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Topic: Income tax

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In the News (Mon 22 Apr 19)

  Income Tax Problems - Income Tax help - Income Tax Return Help - Income Tax Relief
If you're having income tax problems it may well be time to consider having a tax return professional provide you with assistance in completing your income tax return.
Then when they try to complete their income tax return they find that they are missing forms, do not understand how to complete the forms, or just find it too complicated to complete their income tax return.
Your tax return will be completed accurately, follow all of the laws required by the income tax act, and you will be sure to pay the minimum amount of tax that is required by the law.
www.citizenstaxrelief.com /income-tax-problem.php   (470 words)

The Central Board of Direct taxes have extended the last date of filing of income tax returns due by 31-October-2007 to 31-December-2007 in the state of Bihar in view of the disruption caused by floods in the state.
The Central Board of Direct Taxes have further extended the last date of filing of income tax returns due by 31 July 2007 to 15 September 2007 in the state of Bihar in view of the continued disruption caused by floods in the state.
The Central Board of Direct taxes have extended the last date of filing of income tax returns due by 31st July 2007 to 16th August 2007 in the state of Bihar in view of the disruption caused by floods in the state.
www.incometaxindia.gov.in   (4008 words)

 Income tax - Wex
While some states do not have an income tax (Nevada), all residents and all citizens of the United States are subject to the federal income tax.
In 1985 for example, the government collected over $450 billion in income tax from a total of $742 billion in total internal revenue receipts.
"Gross income" can be generaly defined as "all income from whatever source derived;" a more complete definition is found in 26 U.S.C. § 61.
www.law.cornell.edu /topics/income_tax.html   (387 words)

Tax file number quoted for superannuation or surcharge purposes taken to be quoted for purposes of the taxation of eligible termination payments 202DHA.
Tax file number quoted for RSA purposes taken to be quoted for purposes of the taxation of superannuation benefits 202DJ.
Tax file number quoted for purposes of taxation of superannuation benefits taken to be quoted for surcharge purposes Division 4A--Quotation of tax file numbers in connection with farm management deposits 202DK.
www.austlii.edu.au /au/legis/cth/consol_act/itaa1936240   (6286 words)

  U.S. Treasury - Fact Sheet on the History of the U.S. Tax System
Proposals to reinstate the income tax were introduced by Congressmen from agricultural areas whose constituents feared a Federal tax on property, especially on land, as a replacement for the excises.
Driven by the war and largely funded by the new income tax, by 1917 the Federal budget was almost equal to the total budget for all the years between 1791 and 1916.
During this time, the income tax was not indexed for inflation and so, driven by a rising inflation, and despite repeated legislated tax cuts, the tax burden rose from 19.4 percent of GDP to 20.8 percent of GDP.
www.ustreas.gov /education/fact-sheets/taxes/ustax.shtml   (5631 words)

  Income tax - Wikipedia, the free encyclopedia
The income tax was first implemented in Britain by William Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic wars.
Pitt's income tax was levied from 1799 to 1802, when it was abolished by Henry Addington during the Peace of Amiens.
Originally it taxed a person's income regardless of who was beneficially entitled to that income, but now a person only owes tax on income to which he or she is beneficially entitled.
en.wikipedia.org /wiki/Income_tax   (1356 words)

 Negative income tax - Wikipedia, the free encyclopedia
A negative income tax would replace the current progressive income tax system used throughout most of the western world.
The negative income tax has come up in one form or another in Congress, but Friedman opposed it because it came packaged with other undesirable elements antithetical to the efficacy of the negative income tax.
Some critics of the negative income tax contend that, in effect, such a scheme is a subsidy given to employers of low-qualified jobs, absolving them of the responsibility to adequately pay their workers.
en.wikipedia.org /wiki/Negative_income_tax   (708 words)

 1861-1865: The Civil War
Lawmakers considered a tax on slaves to be a direct tax, constitutionally permissible only after an apportionment on the basis of population.
It instituted stamp taxes, value added taxes on manufactured goods and processed meats, inheritance taxes, taxes on the gross receipts of corporations, banks, and insurance companies, as well as taxes on dividends or interest they paid to investors.
Taxes were withheld from the salaries of government employees as well as from dividends paid to corporations (the same method of collection later employed during World War II).
www.tax.org /Museum/1861-1865.htm   (2628 words)

 Tax Protester FAQ
The federal income tax is unconstitutional because it is a "direct tax" that must be apportioned among the states in accordance with the census.
The court decisions against tax protesters are all rendered by ignorant, corrupt judges who have a vested interest in maintaining the status quo because their salaries are paid by the income tax and they are not going to bite the hand that feeds them.
Tax protesters (and white supremecists) also argue that the phrase "subject to the jurisdiction thereof" excludes those born within the states of the United States because only those born in the District of Columbia and the territories of the United States are "subject to the jurisdiction" of the federal government.
evans-legal.com /dan/tpfaq.html   (17318 words)

