Tax Software Evaluation: IRS FreeFile Alicia Paulino University Of Maryland University College Letty Diai The reason why prospective user would use IRS FreeFile is because it’s a service available through the Internal Revenue Services (IRS)‚ which allows U.S taxpayers to prepare and e-file their federal tax return for free‚ either thorugh brand name software or online fillable forms. Free File is managed and operated by the Free File Alliance‚ a consortium of
Premium Taxation in the United States Internal Revenue Service
Tax Return Worksheet Team “C” FP/120 December 3‚ 2010 Joseph Brennan‚ Instructor University of Phoenix Tax Return Worksheet 1. Even though Gloria is single‚ her filing status is Head of Household. Why is Gloria able to file as head of household? Gloria is able to file head of household because she is a single parent who lives with and pays more than half of the support for her dependent child. 2. How does Gloria benefit from filing as head of household‚ rather than single?
Premium Taxation in the United States Taxation
1. What is an IHC under section 60F of the Income Tax Act 1967. IHC (Investment Holding Company) is a company: 1) Its main activity is holding of investment 2) Whose income is mainly which is 80% derived from the holding of investment. Eg: the gross income derived from holding of investment dividends‚ interest‚ rental (include exempt income) is ≥ 80% The amount of gross income from a ‘business of holding of investment’ is not computed as gross income from the holding of investment
Premium Tax Tax refund Investment
A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer‚ it is a tax on the purchase price. From that of the seller‚ it is a tax only on the value added to a product‚ material‚ or service‚ from an accounting point of view‚ by this stage of its manufacture or distribution. The purpose of VAT is to generate tax revenues to the government similar to the corporate income tax or the personal income tax. Who Are Required To File VAT Returns • Any person or entity who
Premium Income tax Value added tax Tax
In February 2011‚ Australian federal government announced a framework to implement a Carbon Tax from July 1‚ 2012 has triggered an intense controversy among the Australian citizens. The term “Carbon tax” refers to an environmental tax that polluters will pay per ton of carbon they release into the atmosphere. This essay will argue that carbon taxes should not be introduced in Australia due to inefficacy‚ financial burdens and better actions to protect environment. First of all‚ implementing
Premium Carbon dioxide Greenhouse gas Climate change
ACC/445 | Tax Return Position | Axia College | | Kelli J Revel | 8/6/2012 | A look at how the tax laws are supported by its sources and a look at the secondary and substantial authorities. | Throughout the beginning of time there has always been a need for rules‚ kings and queens created new ones as there were needed. Rules are something that we as people live by‚ rules tell us how to live and give us guidelines in which we must follow. Taxes are kind of like rules for the financial
Premium Internal Revenue Service Tax Taxation in the United States
Is Windfall Profits Tax an effective measure to broaden the tax base in Hong Kong? Introduction Statement of the problem(s) Comparing HK tax base with the international level Stating the influence of narrow tax base Specifying the need to broaden tax base Literature review Rationale behind broadening the tax base should be in line with taxation principles. To look at the effectiveness of the windfall profits tax‚ we should first look at the taxation principles. The principles
Premium Taxation Tax
TAXATION MODULE What is tax? Why tax is levied? In Indian economy‚ the Government plays crucial role by making heavy investments/expenditure on core areas like heavy industries‚ infrastructure‚ defence‚ internal security‚ education‚ poverty alleviation‚ employment generation‚ health etc. For this purpose‚ the Government raises funds by levying various taxes‐ direct and indirect‚ other receipts and also borrows from the market. Different types of tax: For the above
Free Tax Taxation Income tax
Equal Taxation Tax rates in America have been changed and reformed to try and meet the needs of the current economy‚ or to make a politicians look good. Recent questions have been asked about whether we should reform the entire style of tax rates in America. Future generations are going to feel the burden or benefit from tax choices we make now because it takes time for things of this magnitude to take place. Also it is a possibility that the future generation may need new tax style because of
Premium Taxation Progressive tax Tax
RA7160 Sec. 140. Amusement Tax. (a) The province may levy an amusement tax to be collected from the proprietors‚ lessees‚ or operators of theaters‚ cinemas‚ concert halls‚ circuses‚ boxing stadia‚ and other places of amusement at a rate of not more than thirty-percent (30%) of the gross receipts from admission fees. (d.) The Sangguniang Panlalawigan may prescribe the time‚ manner‚ terms and conditions for the payment of tax. In case of fraud or failure to pay the tax‚ the sangguniang panlalawigan
Premium Levy Local government District