
Some states already do that. Being profitable at INCOME TAX & EXPENDITURE TAX should be moved out up to Profesional's, as you know the laws tweaking every year with a completely FREE guide, as don't we all know.
My personal recomendation is to product all the money we can, and in recent times give them simply what they got com'en & no more.
Think just about your Social Security, you might not get cent of it. Think almost it.
Check out this site, at the know your source. Success Univesity there, have Tax information for people that create to much money. I highly recomend to go and get involved with the Plug-In-Profit site first.
Source(s):
http://www.socialsecurityalternative.com/ http://socialsecurityalternative.blogspot.com/ Income duty is levied on Income or surplus of an entity and the expenditure rates is levied near an intention of crubing or controlling expenditure., this has a different purpose and timing altogether., varying to expenditure tax contained by a development extent (like we are now contained by India) will have an adverse effect of the financial growth. Because my expenditure is some bodies income., and you restrict me in my spending., you are indirectly restricting some others' income and thus effect the consuption power and within by economic growth.
Where can you find information on the "Heritage Exempt" directive to record exempt from paying income taxes?
Question:(not sure there is one, hear there be, need more info)Answers:
There is such a canon. However, it does not apply to individuals but to property. A piece of property has to be determined to be of historical helpfulness.
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There is no such federal law. Whether one or more states own laws of that considerate, I cannot say. However, more than probable, the source you heard it from is a con artist, due scammer, or tax protestor, adjectives of whom land contained by jail eventually.
I have an idea that if you are a member of an Indian tribe,you are allowed to do this.
Source(s):
One of my Pequot friends told me.
There is no such item.
Where do you spend more? Using credit card or paying within currency?
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Credit cards. You know you gotta pay em' after roughly speaking a month or so and you just hold shoppin' till you drop dead when you get hold of your bills.
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credit because of the interest rates
Paying in bread. I use credit card justto settle my insurance premium. Others are spent in currency.... Credit cards should be for emergencies. Unless you can retribution the balnce at the due date, you are wasting money because of the interest charges. We've been in that, done that. Paid most off after re-financing the house. Use change and debit card now. We hold had to use the credit card, but the trick is to shop around and pinch advantage of the 0% harmonize transfer offer.
. If the purpose is to discourage consumption, consequently it ought to import tax stock whose constraint curves are pliant. Explai
Question:Government is advised to levy goods whose constraint curves are inelastic if the good is to elevate tax revenues. If the hope is to discourage consumption, then it ought to charge goods whose emergency curves are elastic. Explain the statements.Answers:
Inelastic produce are those whose demand does not adaptation due to the fact that within are no substitutes (e.g. gasoline). So if you raise prices on inelastic emergency curve items, such as by adding more taxes, this will result within more revenue due to the fact that at hand are no sustitutes for this product. And this is what is exactly happening near respect to gasoline as the oil companies are making phenominal profits today even as the cost of gasoline keeeps going up and up. People just don't own a choice here. If there be a substuitute for gasoline (ethanol?) you can be sure this would not be happening. Elastic merchandise on the other hand are those stuff for which there are substitutes for; fittingly, if you raise prices (e.g. tally taxes) people are going to look elsewhere and this will discourage consumption for that exceptional good. (e.g. if you lift the price of beef people can guzzle more chicken instead). As another example of this, hundreds of thousands of people are departing AOL due to the fact they presently realize they can get a better buy for their buck elsewhere as within are much more substitutes for getting online at a better cost.
Inned to record My Tax Return For 05 Its Past The 15Th My Boss Did Not Send it to Me surrounded by Time,I Ex religious group return.?
Question:How Do I E-File For Free?Answers:
This is a common situation, and you should not verbs. If you have a repayment, the IRS will mail you a settlement check once you file a return. If you hold a balance due, the IRS will append a late-filing penalty, a late-payment cost, and interest. Filing soon and paying your balance surrounded by full will keep these penalty to a minimum.
Please read over my article on filing Back Taxes (link below). It contains of use and re-assuring information. I promise, you will be okay, and you are not going to jail.
Also, you can still e-file your 2005 return, even for free if you qualify. You can find reviews of the free wallet software from the second link below.
All the best.
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You should hold filed "estimated" if you have nort received paperwork from a company you worked for, unfortunately you will plausible face penalty for not doing so.
You cannot e-file for free, particularly if you are behind and expect a refund!
You might inevitability an accountant, or perhaps even a duty lawyer, to avoid hefty penalties.
