Filling out a form will not prevent you from paying taxes. The US has a gift tax that is paid by the giver. However, there is also a gift tax annual exclusion and a gift tax lifetime exemption. In 2009, the gift annual tax exclusion is $13,000. If the total gift for 2008 exceeds that amount, your mom will need to file IRS form 709 to report the gift.
Even if the gift was over $13,000, this does not mean that she will have to pay a tax. Everyone has a $1 million lifetime gift tax exemption. So once the $13,000 exclusion is exceeded, the giver starts eating into the million dollar exemption, which also reduces the amount that can be passes estate tax free at death. No gift tax is paid until the million dollar lifetime exclusion is used up.
If the gift is something other then cash, but you estimate that you that the value was less then $13,000, you may still want to file form 709 because filing the form starts a statute of limitations for which the IRS can contest the value of the gift. For example, if your mom gives you a gift you reasonable believe is a piece of art worth $10,000 (and may have appraisal done) but it turns out the value is $100,000 at the time of the gift, unless you filed form 709, the IRS can at any time attack the value of the gift. If form 709 is filed, the IRS may only attach the value until the statute of limitations expires.
Of course, talk to your tax advisor regarding your personal circumstances.
They don't 'avoid' paying taxes... their status gives them the right by law not to pay tax ! Registered charities are given exempt status by the government - meaning they do not have to pay tax.
According to Article I of the US Constitution, the power to tax was given to Congress. In the 16th Amendment, the need to make these taxes uniform was removed.
No.
When a customer pays on an account it needs to be documented immediately and if paying in person a receipt of payments needs to be given to the person who is paying.
yes i would deduct money to my child.
They don't 'avoid' paying taxes... their status gives them the right by law not to pay tax ! Registered charities are given exempt status by the government - meaning they do not have to pay tax.
what is the power given to the federal in the constitution
NO powers are delegated to provincial government/state not federal government.
National and State Governments in the Federal Goverment
government
The federal government has the power to discuss bills and proposals for new or altered laws. The government is given the most power in the country. The federal government has the power to discuss bills and proposals for new or altered laws. The government is given the most power in the country.
The branch of government that can establish a federal government is the legislative. This is done through the Congress which is given the power by the US constitution.
Under the U.S. Constitution, certain powers are given only to the federal government. These are called
Under the U.S. Constitution, certain powers are given only to the federal government. These are called
Limited Government
exclusive
Power given by federal government