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Why should you keep records of income tax?
You should keep records of your income tax to prove you did it correctly if questioned later.
Is Income from illegal activities is not assessable to income tax?
ALL income form any source should be considered when calculating income tax.
What formula do you use to calculate income tax?
To calculate income tax, one should sum up the totals of all the taxable income and subtract from it the personal allowance and any other tax free allowances. After that, one should apply the rate of tax on the resultant value to find out the income tax payable.
Why should income tax be paid?
If a person meets the legal requirements to pay income tax and does not, he is in violation of the law.
Should I file my income tax with a computer program or a firm?
You should file your income tax return with a computer program or online if you have a simple tax return. If you have a difficult and complex tax return, it is best to use a tax professional.
What steps do you take to prove the a stranger filed him on her income tax return?
Unless you are the strangers Accountant, or Attorney, or are acting with their Power of Attorney you cannot access this information. Income tax records are NOT considered to be 'public documents.'
If a business shows a loss do they need to file an income tax return?
Yes..absolutely...and prove it...and for many other reasons, like being able to use the tax benefit of that loss against future income.
Should I file my own income tax?
You should file your own income tax forms if you have a simple tax return. If you have a complex tax return, it is probably best to use a certified tax preparer from H&R Block or Jackson Hewitt.
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
How do you prove profitability?
business in which you are buying must produce more than enough income to support you and your family. In Florida, the median income for a family of four is $56,824 and so a business should generate an operating income that is greater than that amount. The business tax return and other financial
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Where online can I file for an income tax refund?
To file for an income tax return, you should look into TurboTax.com. Turbo Tax can be used for just about all of your tax needs, for whatever way that you file.
