As if you didn't know, this is a review of your tax return by the IRS, during which you are askedto prove that you have correctly reported your income and deductions. Most audits are done by mailand involve specific issues, not the entire return.
State Taxes vs Local Taxes-
State taxes are taxes that are imposed by state governmentsto fund state programs. In addition to federal and state taxes, your local town or citycan also impose taxes. Examples of local taxes are property taxes
Intuit Inc. is an American software company that develops financial and taxpreparation software and related services for small businesses
A tax deduction or a tax-deductible expense affects a taxpayer'sincome tax.
H & R Block-
a tax preparationcompany in the United States, claiming more than 22 million
customers worldwide, with offices in Canada, Australia and the United Kingdom.20.
IRA vs Roth IRA-
A tax-deferred or tax-free retirement account established by anindividual that permits the individual to set aside up to a certain amount per year,with earnings tax-deferred until withdrawals begin at age 59 1/2 or later.
A person who relies on a taxpayer for the provision of home and livingexpenses.
Federal Unemployment Taxes-
The Federal Unemployment Tax Act (FUTA), with state unemployment systems,provides for payments of unemployment compensation to workers who have lost their jobs.
State Unemployment Taxes-
Each state operates its own unemployment compensation program that is fundedlargely by taxes on employers. So, if you have employees, you should expect to pay some state unemployment
taxes. These taxes are in addition to anyfederal unemployment tax you may owe.
Federal Tax Deposit Coupon-
used to pay your withholding and payroll taxes
Form 940 vs Form 941- Form 940
reports the employer's unemployment taxes. Form 941 isthe IRS Employer's Quarterly Federal Tax Return
Tax Day -
Tax Extension- is the extension you get to pay your taxes.
Social Security Numbers-
Social Security number
A flat tax (short for flat rate tax) is a tax system with a constant rate
a tax based on the cost of the item purchased and collected directly fromthe buyer
Progressive Tax vs Regressive Tax- a progressive tax is
any tax in which the rate increases asthe amount subject to taxation increases. A regressive tax is a tax imposed in such amanner that the tax rate decreases as the amount subject to taxation increases.
Tariff vs Quota-
A tariff is a tax on goods upon importation. A quota is The quantity of goods of a specific kind that a country permits to be imported without restriction or imposition of additional duties.
An indirect tax charged on the sale of a particular good.
annual local taxes charged against the value of a homeowner'sproperty.
a tax imposed on transfers of property by gift during the lifetime of the giver
a tax on the estate of the deceased person