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Posts Tagged ‘taxes’
Rental Income and Taxes
If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...
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How Much Does an Average American Pay in Taxes
The 2016 tax filing season is over, and most taxpayers are finished with their annual tax duty. Those that have obtained an extension to file have until October 17, 2016, to file their returns and pay any balance due. The Motley Fool shares how much an average American family pays in federal taxes, including income tax, payroll tax, and excise taxes on goods like gasoline and cigarettes: The average rate was ...
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What is The Alternative Minimum Tax?
High-income taxpayers often use tax breaks and loopholes in the tax code to significantly reduce their tax liability. The alternative minimum tax (AMT) is applied to high-income taxpayers to ensure that they at least pay the minimum amount of tax. It does not as allow many deductions that other taxpayers use to reduce taxes. The AMT was introduced after the government found that several high-income taxpayers were legally reducing their tax bill, sometimes to zero. The ...
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How Not to Spend Your Tax Refund
The average refund amount for the 2016 filing season is $2,798. This may seem like free money from the Treasury Department, but this amount represents the excess taxes you paid the previous year. How you use your tax refund really depends on your financial situation and your immediate needs. However, there may also be a temptation to spend your extra money on non-essential items. Bankrate shares how you should not spend your tax ...
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Are The Super-Rich Paying Even Lower Taxes?
The United States has a progressive tax system, which means that taxpayers that earn more pay more in taxes. Lower-income groups get certain tax benefits that help them save on taxes, such as the Earned Income Tax Credit. Traditionally, statistics reveal that the super-rich pays less in taxes. New data from the IRS shows the percentage of tax individuals in different income groups pay.
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Non-Cash Items That You Must Report
Accurately preparing a tax return can be difficult when you have an increase or a decrease in income, or when there are major changes in your life. Paying too little in taxes can present complications later on, including penalties and interest. As such, it’s important to know which items are taxable and which are not. Generally speaking, paying tax debt in installments is the easiest way to handle your liability. An IRS Installment Agreement can be ...
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Know What’s Not Taxable
When you begin preparing your tax return, you learn that there are not many things that the IRS considers not taxable. Some of the obvious taxes that we all pay are taxes on wages, rent, interest, commissions, tips, and dividends. You are also taxed on capital gains, prizes, and on gifts that you receive. Forgiven or canceled debts even come at a taxable price. If you think you can avoid paying on certain taxable items, you ...
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