Income Tax

Taxes are the primary source of designated income for some governments around the world, a practice not followed by every nation. Income from governmental institutions and services can lessen the burden for taxation. Oil sales and other resources within a country can provide adequate funding for government costs, as was the case for the Athenians, who used public mines for revenue, as well as recovered booty from defeated enemies. In the Middle Ages, taxes came from serf rent and nobility pay-off to stay out of army service. From this, Parliament received the power of taxation of Great Britain's citizens. Below are articles with information about personal income tax, tax planning, tax preparation and online income tax preparation information.
  • President Obama Looking to Reduce Corporate Income Tax
    President Obama is looking to lower the corporate income tax rate while at the same time raise taxes on "wealthy" Americans – to what effect remains to be seen.
  • Flat Tax Vs. National Sales Tax
    Flat tax and national sales tax are important concepts in the field of taxation. The comparison of flat tax vs. national sales tax given below will help you know things better.
  • Progressive Tax vs Flat Tax
    What kind of a taxation policy can work better for taxpayers in the long run? A tax rate that is directly proportional to the income of the individual, or a single flat rate of taxation for all? This article, about progressive tax vs flat tax comparison, will help you find answers to these questions, and get a better idea about taxes in general.
  • Tax Underpayment Penalty
    In the following paragraphs, a comprehensive explanation on the penalty for tax underpayment has been provided here. The penalty rates are prescribed by the IRS on an annual basis and are often subject of changes, which are usually notified in January. To know more about some general rules and rates that affect your income tax payment, read on.
  • Tax Refund Time Frame
    Some time frame specifications regarding the filing of the returns, the processing and actual posting of the refund have been discussed here. Though the timetable of this time frame is not exactly the same every year, save some minor changes.
  • Instructions for Form 1040 Schedule D
    The following article, provides some general instructions for Schedule D of Form 1040 . Schedule D is the fourth basic constituent of an individual's income tax return. In the following article, some inputs regarding the filling up of the Form 1040 have been provided.
  • Alternative Minimum Tax 2012
    As the Congress did not come to a consensus on AMT tax relief, you might have to pay up more taxes this year than what you paid in the previous year. Here is an explanation about the concept of alternative minimum tax and whether this parallel system of taxation is a cause for worry or not.
  • Instructions for Form 1040 Schedule C
    Once January arrives, all of us get tied up in one confusing, but extremely important activity of tax-filing i.e. income tax returns. Some simplified instructions for Form 1040 Schedule C have been discussed here that will surely prove helpful for filing returns.
  • What is Progressive Tax
    Tax is irritating, right? But the system is just, as most free economies under democratic rule tend to apply the model of progressive taxation or progressive tax. Here are some extracts about the system, its merits and some demerits. Let's take a look.
  • Form 1040 Schedule B
    The Form 1040 Schedule B is principally a schedule which is used to report and declare, income that gets accrued by ownership of certain assets, and here are some guidelines for filing it.
  • Graduated Income Tax
    It is not uncommon to find graduated income tax laws in many countries including the United States. In this article, we will inform you about various aspects of graduated or progressive taxes.
  • How to Refile Taxes
    Are you thinking about refiling taxes. Want to know the procedure that needs to be followed in case you have made some errors while filing your income tax returns? Read on to get all the information...
  • Instructions for Form 941
    Several times we react, 'payroll taxes are mean'. Well, Form 941, constitutes the method with the help of which payroll taxes are forwarded to the IRS by our employers. To know more about the instructions relating to Form 941, read on.
  • What is a 1096 Form
    If you have seen the 1096 form and wondered what it is all about, it is time you scan through the article below and get a low down on the same! Read on!
  • Filing Taxes Late
    In the following paragraphs, a brief elaboration on the implications of late filing of taxes has been discussed. The basic advise that I would like to give you is, avoid it. The consequences, though not severe, are not exactly nice. To know more, read on.
  • Federal Tax Brackets for 2012
    The official Federal Tax Brackets for 2012 was issued lately by the IRS. It may take you by surprise but the breakdown of income is quite similar to the 2011 federal income tax brackets, with the only modification being done in the accommodation of inflation to the income levels and deductions. Here's a rundown on how the tax brackets appear this year.
  • Proportional Tax
    The age-old system of proportional taxation is still used today, to impose some common indirect taxes. Many tax experts and economists are of the opinion that this system of taxation is not the best, and that taxes should decrease or increase according to the earning capacity of an individual.