 The Income Tax: Root of all Evil, by Frank Chodorov
Income taxation has made of the United States as completely centralized a nation as any that went before it; the very kind of establishment the Founding Fathers abhorred was set up by this simple change in the tax laws.
Reinforcing the prohibition of a direct tax is the requirement that taxes shall be levied in proportion to the population.
It is true that despite heavy income taxes men will try to keep up their standard of living by greater productive effort; but there comes a point where "what’s the use?" impels them to adjust themselves to a lower standard of living.
www.mises.org /etexts/rootofevil.asp   (9099 words)

 Income tax   (Site not responding. Last check: )
Tax reliefs for self-employed people and people who have an income but are not working are taken into account by HMRC when assessing tax each year, once it has received the taxpayer’s tax return.
Confirmation of the interest earned in each tax year and the income tax deducted, must be provided by the bank or building society free of charge to you, the saver, if you ask for it.
Tax may have to be paid to HMRC direct by Self Assessment where the full liability was not, or cannot be, met by deduction at source.
www.adviceguide.org.uk /index/life/tax/income_tax.htm   (2019 words)

 FL Dept Rev - Florida's Corporate Income Tax
Florida corporate income tax liability is computed using federal taxable income, modified by certain Florida adjustments, to determine adjusted federal income.
The tax due is whichever amount is greater: the regular Florida corporate income tax or the Florida AMT.
Generally, the Florida corporate income tax return is due on or before the first day of the fourth month following the close of the tax year or the 15th day following the due date, without extension, for the filing of the related federal return, whichever is later.
www.myflorida.com /dor/taxes/corporate.html   (1206 words)

 History of the Income Tax in the United States — Infoplease.com
The withholding tax on wages was introduced in 1943 and was instrumental in increasing the number of taxpayers to 60 million and tax collections to $43 billion by 1945.
The tax reduction, however, was partially offset by two tax acts, in 1982 and 1984, that attempted to raise approximately $265 billion.
Along with that tax hike, Congress passed a cornucopia of tax breaks, which for individuals included an option to deduct the payment of whichever state taxes were higher, sales or income taxes.
www.infoplease.com /ipa/A0005921.html   (1215 words)

 Income Tax Act
B is 15% of the amount, if any, by which the individual's income for the year would exceed $26 284 if no amount were included in respect of a gain from a disposition of property to which section 79 of the federal Act applies in computing that income.
E is the tuition and education tax credits transferred for the year by the individual to the individual's spouse, common-law partner, parent or grandparent.
(b) a provision of an income tax statute of an agreeing or non-agreeing province that is similar to section 4.3 or 4.65 of this Act.
www.qp.gov.bc.ca /statreg/stat/I/96215_01.htm   (8116 words)

 U.S. Income Tax Burden
For purposes of ranking by adjusted family income, income for each family is divided by the poverty threshold for a family of that size.
Federal excise taxes are distributed to families according to their consumption of the taxed good or service.
Corporate income taxes are distributed to families according to their share of capital income.
www.allegromedia.com /sugi/taxes   (773 words)

 Utah Income Tax – FAQ   (Site not responding. Last check: )
The State Tax Commission accepts an offer in compromise to settle unpaid accounts for less than the amount owed when doubt exists as to whether you owe the liability or when there is doubt that the liability can be collected in full and your offer reasonably reflects collection potential.
Utah law does not allow a refund if the taxpayer does not file a tax return and claim for refund or credit within three years from the due date of the return (plus the extension period), or within two years from the date the tax was paid, whichever is later.
Since Utah income is based on federal adjusted gross income, claim the NOL by filing an amended Utah return for the year(s) an NOL is also claimed on the federal return(s).
incometax.utah.gov /topics_faq.php   (1423 words)

 Negative Income Tax, by Jodie T. Allen: The Concise Encyclopedia of Economics: Library of Economics and Liberty   (Site not responding. Last check: )
If income for NIT purposes is measured over a year, as in the positive tax system, families in great, but temporary, need may be denied benefits.
If the accounting period is shorter, say a month, as in the welfare system, and income reporting procedures are lax, potential costs and caseloads might be as much as 70 percent higher than those predicted by the annual income-based models used to estimate the costs of FAP and its early successors.
The income accounting and reporting analysis—backed up by an HEW administrative experiment in cooperation with the Denver welfare department—also drew attention to the fact that many negative tax participants cheat on income reports.
www.econlib.org /library/Enc/NegativeIncomeTax.html   (2124 words)

