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What are the qualifications for a federal tax refund?
You qualify for a federal tax refund if you have reached the tax reporting threshold and filed for income taxes. The tax reporting threshold varies depending on your age and marital status.
Deferred taxes arise from the use of the same method of depreciation for tax and reporting purposes. True or false?
False. Deferred taxes typically arise from differences in accounting methods or timing between tax reporting and financial reporting, such as using different depreciation methods for tax purposes than for financial statements. When the same method is used for both, there is generally no temporary difference, and therefore, no deferred tax implication.
Which of the financial accounting objectives listed below would seem to be closest to the objective of tax reporting?
The financial accounting objective that seems closest to the objective of tax reporting is the objective of providing information to investors and creditors. Both financial accounting and tax reporting aim to accurately report financial information to stakeholders, whether they are investors, creditors, or government agencies. While financial accounting focuses on providing information for decision-making and assessing the financial health of a company, tax reporting is focused on ensuring compliance with tax laws and regulations. Both processes involve reporting financial information in a transparent and accurate manner to different parties.
What is the use tax in Illinois?
Use tax in Illinois is a tax on the purchase of goods that are used, consumed, or stored in the state when sales tax has not been paid. It applies to items bought from out-of-state retailers or online purchases where no Illinois sales tax was collected. The use tax rate is generally the same as the state and local sales tax rates. Taxpayers are responsible for reporting and paying this tax when filing their state income tax returns.
What is the Tax ID number?
The Tax ID is an account number assigned to businesses and other organizations for use in dealing with the US Government Internal Revenue System for tax reporting situations. For individuals, the Tax ID number is the Social Security Number.
What is the form 8949 code for reporting capital gains or losses on your tax return?
The form 8949 code for reporting capital gains or losses on your tax return is Schedule D.
What if you did not have taxes withheld from your unemployment?
You would have to pay them at Income Tax reporting date, April 15th, instead of smaller amounts when received.
What tax form should you file for a childcare provider?
Employer reporting wages and withheld tax amounts to an employee childcare provider the Tax information form would be the W-2 form for the employee and the IRS and the state and local taxing district would each get their copy of this W-2 form. Go to the IRS gov web site and use the search box for Publication 15 Employers Tax Guide
What is the explanation for the terms taxadvoice and tax evasion?
Tax Avoidance and Tax Evasion mean the same thing doing things to hide income and not reporting all of your worldwide income on your 1040 tax as you are required to do. Go to the IRS gov website and use the search box forPublication 3995Recognizing Illegal Tax Avoidance Schemes and use the search box for Employment Tax Evasion
Why do companies use different depreciation methods for tax reporting and financial reporting?
Answer:Companies make different accounting choices for tax reporting and general financial reporting, because different incentives are in place. A profitable firm will most likely want to minimize income tax. As a result, management will make accounting choices that minimize net income, and as a result, minimize tax payments. Accounting choices that reduce taxable income include for example accelerated depreciation (instead of straight line) and LIFO (as opposed to FIFO).For general purpose financial reporting, management may want to show a more realistic picture of firm profitability (instead of showing the (legally) lowest possible net income number). So, accounting choices that are made for tax purposes are not always repeated for the general financial reporting.
The amount of what type of tax is determined through the use of a mill levy?
The amount of property tax is determined through the use of a mill levy.
What if your son is 17 and working can you still claim him and his income on your 2009 income tax?
Yes as long he and you meet the qualifications for you claim him as your qualifying child dependent on your income tax return. He would have to file his own income tax return reporting his own income and he would not be able to claim himself for exemption amount on his own income tax return.
