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Expat Federal Taxes Article
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Birds Fly and the IRS Taxes
from:The IRS taxes the incomes of those individuals whose earnings meet or exceed the specified minimum requirement. Normally, taxes are automatically withheld from an employee's check by an employer. However, each year in April citizens must still file an individual income tax return. Depending on the total amount of earnings for the year and filing status, there will be either an underpayment or overpayment of taxes. An underpayment requires individuals to send in an additional payment when they file or make an approved payment arrangement with the IRS. An overpayment of taxes results in a refund check from the IRS to an individual. A failure to pay an amount of taxes owed results in penalties, fines or even imprisonment.
The IRS taxes corporations and other business entities as well. Just like individuals, businesses are responsible for accurately reporting their income to the Internal Revenue Service so that the correct amount of taxes can be levied. Because there are some differences in the way corporate income is reported as compared to individual income, many rely on the help of a professional tax preparer to put their financial information in order. This is to make sure the IRS taxes the right and accurate amount of income; otherwise, a business can find itself looking at an audit of all its financial records.
When the IRS taxes an individual or business, a number of systems and codes are applied based on everything from income and expenses to age and number of dependents. There are codes for singles and married couples, as well as codes for couples filing separately or as Head of Household. While these tax codes are often confusing, they nonetheless help determine the share of taxes that may be due. Deductions and tax credits are routinely offered to those with children, ongoing medical expenses or those businesses bearing the depreciation costs of equipment or advertising. All these help to lessen the tax burden on both companies and individuals.
There are other areas in which the IRS taxes individuals other than income. Federal taxes can come in the form of estate taxes, gasoline taxes or even in federal universal telephone service fees. While many do not like the idea of taxes, they are still a necessary part of life. These collected revenues help to fund the various programs and services that keep a country up and running. The arguments against taxes and how they are used have been waged since early history. Programs that help those with low incomes or disabilities receive medical care is just one of the many examples of this; interstate highways and schools are another.
Expat Federal Taxes News
Barred from voting, long-term expat Canadians fight five-year rule - Toronto Star
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Expatriates in drug violence-riddled Mexico: Stay or go? - The Courier-Journal
Expatriates in drug violence-riddled Mexico: Stay or go? The Courier-Journal Easy access to amenities such as well-stocked department stores and high-quality health care has added to the attraction, as do property tax bills that run about $200 a year. But now, these expatriates find themselves caught in the middle of a conflict ... |
Long-term expat Canadians fight voting ban - MetroNews Canada
Long-term expat Canadians fight voting ban MetroNews Canada ... TORONTO – A law stripping voting rights from more than a million expatriate Canadians who have lived abroad for more than five years should be struck down as unconstitutional, according to a legal challenge served on the federal government Tuesday. |
Change to Ballot Request Form Angers US Expats - New York Times
Change to Ballot Request Form Angers US Expats New York Times Expatriate groups say the choice is confusing and unfair, carries potential tax ramifications and could depress voting in ways that might affect close elections in November. The new form, the Federal Post Card Application, is issued by the Federal ... |
On Expats, Tax Exiles, and Eduardo Saverin - National Review Online
On Expats, Tax Exiles, and Eduardo Saverin National Review Online By Reihan Salam As regular readers might know, one of my pet causes is reforming the tax treatment of US expatriates. Back in the fall of 2010, I recorded a commentary for Marketplace that made the case against taxing income earned abroad. |