 Multnomah County Personal Income Tax
There is NO ITAX for tax year 2006.
The Multnomah County Attorney's office filed its first lawsuits with the Multnomah County Circuit Court against individuals who have not paid the County's voter-approved temporary income tax for 2003.
In preparation for the end of the county income tax and the ongoing fiscal structural deficit, a budget priority setting process is underway.
www.co.multnomah.or.us /tax   (244 words)

 Germany Info: Business & Technology: Tax Information
For married taxpayers filing jointly, the tax is twice the amount arrived at by applying the formula to half of the married couple's joint taxable income.
Their profit or loss is attributed directly to the partners and taxed as personal income in the case of individual partners or as corporate income in the case of corporate partners.
In the case of business income the trade tax is to be credited against the income tax of the partners.
www.germany.info /relaunch/business/taxes/german_tax_income.html   (578 words)

 Individual Income Tax
The individual income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.
Enacted in 1929, this tax was originally called the Hall income tax for the senator who sponsored the legislation.
Persons over 65 with total income less than $16,200 for a single filer or $27,000 for a joint filer are exempt.
www.state.tn.us /revenue/tntaxes/indinc.htm   (102 words)

 Federal Income Tax Calculator for 2005
A Previous Year “Federal Income Tax Calculator” is available to non-subscribers “free of charge” so you have an idea of the easy to follow format.
Tax Advice for each line-item component, Standard Deductions and Tax Rates reflect the IRS allowances for the calendar year 2005.
The federal income tax calculator provides tax advice for each of the line-item components and a computation of your current year tax.
www.fredbien.com /canat113.html   (412 words)

 Oklahoma Income Tax Information
In the case of resident individuals having income from sources both within and without the State of Oklahoma, the standard or itemized deductions and personal exemptions will be reduced to an amount which is the same portion of the total of Oklahoma AGI to Federal AGI.
A corporation having an election in effect under subchapter S of the Internal Revenue Code shall not be subject to the Oklahoma income tax on corporations, and the shareholder shall include in their taxable incomes their proportionable share of the distributive income.
To avoid the Underpayment of Estimated Tax Interest, timely filed estimated tax payments and withholding (if applicable) are required to be equal to the smaller of 70% of the current year tax liability or 100% of the prior year tax liability.
www.oktax.state.ok.us /oktax/incomtax.html   (966 words)

 Income Tax Help
On your income tax return for, say, the year of 1998, you may claim all medical expenses for any consecutive 12-month period ending any time within the calendar year of 1998.
The contributor does not get a tax deduction for contributions to a RESP but the earnings of the plan are not taxable until the child cashes in the plan and then the child reports the proceeds as taxable income.
If your income this year is higher, you may well drop into a lower tax bracket next year and pay much less tax on it then as compared with now.
www.sticksite.com /taxtips.htm   (6662 words)

 Personal Income Tax
The tax is based on the New York State personal income tax and is administered and collected for the City by the New York State Department of Taxation and Finance.
As with federal and state tax, the City personal income tax is graduated, based on the filer's income.
In addition to the basic tax, the City, like the State, imposes an add-on minimum tax on the same tax preference items as are subject to the State minimum tax, at a rate of 2.85 percent.
www.nyc.gov /html/dof/html/business/business_tax_nys_income.shtml   (922 words)

 Individual Income Tax
The Illinois Income Tax is based, to a large extent, on the federal Internal Revenue Code (IRC).
The requirements are similar to federal income tax procedures, including withholding and payment of estimated tax.
Farmers (i.e., individuals who receive at least two-thirds of their total federal gross income from farming)and persons 65 years of age or older who were permanently living in a nursing home during the year are not required to make estimated payments.
www.revenue.state.il.us /Businesses/TaxInformation/Income/individual.htm   (524 words)

 Income Tax Withholding   (Site not responding. Last check: )
Employers must withhold federal income tax from each wage payment made to their employees.
To calculate withholding tax correctly, the employer must know the frequency with which wages are paid.
The wage bracket tables indicate the exact amount to be withheld, while the percentage tables show an amount plus a percentage of the excess over a certain figure.
www.awwa.org /Sections/Sectionlibrary/FederalIncomeTax.cfm   (232 words)

 Tax Preparation - TurboTax   (Site not responding. Last check: )
When you're ready to prepare your income tax return using TurboTax software, you'll be surprised how much time you will save by organizing your information ahead of time.
This is an invaluable tax preparation resource as you prepare your income tax return and helps you clearly see where your money goes each year.
This income tax preparation checklist is divided into relevant categories to help you organize your tax information.
turbotax.intuit.com /tax_help/income_tax_preparation_checklist_turbotax/article   (1269 words)

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