  • Principal Business Code
    It is extremely important for business owners to identify principal business code, as it is required in numerous legal document approvals. Information about the same has been divulged in the contents that follow further...
  • Instructions for 1040 Schedule A
    If you're looking for instructions for the Form 1040 Schedule A, then the following article can help you. Basically, the Form 1040 is an individual income tax return filed with the IRS. To know more about the first Schedule A of the form 1040, read on...
  • What is Taxable Income
    Determining taxable income and knowing exactly what is taxable income in USA is essential for all salaried as well as business professionals. So, let us know more on what is taxable income for individuals in this article.
  • Form 1096 FAQ
    While filing income tax returns we need to attach several forms. Form 1096 is one such form that goes into the return. Here is a brief description of this form along with FAQs about the same.
  • Deferred Income Tax
    A prominent accounting term, deferred income tax, is income or expenditure that has not yet been transacted but has been recognized in the books of accounts and the balance sheet. It is also known as future income tax.
  • Tax Planning Strategies
    Do you wish to know about the tax planning strategies and related limitations? If yes, then this article on tax planning strategies 2010 and 2011 will help you greatly. So, continue reading to know more...
  • How to Get a Copy of Your Tax Return
    There might be instances where you may require a hard copy of your tax returns. Tax return copies or rather transcriptions are given by the IRS (Internal Revenue Service) post a small application procedure. Here we give you three options to obtain a copy of your tax return.
  • How to Fill Out a W-4
    Filling up of the W-4 is required by the IRS. In order to know the procedure to fill a W-4, scroll down.
  • How Long Does it Take to Get Tax Refund
    What is a tax refund? How long does it take to get tax refund? Read on, to find all the answers.
  • Claiming Parents as Dependents on Taxes
    Claiming parents as dependents on taxes can help give you a number of tax benefits. Check out the article below to know more.
  • File Tax Return Without W2
    Can you file a tax return without W2? An interesting and important question that many people are unaware about.
  • Minimum Income to File Taxes
    'Do I have to pay tax?' You do if you have earned the minimum income to file taxes. Here's an article that explains it in brief.
  • Marriage Tax Penalty Explained
    What is the marriage tax penalty? How can you avoid it? Read to find all the answers.
  • Married Filing Separately
    While filing for taxes, the fact that you are married gives you a choice to either tick the option marked 'married filing separately' or 'married filing jointly'. Let us explore the former option in this article...
  • Claiming Dependents on Taxes
    Are your children still dependent on you and so you are thinking of claiming dependents on taxes? If that's the case, you need to know the rules which apply for claiming dependents on taxes and this is where we can help. Read on...
  • Exemptions on Tax Return
    Worried about exemptions on tax returns for the next financial year? You don't need to be, here we give you a description of what are exemptions on tax return and the ways in which you can claim exemption. Read on...
  • Flat Tax Vs. Fair Tax
    The floor is open for the debate titled 'flat tax vs. fair tax'. Read on to know the difference between each type of taxes and which one is better for you.
  • Penalty for not Filing Taxes
    Whatever may be the reason, you may have to face a huge penalty for not filing taxes. What are these penalties? Find out here.
  • Flat Tax Pros and Cons
    Today due to the disparity in the tax structure, it has been proposed to implement a flat tax structure throughout the country. Now what is flat tax and what are the flat tax pros and cons? Read the article, to get details about pros and cons of flat tax.
  • Married Filing Jointly
    Married filing jointly is one of the options that the IRS gives married couples for filing their taxes. Here's how it works and if it's good for you or not.
  • How to Calculate Income Tax
    Are you worried about paying your income tax before the due date, and don't know about the prevalent rates and how to calculate income tax? In this article we will give you an idea of how to calculate income tax and an easy way of doing so.
  • The Controversial History of the Graduate Income Tax
    Taxes seem ubiquitous. Yet some in the United States may be surprised to learn that the income tax has not always been around, and in fact was only enacted after much argument.
  • Tax Risk for Middle Class Americans: Increased Audits and AMT
    Middle income Americans need to be aware of perils involved with filing their taxes. This classification of taxpayers is now at greater risk for audit and is more vulnerable to the alternative minimum tax (AMT).
  • Fiscal Policy
    Fiscus (in Latin) refers to a purse and 'fisc' (in English) is a royal or state treasury. Thus, 'fiscal policy' is that under which the government uses its revenue and expenditure programs to produce desirable effects on national income, production and economy. It is thus used as a balancing device in the economy.