Welcome to taxes Guide
Tennessee Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
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.
Tennessee Taxes News
Former Memphis businessman faces Tennessee tax charges - Memphis Commercial Appeal
Former Memphis businessman faces Tennessee tax charges Memphis Commercial Appeal The Tennessee tax charges carry up to two years in prison and a $3000 fine, while the theft charges carry up to six years in prison and a fine of $10000. Alfuqaha also faces payment of civil taxes, penalties and interest once the criminal charges are ... |
Weekly Round-Up: Sales Tax Treatment of Deal-of-the-Day Stumps SST Governing Board - Bloomberg BNA
Weekly Round-Up: Sales Tax Treatment of Deal-of-the-Day Stumps SST Governing Board Bloomberg BNA A second strategy, introduced by Nebraska, would have established a “toggle approach'' that would permit states to choose one of three tax treatment options. One of the options mirrored the Tennessee approach, but another would permit states to apply ... |
States scrimp on anti-tobacco spending - The Tennessean
 Globe and Mail | States scrimp on anti-tobacco spending The Tennessean Meanwhile, the state collected $291 million in tobacco taxes in its last fiscal year, which ended June 30. The last tobacco tax increase went into effect July 1, 2007. About 20 percent of Tennessee's 6.3 million residents smoke, according to 2010 data ... States playing cheap with tobacco control |
Iconic Murfreesboro eatery City Cafe closed for unpaid taxes - The Daily News Journal
Iconic Murfreesboro eatery City Cafe closed for unpaid taxes The Daily News Journal Just after 9 am, however, diners and employees alike were asked to vacate the business and a sign was posted on the window, designating that it had been closed by order of the Tennessee Department of Revenue, Tax Enforcement Division for uncollected ... Murfreesboro's 112-Year-Old City Cafe Seized By State |
Murfreesboro landmark City Cafe shuttered by state over unpaid taxes, owner ... - The Republic
Murfreesboro landmark City Cafe shuttered by state over unpaid taxes, owner ... The Republic AP MURFREESBORO, Tenn. — A Murfreesboro restaurant that's been a landmark on the city's public square for more than a century was abruptly closed by the Tennessee Department of Revenue for uncollected taxes. On Wednesday morning, diners and employees ... State shuts down iconic Murfreesboro cafe |