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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.
Taxes News
Illinois House approves $1-a-pack cigarette tax increase - Chicago Tribune
 IGNN | Illinois House approves $1-a-pack cigarette tax increase Chicago Tribune SPRINGFIELD --- The Illinois House today approved a $1-a-pack cigarette tax hike to generate money for health care coverage for the poor. The 60-52 vote by the House, which has in the past rejected cigarette tax hike proposals, came a day after ... Illinois House approves higher cigarette tax |
GOP showing small shifts on taxes - Washington Post
GOP showing small shifts on taxes Washington Post Of the 242 Republicans serving in the House of Representatives, all but six have signed the the anti-tax pledge that has emerged as a key enforcement mechanism of the Republican orthodoxy on taxes. But now, an increasing number of Republicans running ... |
New Taxes for 'Renouncers'? - Wall Street Journal
New Taxes for 'Renouncers'? Wall Street Journal By LAURA SAUNDERS After it was disclosed that Facebook co-founder—and billionaire—Eduardo Saverin escaped millions of dollars in US taxes by renouncing his citizenship before the company went public, Sens. Charles Schumer (D., NY) and Bob Casey (D., ... |
Analysis: Property taxes give NY Westchester edge over peers - Reuters
Analysis: Property taxes give NY Westchester edge over peers Reuters One secret lies in Westchester's higher and steadier stream of property taxes, analysts say. Rockland County, which lies north of New York City and has a population just one third that of Westchester, and larger Nassau and Suffolk, which lie east of ... Reuters: Westchester's AAA credit rating supported by higher property taxes |
NJ tax cut plan scrutinized due to slowed growth - BusinessWeek
 WNYC | NJ tax cut plan scrutinized due to slowed growth BusinessWeek Chris Christie has been touting and the viability of the 10 percent income tax cut he has proposed. Christie wants to close the current year's budget gap by borrowing against the state's transportation capital fund, reducing salary increases and ... The Politics of the Budget: For Christie, Any Income Tax Cut Will Do Gov. Christie standing by his plan to cut income taxes, rejects arguments NJ ... Tax cuts may be in jeopardy |