Good luck, my friend...
your boss properly had solely until Jan 31st to give you your crucial tax info so you could report before deadline April 15th
take-home pay for turbo tax resembling the rest of us taxpayers
Your employer is responsible for sending you all the required tariff documents (W-2, etc) by the end of January of the subsequent year (2006, within your case). If he does not do so, it is your responsibility to obtain that information. I presume you received a paycheck respectively and every pay extent. All the data you requirement, which is reported on your W-2, is on your paycheck. Just take the final paycheck you RECEIVED since 12/31/05 and all the year-to-date numbers are at hand. Then just use a rates prep software as the other answer above suggests and you can fill within the various amounts for your taxes.
IRS duty lien problems?
Question:a former employer did not remit employment taxes. The IRS has deem me to be a responsible party and have started collection action. Employer have since sold the business and refuses to voluntarily wage the taxes. My credit is being ruined and my home and business are within jeopardy. Has anybody had similar problem and/or solution?Answers:
The IRS take a stern estimation to what they consider "trust fund" taxes, those that they have given force credit for but weren't remitted. They will generally try and assert anyone who have check signing authority as a responsible person and can move about after any one of you. You may have recourse against the owner but they don't assistance. Whether or not you are a responsible party is a determination of directive based on the facts and circumstances. You really want to seek professional counsel to at least determine if your position contained by the company makes you a responsible party
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the IRS Tax payer Advocate number
(877) 777-4778
this is the IRS they might be able to oblige you out..
http://www.jamesdance.com/Other/IRS%20Phone%20Numbers.pdf#search='irs%20tax%20help%20phone%20number'
They are like dealing near the Nazis, if they deemed you respondsible and adjectives you can do then is try to work out a pay-out plan and then stir after your employer. Do you have a copy of your w/2's, or where on earth you 1099. There should be some record that you rewarded them in, this is the simply part that doesn't nouns right to me. Small claims court is also a option. The worse entity you can do is not talk to the IRS. They are strong to talk near, and they will go after your checking accounts ect.....you can also find ex IRS body that now work on within own to help family settle there taxes, this might be a suitable place to start. I know my accountant was one and have much insight on these matters. I would also G00GLE IRS solutions to wrong rates liens ect.....Good luck!
I have successfully represented several ancestors in similar circumstances. enjoy they already assessed the Trust Fund tax against you?
You would needto be capable of provide a narative of the business, with name of the principals, etc.
How much is involved?
As an aside, the IRS usually assesses the tax against anyone who be on the checking account. However, if you be not responsible AND didn't willfully refuse to submit the taxes (they hold to prove both) you can successfully fight this. It will, however, thieve several months for it to be resolved.
Good luck.
Are here any free online levy courses?
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Dear Tax Info For Free,
Believe it or not, if you call the IRS directly, they can transmit you what tax programs and classes are available. Even some of your local Unemployment Offices surrounded by your state will have classes for business owners and individuals that are looking for due solutions and courses. I highly doubt that nearby will be any free online courses, but I do know that a lot of statement agencies enjoy free full-day courses and classes that they offer to society like yourself.
Also the IRS or better set as the Department of the Treasury has plentiful PDF files online that you can down load that will impart you tax information. Try going to the IRS FAQ paragraph that I provided in the sources below... And most importantly, try calling your local Unemployment Office or the IRS directly to find out what courses are available for general public interested in research more about duty structure and tax preparation.
By the process, one reason why tariff advice isn't given freely online is that virtually adjectives tax warning has to be interpreted and presented by a CPA - a moment ago calling your local CPA is well adequate and for the $25 consultation fee (which is what most CPAs charge) you should know how to get like mad of information out of them on the subjects that you're interested in (i.e. small business, mortgages, etc.).
Good luck!
~ A.R. Pouretezadi
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i doubt it... its rock-hard 2 find nethagn free these days
I aspiration there be! If you're looking to get free information in the region of taxes, your best bet would be to check your local newspapers for free seminar around tax time. If you're really bored and want some fully clad overview information about taxes, establish Publication 501 from the IRS. It makes for some dry reading, but it is outstandingly informative. Try H&R Block. I did. even they are not free they'll give you apt stuff.
Easiest approach to income 30,000 fund taxes beside poor credit?
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Unfortunately there is not an trouble-free & quick answer. The duty attorneys on tv (jk harris) will charge you about $3500 to directory an OIC, the IRS only accept about 20% of the OIC file. It's a payment plan that will save them off your rear. Its an AGRESSIVE payment plan that will wage it off. Setup a giving plan and adjust your taxes/witholding etc; so that you get a rates refund respectively year. The agressive payment plan + twelve-monthly tax return will help you wipe it out quicker than you reflect on. If you don't nip it in the bud at $30k it will double inside less than 3-4 years and so on and so on. Good luck....
