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If you choose to make a monetary donation, do so by check rather than cash. A check leaves an appropriate paper trail. Since charitable contributions are tax deductible (most times) you will need proof for your taxes that you actually give to the charity in question and in the amount you are claiming. If you do donate cash, get a receipt from the charity to help you at tax time.
Published by Ram Swaroop Bhavanasi 67 months ago in Tax & Taxes | +0 votes | 0 comments
Tax payers are never sure whether the taxes for the coming year will be lowered ,maintained or increased. Also one is not sure whether allowances,deductions and rebates already existing will continue or whether some additional benefits will be granted.However, with proper planning an individual can take advantage of the various tax exemption benefits that are available , thereby reducing the tax one has to pay..
Published by Kiran 71 months ago in Tax & Taxes | +0 votes | 0 comments
Millions of Americans will get a tax refund this year, and many have made plans on how to spend the additional money. Bills, debt, vacations, and a new car are the typical things the refund will be spend on. Why not invest it in your own or your families future? The return on such an investment can be higher than you ever imagined possible.
Published by Andrea Turman 71 months ago in Tax & Taxes | +0 votes | 0 comments
Electronic Receipts, Electronically Saved Documents, Photographed, Digital or Scanned Receipts can be accepted by IRS for Tax Audit Purposes provided they are stored and electronically saved according to the requirements of IRS. Filing system must be well organized in order to easily retrieve the necessary documents if Tax Audit arises.
Published by Jeanette Dolotina 71 months ago in Tax & Taxes | +0 votes | 0 comments
There is good news for taxpayers that can't afford to pay their tax balance by April 17th. The IRS has announced that they have implemented more help for struggling tax payers. These benefits will make paying your tax debt a little less stressful and will give you a chance to keep your head above water in these hard economic times.
Published by Jamie Myles 72 months ago in Tax & Taxes | +0 votes | 0 comments
The rate of income tax varies in different countries depending on the income, country, economic policies etc. It is also differing in case of persons with businesses. Generally all countries are charging income tax. The tax collected is used for the welfare of the people. But certain countries are not imposing income tax on their people. The following is a list of countries that do not collect income tax:
Published by valli sarvani 73 months ago in Tax & Taxes | +0 votes | 0 comments
Factors Governing Taxable Capacity The fact is that the taxable capacity is not rigidly fixed. It is a moving point. It is relative to so many factors that any change in any of them is bound to change our estimate about the taxable capacity of a nation. Findlay Shirras gives the following factors which determine the taxable capacity of a nation.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
What do you mean by taxable capacity? The perception of taxable capacity has racked the brains of not a few economists and publicists. Dalton describes it "a dim and confused conception". Findlay Stirras, on the other hand, thinks that it is of great practical importance. "It is always wise and useful," he says, "for a government to know even roughly the limit that the country can contribute by way of taxation both in the ordinary and extra-ordinary circumstances."
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
Advantages and disadvantages of Indirect Taxes Advantages of Indirect Taxes Indirect taxes have advantages of their own. Briefly speaking they are as under:— 1. They are the only means of reaching the poor. It is a sound principle that every individual should pay something, however little, to the State. The poor are always exempted from paying direct taxes. They can be reached only through indirect taxation.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
Advantages and disadvantages of Direct Taxes Advantages of Direct Taxes Direct and indirect taxes have advantages of their own. Direct taxes have some merits and so have the indirect taxes. Direct taxes have the following advantages in their favor: — 1. Equitable. The burden of direct taxes cannot be shifted. Hence, equality of sacrifice can be attained through progression. Of course, the very low incomes can be exempted.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
Meaning of direct taxes and indirect taxes Meaning of direct taxes A tax is believed to be a direct tax when it is not anticipated to be transferred to any other individual. The individual who compensates it in the first case is also anticipated to bear it. Therefore, the effect and the prevalence are on the same individual. An instance of a direct tax is income-tax. The man who shells out income-tax has also to bear it.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
(b) A turnover tax at each stage of production adds to the .price of the commodity at the final stage, and is, therefore, borne by the ultimate consumer. In the case of raw materials, it adds to the cost of production and raises the prices of manufactured goods. Such a tax is said to discourage trade and industry, and hence its incidence may be much widespread due to its adverse effects on trade and industry. It may create unemployment and thus make the workers suffer.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
Incidence of a Commodity Tax The degree to which the tax will essentially be transferred will depend upon the character of supply and demand curves. If demand is not flexible, as is the instance with the necessities of life, the citizens have to purchase the goods. The manufacturer will be in a better situation and more or less the total weight of the tax will be transferred on to the customer.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
Importance of Incidence of taxation The study of incidence is very important. The tax system is not merely aimed at raising a certain amount of revenue, butt the aim is to raise it from those sections of the people who can best bear the tax. The aim, in short, is to secure a just distribution of the tax burden. This obviously cannot be done unless an effort is made to trace the incidence of each tax levied by the State.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
Meaning of Incidence of taxation The problem of the incidence of a tax is the problem of who pays it. Taxes are not always borne by the people who pay them in the first place. They are sometimes shifted on to other people. Incidence means the final resting place of a tax. The incidence is on the man who eventually shoulders the money load of the tax.
Published by Niitesh Mundra 73 months ago in Tax & Taxes | +0 votes | 0 comments
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