WHAT IS TAX PLANNING ? Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions‚ deductions rebates and allowances while ensuring that your investments are in line with your long term goals. Tax-planning amounts to making investments or contributions in line with prescribed guidelines that lead to reduction in tax liability. Simply put‚ the tax liability
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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What Obstacles have you overcome in pursuing your act? One of the biggest ones was getting married and having 2 kids at a very young age. I would never regret my kids but at 22years old having 2 kids puts a lot of weight on pursuing my dreams to become a singer/song writer because I couldn’t focus on just me anymore. I had to put my kids and husband first and that was hard for me and is still a big factor on the decisions I make for my music. Please describe a major event that has affected your
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You Have No Reason for Cloning Humans Think of walking down the street in thirty years and running into an exact replica of yourself. Is it your twin? No‚ you do not have a twin; it is your clone. Your biological makeup could have been cloned as an embryo and raised separately as an experiment. I bet many of you have seen Star Wars‚ Jurassic Park or many of the other movies that describe cloning. Most of what you see in these movies is false. What you do not know is if that cloning could be
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Assignment 4: Tax Structure Julian Hoggard Strayer University PAD 505 Public Budgeting and Finance Dr. William H. Kraus Dec. 2‚ 2012 Habitat for Humanity is a non profit organization that uses volunteer labor‚ donated materials from churches and other organizations to build new housing for low-income families. Habitat for Humanity has built over 45‚000 homes throughout the nation and over 150‚000 homes worldwide. The goal of the organization is to eliminate poverty and homelessness
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Dr. Green FROM: Kecia Carter DATE: November 28‚ 2010 RE: Tax Memo #1/Gambling Activities Issue #1 Dr. Green is a practicing physician in Chicago who‚ as an avid blackjack and slot machine player‚ travels to Las Vegas bi-weekly to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business status. Law
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of their faculty and staff. In the same manner‚ with its increase of its employees‚ it is also become a part in the accounting department to have additional time and effort in computing employees compensation every 15th and 30th of the month. With the current set-up of computing employee’s salary‚ it is where the proponents wanted to create a system that will help the accounting department especially the payroll personnel in making employees salary quick‚ fast‚ and accurate. In view of this
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realization can be evidenced by selling the property Windfalls are included in gross income Gross income does not include exemptions or exclusions Gross income is: An undeniable accession to wealth Clearly realized And over which the taxpayers have complete dominion Haig-Simons Definition of Income = Personal Consumption + Change in year end wealth Both unlawful and lawful gains are included in gross income Types of Compensation Direct Compensation
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Tax evasion Definition Tax evasion is an unlawful practice which has the effect of reducing the government revenue needed for the provision of infrastructure‚ public services and public utilities. (Otosanya ‚ 2009). Spicer (1975) also stated that‚ tax evasion “ tax evasion result in a loss of tax revenues‚ impair the chances of realizing the distributional or equity goal of taxation‚ and if they become widespread‚ as they have in recent times‚ then more tax payer‚ may lose faith in the tax administration
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Abstract A psychological tax treatment goes beyond the traditional deterrence model and explains tax morale as a complicated interaction between taxpayers and the government. As a contractual relationship implies duties and rights for each contract party‚ tax compliance is increased by sticking to the fiscal exchange paradigm between the citizens and the state. Citizens are willing to honestly declare income even if they do not receive a full public good equivalent to tax payments as long as the political
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