card to pay taxes. Fees vary but average about 2.5 percent of the tax payment (IRS.gov). Are These Fees Themselves Deductible? Explain. Credit and debit card convenience fees charged for paying federal individual income taxes are deductible as miscellaneous itemized deductions subject to the 2% floor for taxpayers who itemize (RIA 16181 Tax Liability). Summarize Your Findings In A Memo For The Tax Research File October 3‚ 2014 TAX FILE MEMORANDUM From: Subject: John and Martha Stewart
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Tax is of two types Direct Tax and Indirect Tax. Direct Tax is the tax‚ which is paid directly by people to the government‚ while indirect tax is the tax‚ which is paid indirectly by people to the government. Income Tax is paid directly to the government therefore it is a direct tax while excise duty is paid by people to the manufacturer who pays it to the government‚ therefore it is an indirect tax. The Constitution of India (COI) has given power to levy tax to central and state government
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1120‚ U.S. Corporation Income Tax Return‚ prepared for Fleming Products Inc from the information provided. The original should be signed and dated by a corporate officer and mailed on or before March 15‚ 2012‚ to the following address: Department of the Treasury Internal Revenue Service Cincinnati‚ OH 45999-0012 The corporation’s federal return reflects a balance due of $1‚430‚000. Federal estimated tax payment amounts have been prepared for the 2012 tax year. Please submit each payment
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3 DEALERS UNDER MVAT‚ 2002 6 4 INCIDENCE AND LEVY OF TAX 10 5 REGISTRATION 12 6 RATE FOR TAX APPLICABLE TO DEALERS 16 7 FILING OF RETURNS AND PAYMENT OF TAXES 17 8 RETURN FORMS AND PAYMENT OF TAX 19 9 REVISED RETURNS 20 10 TAX INVOICE 26 11 BIBLIOGRAPHY 28 INTRODUCTION ON MVAT This Act may be called the Maharashtra Value Added Tax Act‚ 2002. Maharashtra Value Added Tax (Levy and Amendment) Act‚ 2005. The system of Value Added Tax (VAT) has been implemented‚ in the State of Maharashtra
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Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers‚ Albert and Jenny‚ it is for the calendar year 2013. Albert and Jenny Cunningham (both 42 years
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penalties and charges from the IRS regarding the bonds you cashed in last April during tax time. I write you this letter to inform you that I am unable to pay these fines‚ as explained in this letter. Last April‚ you called and kindly asked if rolling funds over from one retirement fund to another is considered a tax event. When doing this type of transaction‚ if done within 60 days‚ is not considered a tax event. When these funds are drawn to supplement retirement income‚ taxes are paid on the
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Tax In general‚ tax can be defined as a levy or other type of a financial charge or fee imposed by state or central governments on legal entities or individuals. | Local authorities like local governments‚ provincial governments‚ counties and municipal corporations also have the right to impose taxes. The rates‚ rules‚ and regulations of taxation differ from one country to another and they are complex in character. Tax is a principal source of revenue for a country’s government. A country’s
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refund payments in the last three years are related to both the weak economy and three successive rounds of tax law changes which have both contributed to the temporary boost of refunds. Currently‚ over $2 billion is sitting in the Internal Revenue Service account unclaimed by rightful owners. The money is owed to 1.7 million taxpayers who never filed 2001 tax returns. For the 2004 tax year‚ the gross income filing requirements are as follows: § Single‚ under 65‚ not blind $7‚950 § Married
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Business Tax: Reading Week Notes The Robin Hood Tax * The idea behind the RHT is to generate hundreds of billions of dollars * That money could be used to kick-start the US economy and get America back on its feet * The RHT = 0.5% tax on Wall Street transactions * Benefits: * It won’t affect the vast majority of Americans * It’s easy to enforce * It’s tough to evade * It taxes those who are to blame for the global financial crisis‚ rather than
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limitation because its scope is unlimited. F_____ 3. Uniformity and equity in taxation means that payment of taxes shall be more or less the same. F_____ 4. Theoretical justice means tax laws must be capable of convenient‚ just and effective administration. T_____ 5. A tax assessment could be done only after a tax return has been filed. T_____ 6. Assessment protest of the taxpayer should be completely complied with the submission of pertinent documents to support the taxpayer’s claim. F_____
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