TAXES

Answer 1

Who doesn't want to lower their tax bill this season? Here are some tips for doing just that.

1. Start an LLC. Many of those expenses that would be personal and not deductible can become deductible if used for a business. All that is required for a business is that you have a profit motive and that you post a gain in 3 of 5 years.

2. Save all receipts. Even those you think would never be deductible can sometimes be, especially in adverse economic times, when politicians start becoming creative in saving their constituents money on their tax bills.

Answer 2

Taxes in the United States are levied by the Internal Revenue Service, also referred to as the IRS. Taxes paid to the United States government must be filed once a year every year. Taxes must also be paid to each individual state and the township or municipality that a person lives in. So, if one lives in New Jersey, they must pay their federal taxes, their New Jersey state taxes, and the taxes for their local town or municipality. Tax relief does not happen often but when it does most citizens will take advantage of it.

Even though many people do not enjoy handing their hard earned money over to states, local townships and the federal government; the money raised from taxes goes towards important functions. Those functions are the hiring, expanding, and operation of fire personnel, police personnel, emergency services personnel, public works, public transportation, the operation of the government itself, health care systems, education, unemployment wages and retirement pensions.

There are four main purposed to taxing the public. They are referred to as the four R’s. The four R’s are revenue, redistribution, repricing, and representation. The most important of the four R’s is revenue. Taxes help to raise money for road repairs, schools, hospitals and the operation of justice systems. Redistribution of taxes means moving the money from the wealthy to the poor. Repricing is done to prevent people from purchasing certain products. For instance, tobacco is taxed to discourage people from smoking. The final of the four R’s is representation. Representation is that people should not be taxed without representation. If there is representation then the reps should be held accountable for their actions and should provide better governance of the people. Another popular saying, which came about during the American Revolution, is “No taxation without representation.”

An indirect tax is a form of tariff. An indirect tax has the possibility of increasing the price of a product so that the consumers are actually paying the tax by paying more for the product itself. Some examples of indirect taxes are fuel, cigarettes and liquor. One of the most common forms of an indirect tax takes place in the automotive industry. When an auto dealer purchases a vehicle from the auto manufacturer they have to pay a higher price because the manufacturer is taxed. So, when the car is placed on the dealer’s lot they up the price to cover what they had to pay the manufacturer. This means that the customer is paying more money for the car because of the indirect tax. Anything that can be shifted or passed on to the consumer is considered an indirect tax.

Answer 3

EXTRA MONEY YOU PAY TO HELP PAY FOR THINGS IN YOUR COMMUNITY, SUCH AS SCHOOLS AND LIBRARIES

Answer 4

It is possible to correct something wrong in the person's address in the taxes that have already been sent to IRS because I need open an account in the IRS site

Answer 5

How to complete and 1040 form