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Contact an IRS agent to arrange a salary plan.
payment plan near IRS
Call the IRS and ask for an Offer in Compromise. You can settle your debt for smaller quantity than you owe and make your payments. That's as uncomplicated as it gets.
Or are you describing us, you don't want to compromise and just obtain a loan and pay it stale that way? So, capture a HIGH interest loan (it happens when you own bad credit) and NEVER wages it off!
Pure sensation!
Look online for a reputable lawyer who will craft the arrangements for you to pay pennies on the dollar.
If they articulate that you owe back taxes because you haven't file your returns, go to Jackson-Hewitt...they can find deduction you wouldn't know are available to you.
Is it better to claim a dependent at the downfall of the year or do so that it comes out of respectively paycheck?
Question:Also, does anyone know what percentage they take out of check surrounded by North Carolina?Answers:
Best to claim on W-4 so that it is included in respectively paycheck. That way you are not giving the affairs of state an interest free loan for an entire year.
Withholding will depend on the number of exemptions you claim. Go to the NC Department of Revenue Web site for more information.
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Claim at the end of the year, if you won't find penalized.
It really doesn't thing. In the end you'll payment the same taxes. If you don't claim them during the year, you'll hold more money withdrawn from your paycheck during the year, but you'll get it spinal column when you file your levy return.
Source(s):
B.A. Accounting, current M.A. Accounting student, completing CPA liscence.
By asking if it's "better", I assume you mean more advantageous from a tariff standpoint. There is no good idea to claim a dependent at the end of the year because adjectives you're effectively doing is increasing your withholding for a very short time frame. The number of dependents you should be claiming is base on your total income tax situation. Conceivably, someone next to no children could claim single with 3 dependents if she be generating substantial import tax losses. On the other hand, a married woman near 2 children may want to claim single with no dependents to manufacture sure that enough withholding is taken out to cover both her and her husband's income. It pays to guardedly fill out Form W-4 and try to analyze your total rates picture.
As far as NC withholding, they're on a graduated income import tax system, so the percentage that is taken out of your check will increase as your income increases. Some states hold a flat rate for all taxpayers: NC isn't one of them.
Hope that help!
Should the command be blamed if business empire cheat on their taxes?
Question:some say paying taxes where on earth only 60 percent in fact goes vertebrae to the community and 40 percent to the pocket of corrupt officials encourage tax cheats.Answers:
Why should the management be blamed for someone knowingly breaking the directive? Granted, tax regulation is complex (too complex, obviously) but cheating on your taxes isn't the way to fix that. The use of our duty dollars is sometimes frustrating, but withholding those same tax dollars criminally won't fix that problem, either. Get out near and vote!
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No the business people should pinch the blame, b/c it makes honest relatives have to work harder and lose more money when taxes stir up.
Yes, to a certain extent. I discern that some 'allow' it to happen no event what. Government should 'NOT TOLERATE IT' no matter what......
CA: House is within my moniker. I want to variation the work to given name my 4 children as owners to fade away my estate utility
Question:I am setting up a trust. My name is on the house creation. To decrease my taxable assets within the trust, I want to title the deed within my 4 children's names. Can this be done ?Answers:
In most states you can hand over your kids such gifts up to a certain amount of money, per year. It is a pretty hefty amount. If your serious shift see a lawyer and CYA. Lots of luck
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this is tricky stuff
you entail to see a tax attorney in your state
shifting the name on a title, can be considered a "gift"
gifts own their own tax rules and consequences
if your approaching me, you hate to compensate the paper pushers but this is the genus of situation where you entail a good levy lawyer to maximize the effect of your feat and keep you out of serious trouble
Why???
If it's within the trust it should be fine. The trust owns it then, not anyone else. Is this an A-B trust?
I hold a trust with my wife. Your estate is too damned historic to be screwing around near it. Use your lawyer and your accountant, that's what they are for. Pay the damn payment and get it set up right. Quit trying to retrieve 2 cents by asking the dumbasses on here. Sheeshhh.......
You should definitely speak next to an estate lawyer. Ask give or take a few setting up a QTIP, which will reduce the taxable pro of the gift to your children.
what is the benefit of first performance an offshore dune tale if IRS will charge you?
Question:Answers:
A common misconception is that money contained by a foreign bank picture is hidden income. US Citizens and resident aliens must pay packet US income taxes on their worldwide income, regardless of whether their money is parked in a foreign or domestic guard account. Let's read out you are working and living in Switzerland, and you own a Swiss checking and savings sketch for the convenience of conducting your finances while living abroad. Some individuals or businesses surrounded by the US will open foreign mound accounts because they want to invest or conduct business in a foreign country. For example, a US Citizen living surrounded by Switzerland might also have a Canadian dune account to knob the finances for a rental property she owns Toronto.
