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Birds Fly and the IRS Taxes
from:The IRS taxes the incomes of those individuals whose earnings meet or exceed the specified minimum requirement. Normally, taxes are automatically withheld from an employee's check by an employer. However, each year in April citizens must still file an individual income tax return. Depending on the total amount of earnings for the year and filing status, there will be either an underpayment or overpayment of taxes. An underpayment requires individuals to send in an additional payment when they file or make an approved payment arrangement with the IRS. An overpayment of taxes results in a refund check from the IRS to an individual. A failure to pay an amount of taxes owed results in penalties, fines or even imprisonment.
The IRS taxes corporations and other business entities as well. Just like individuals, businesses are responsible for accurately reporting their income to the Internal Revenue Service so that the correct amount of taxes can be levied. Because there are some differences in the way corporate income is reported as compared to individual income, many rely on the help of a professional tax preparer to put their financial information in order. This is to make sure the IRS taxes the right and accurate amount of income; otherwise, a business can find itself looking at an audit of all its financial records.
When the IRS taxes an individual or business, a number of systems and codes are applied based on everything from income and expenses to age and number of dependents. There are codes for singles and married couples, as well as codes for couples filing separately or as Head of Household. While these tax codes are often confusing, they nonetheless help determine the share of taxes that may be due. Deductions and tax credits are routinely offered to those with children, ongoing medical expenses or those businesses bearing the depreciation costs of equipment or advertising. All these help to lessen the tax burden on both companies and individuals.
There are other areas in which the IRS taxes individuals other than income. Federal taxes can come in the form of estate taxes, gasoline taxes or even in federal universal telephone service fees. While many do not like the idea of taxes, they are still a necessary part of life. These collected revenues help to fund the various programs and services that keep a country up and running. The arguments against taxes and how they are used have been waged since early history. Programs that help those with low incomes or disabilities receive medical care is just one of the many examples of this; interstate highways and schools are another.
Estate Tax News
Factbox: Tax and spending policies floating in Washington - Reuters
 Reuters India | Factbox: Tax and spending policies floating in Washington Reuters There is no tax on property passed from the wealthy to their heirs when they die this year, after the estate tax expired without lawmakers crafting a ... Economic Update What can spur hiring? Morning Must Reads: Proactive |
Bring Back the Estate Tax Now - Wall Street Journal
Bring Back the Estate Tax Now Wall Street Journal But there is one tax issue that should have long since been addressed: the federal estate tax. That tax expired at the end of last year, and there have been ... IN RE ESTATE OF STICK The Estate Tax: Bring it Back Now Robert Rubin Demands Government Give $250 Billion to Millionaires |
Opinion: It's Time to Bring Back the Estate Tax - AOL News
 Forbes (blog) | Opinion: It's Time to Bring Back the Estate Tax AOL News But the Kochs' politics are more libertarian than Republican and, speculates Chris Douglas at FrumForum, are driven by one great bugaboo: the estate tax. ... The Tax That Started <br/>the Tea Party |
Congress has decision to make regarding estate tax future - Birmingham Business Journal
Congress has decision to make regarding estate tax future Birmingham Business Journal As part of the 2001 tax cuts, Congress gradually reduced the tax rates and increased the exemption for the estate tax, which is levied on a person's assets ... A Good Year to Die |
Elections may defeat Obama's plan - WatertownDailyTimes.com
 CBS News | Elections may defeat Obama's plan WatertownDailyTimes.com The Bush era cuts lowered tax rates while providing other breaks for education and married couples. A gradual repeal of the federal estate tax also expires ... More Dems buck plan to let taxes increase for rich The forgotten tax that haunts family-owned business The Bush Tax Cuts: A Lasting Legacy |