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10 Jun 2016, 11:19 am
Taxable income also increased appreciably by 8 percent to $6.9 trillion in 2014, as did total income tax, which rose by 10 percent to $1.4 trillion. [read post]
15 Jul 2021, 9:55 am by Kevin Kaufman
In 2021, 11 states have enacted laws to reduce their income tax rates, with 10 reducing individual income tax rates and five reducing corporate income tax rates. [read post]
20 Aug 2021, 11:02 am by Kevin Kaufman
Source: Internal Revenue Service, “Statistics of Income Tax Stats Table 1.4—All Returns: Sources of Income, Adjustments, and Tax Items. [read post]
23 Jul 2021, 12:40 pm by Kevin Kaufman
The individual income tax was transformed into a competitive rate flat tax, while franchise tax liability was reduced and the sales tax base was modernized to apply to a wider range of consumer services. [read post]
14 Feb 2022, 5:45 am by Kevin Kaufman
Taxes on goods and services accounted for only 16.9 percent of total tax revenue in the United States, compared to 32.1 percent in the OECD. [read post]
4 Oct 2022, 5:50 am by Kyle Hulehan
The cost of providing government services to a broadly dispersed, low-density population is markedly higher. [read post]
21 Sep 2017, 4:06 pm by Scott Drenkard
A few stories are in the news today about the state and local tax deduction, a provision of the federal income tax system that allows taxpayers who itemize to deduct some of their state and local taxes paid from their federal taxable income, lowering their total tax burden. [read post]
15 May 2008, 7:00 am
Also, certain items that have already been subtracted from total revenue for federal income tax purposes, such as bad debts, will have to be deducted from operating expenses under the revised formula.Businesses that are health care providers and health care institutions, and their tax advisors, will have to carefully review the Comptroller’s new interpretation to see how it will apply in their particular situations. [read post]
13 Sep 2017, 8:05 am by Matthew D. Lee
Currently, the Internal Revenue Service treats digital currencies like Bitcoin as property, meaning that on every transaction using Bitcoin, the taxpayer must recognize either a gain or loss for tax purposes depending on his or her basis in the digital currency and report such gain or loss on an income tax return. [read post]
26 Feb 2015, 2:17 pm by Alan Pearlman
“Deductible” for federal income tax purposes means it is subtracted from a taxpayer’s gross income before taxes are calculated, resulting in lower taxes. [read post]
15 Mar 2021, 7:00 am by Mike Habib, EA
These taxpayers reported adjusted gross income (AGI) of $200,000 or more and owed a combined total of $38.5 billion. [read post]
9 Dec 2021, 7:28 am by Bright!Tax Writers
Earned income is defined as income arising as a result of work or services rendered. [read post]
16 Mar 2011, 2:01 am
It is relatively quick and easy to use credit cards to pay the income tax bill, whether you file your income tax return by mailing a paper copy or by computer. [read post]
1 Jan 2012, 6:00 pm by Stu Ellis
  If you are one of those receiving an RMA indemnity check, how will you treat that payment on your 2011 income tax? [read post]
9 Jul 2019, 8:44 am by Kevin Kaufman
At the end of June, the Internal Revenue Service released the first set of tax return data from 2018. [read post]
12 Jun 2018, 10:35 am by Chris Manes
  If you make even a small amount of income, it technically has to be reported on a nonresident tax return (Form 540NR) unless your total income is under certain very low thresholds. [read post]