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Tax Adviser provides articles with a good explanation and details that
are easily understood and usually includes tax codes within the article.
Tax experts use Tax Adviser to understand tax content not covered in
other resources. Tax Adviser is a catch-all for obscure information.
https://www.thetaxadviser.com/
TurboTax Tips
TurboTax Tips includes tips for topics from the Affordable Care Act to
Unemployment and everything in between. This site also includes over
150 short videos explaining these complex topics.
Tax experts use TurboTax Tips to learn and understand their income's
tax liability, increase their product knowledge, and understand how
expenses would reflect on a TurboTax return.
https://turbotax.intuit.com/tax-tips/
IRS
NOTE: Evaluate the integrity of your sources! Facts from the IRS will be trustworthy,
while tax information from a blogger may not be.
https://turbotax.intuit.com/personal-taxes/irs-forms
What Are Taxes?
Taxes are mandatory contributions levied on individuals or corporations by a
local, regional, or national government entity. Tax revenues finance
government activities, including public works and services such as roads and
schools or Social Security and Medicare programs.
In economics, taxes fall on whoever pays the tax burden, whether this is the
entity being taxed, such as a business, or the end consumers of the business’s
goods. From an accounting perspective, there are various taxes to consider,
including payroll taxes, federal and state income taxes, and sales taxes.
History Of The Tax Industry
The first federal income tax was created in 1861 during the Civil War as a
mechanism to finance the war effort (President Abraham Lincoln signed the
bill into law). In addition, Congress passed the Internal Revenue Act in 1862,
which made the Bureau of Internal Revenue a predecessor to the modern-day
IRS.
Understanding Taxes
To help fund public works and services—and to build and maintain the
infrastructure used in a country—a government usually taxes its individual
and corporate residents. The tax collected improves the economy and all
living in it.
In the United States and many other countries in the world, income taxes are
applied to some form of money received by a taxpayer. The money could be
income earned from salary, capital gains from investment appreciation,
dividends or interest received as additional income, payments made for goods
and services, and so on.
Types of Taxes
Income Tax
Income tax: a percentage of generated income that is relinquished to the state
or federal government
Payroll Tax
Payroll tax: a percentage withheld from an employee’s pay by an employer,
who pays it to the government on the employee’s behalf to fund Medicare
and Social Security programs
Corporate Tax
Corporate tax: a percentage of corporate profits taken as tax by the
government to fund federal programs
Sales Tax
Sales tax: taxes levied on certain goods and services; varies by jurisdiction
Property Tax
Property tax: based on the value of land and property assets
Tariff
Tariff: taxes on imported goods; imposed with the aim of strengthening
domestic businesses
Estate Tax
Estate tax: rate applied to the fair market value (FMV) of property in a
person’s estate at the time of death; the total estate must exceed thresholds set
by state and federal governments
Taxes 101
The ins & outs of how taxes are calculated, everything from deductibles to
exemptions, and how our progressive tax system works is a complicated and
excellent topic.
No Case Pop
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