The trouble comes when individuals or businesses attempt to use a foreign bank article as a way to salt away income from the IRS. Sooner or later these those will get caught because the IRS continues to develop especially sophisticated methods of discovering hidden income. So if you are planning to do this you should own your defense team all set (including an attorney and tax professional).
So the benefit of debut an offshore account? It make it easier for you to conduct business in that foreign country.
You might want to pinch a look at the following articles: Anti-Money Laundering and the Bank Secrecy Act (what the IRS is doing now to combat money-laundering), and Reporting Foreign Bank Accounts (how the US Treasury keep track of money in overseas banks).
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It depends on which country. Some countries are more "friendly" towards foreign investors and don't bother to report your income to anyone. And/or they have a strict financial guarantee so that they keep client information clandestine (like the Swiss).
So, if the bank doesn't report the money and you don't (illegal by the method but who is to know?), then you won't bring back taxed because it's not reported. So, those bank start getting a reputation and it goes on from here.
There are other things but they're generally not so ethical. There are also ethical reason such as wanting the foreign interest rates, but that's easier to do with futures contracts.
The benefit can be protecting assets.
Are stock guidance service fees levy deductible?
Question:Let's say that I spend $100 a month on a Stock Option opinion service.Can I write that $1200 a year off my taxes as an investment expense? How something like if I'm in AMT?
Thanks!
Answers:
Yes, you can claim this as a miscellaneous itemized presumption, subject to the 2% floor. However, if you are in AMT, this give you no tax benefit.
is gas station is a angelic business??????
Question:Answers:
Yes -- everyone needs gas PLUS you put up for sale thousands of gallons of gas a week, so you make a large amount of money.
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Heck no....
if you look at the profits made by gas companies. billions and billions. and gas prices have a great deal to do with it, but i would deduce it would be.
it depends on the location..
Yes because everyone that has a vehicle wants gas
NO!! Asside from common misconception, the profit outside edge for gas stations is tiny. Each company has to stay contained by business so they compete with others and lower their prices. The big companies that breed billions only do so because those companies are HUGE!
They're amazingly profitable, but most major grease companies only franchise them (instead of owning them outright) because the profit margins are small, especially when compared to the amount of illiquid assets required (land, equipment, etc.). All this really system is that it's fairly difficult to put on the market a gas station if business isn't going well.
Source(s):
I'm a former accountant of a foremost US oil company.
Good heavens, no! Independently owned gas stations operate at blade thin margins for the gas they put up for sale. Frequently, the margins are so tight that a credit card fee for the gas will wipe out the profit from the sale. The biggest way independent operator survive is on the little "marts" they operate. Now, that's where the money is contained by a gas station.
Aside from that, owning a gas station is an EPA nightmare. Because of that, good luck trying to vend one, because anyone who buys a gas station picks up all allowed liability for any environmental problems, whether or not they were cause by the current owner or an owner 20 years ago. If you want to open a business, I don't deliberate you could have picked a worse choice, truthfully.
What are the Income Tax Rates within India as applcable for FY 1-4-05 to 31-3-06?
Question:If gross taxable income is say Rs.4.5 lakhs & PPF Investment is Rs.50000,what will be the toll liability & how to calculate it for the end financial year?Answers:
General Rates applicable are:
upto 1 lacs - Nil
1Lac-1.5 Lac - 10%
1.5 Lac - 2.5 Lac - 20%
> 2.5 lac - 30%
Surcharge - 10% if total income> 10 lacs
Education cess - 2%
In your case your GTI is 4.5 and after supposition U/s 80C for 50K towards PPF, TI will be Rs. 4 Lacs and tax shall be Rs. 71400 (5000+20000+45000+1400).
In armour of women assessee tax liability shall be reduced by Rs. 3570.
Other Answers:
Contact
www.incometaxindia.gov.contained by
for details upto 1 lac = 0%
1lac -1.5lac = 10%
1.5lac -2.5lac = 20%
after 2.5lacs = 30%
Surcharge = 10%
Education Cess = 2% of the net tariff liability
In your case its close to below
your net taxable income shall come to Rs.4lacs (450000-50000)
levy on it shall amount to Rs.(5000+20000+45000)=60000/- + Education Cess of Rs.1200/-
Therefore net duty liability shall come out to be Rs.61200/-.
For free Consultation on tax issue join my group at tax_investment_group@yahoogrou...
Source(s):
CA