Gasoline prices are affected by crude oil costs and taxes imposed by federal and state governments. Federal gasoline taxes are up to 18.5 cents per gallon, while all states have excise taxes on motor fuels. Fuel tax refunds are available for specific purposes, and rates and eligibility vary by state. While the biggest factor in […]
Federal tax relief is offered to citizens who are unable to pay their federal or state taxes due to valid reasons such as job loss or divorce. There are four main types of relief, including an Offer in Compromise contract and Non-Collectable Status. To receive relief, an appeal must be filed with the IRS or […]
The federal income tax brackets change annually, with six different brackets based on income and filing status. The brackets and rates have changed significantly over the years, with current brackets being more favorable to higher earners. Income tax brackets at the federal level change from year to year, sometimes drastically, depending on what policies the […]
Cap and trade is a government system to reduce emissions of pollutants, assigning companies credits for the amount of pollutants they could emit. Companies that produce more pollution than allowed can trade or buy credits from companies that produce less. However, the additional cost of buying credits is passed on to consumers, making it controversial. […]
Tax credits provide dollar-for-dollar tax relief and are used to compensate for inequalities or encourage certain behaviors. Fuel tax credits are designed to encourage the purchase of fuel-efficient vehicles and investment in alternative fuels. They are subject to legislative revisions and vary by country and state. Tax credits are tax reductions designed by legislators and […]
Expense tax replaces income tax and is based on spending rate rather than earned income. Issues include equal distribution, collection methods, brackets, and rates. Two calculation methods are cash flow and exempt income. Tax credits are needed for family circumstances and age. The main benefit is the removal of double taxation, but the disadvantage is […]
Fuel tax reporting is the process of reporting taxable fuel use to a government and varies by country. It is an important part of regulating fuel consumption and can impact businesses and national economies. International agreements, such as the International Fuel Tax Agreement, can provide more transparent reporting for vehicles traveling internationally. Fuel tax reporting […]
Progressive taxation places the highest tax burden on those who earn the most money, aiming for tax fairness. It can work through income tax or sales tax, but some argue a flat tax system is fairer. However, a flat tax may be regressive and impose financial hardship on the poor. Progressive taxation is a type […]
Fuel tax rebates are issued to those who have paid fuel tax, with eligibility varying depending on circumstances such as agricultural use or driving alternative fuel vehicles. To claim a rebate, evidence of taxes paid must be saved and paperwork completed. Processing time can take up to six weeks. A fuel tax rebate is a […]
The Tax Exemption Act of 1997 made over 800 amendments to the US Internal Revenue Code, creating educational credits and deductions, reducing taxes on small businesses, and increasing eligibility for retirement accounts. It also included measures to help citizens and small businesses, such as property tax reductions and increased deductions for health insurance premiums. The […]
Property taxes are levied on an individual or business’s property and fall into two categories: estate and personal property taxes. Property tax exemptions can lessen or eliminate the burden of property taxes, with relief often offered to elderly or disabled people. Some states offer property tax relief in the form of a property tax/rental credit […]
The US Constitution provided a mechanism for amending the Constitution as needed. The 16th Amendment clarified Congress’s authority to levy taxes on income, without apportionment among states. Prior to its ratification, there was confusion about whether income taxes were direct or indirect taxes. The tax amendment ended this debate by stating that all income is […]
Fuel sales tax is a tax paid by the purchaser of a product, with a set amount for excise tax and a percentage for sales tax. The US and Canada have federal and state/provincial taxes, while the EU has higher taxes due to supply and taxation. The purpose of these taxes is to capture revenue, […]
Choose partnership tax software by comparing features, looking for official tax returns for all jurisdictions, and compatibility with accounting software. Partnerships are tax transfer entities, passing on income and losses to partners who pay taxes on their share. You can choose the best partnership tax software by reviewing articles and testimonials about comparable products and […]
A carbon tax is a tax on greenhouse gas emissions, designed to limit and control emissions based on the scientific theory that excessive levels of such gases can lead to an unwanted rise in temperature. A carbon tax accounts for the social cost of emissions and can be applied to all emissions or given as […]
Business tax planning minimizes tax liabilities by maximizing deductions and write-offs. It varies by jurisdiction and is done by accountants or lawyers. It’s important for businesses to plan ahead to capitalize on expected tax benefits. Commercial tax planning is the process that companies engage in to anticipate and, in many cases, minimize tax liabilities. Almost […]
A sales tax return is a form used by businesses to report tax collected and paid to the government agency responsible for administering the tax. The form includes debit, credit, and difference values, and businesses can choose between a sales tax credit or exemption. The rules for what items are taxable vary by location and […]
Most US states have sales tax, usually between 5-7%. Some cities also impose additional sales taxes to fund services. Some states exempt certain items. Visitors may receive tax exemption, but not for luxury items. Some states don’t have sales tax, but revenue can fund important programs. A federal sales tax to replace income tax has […]
To become a property tax attorney, attend law school, pass the bar exam, and work for a property tax law firm. While a specialization in tax law is not required, experience in real estate law and tax knowledge is beneficial. Joining tax-related cases or pursuing an LL.M. in tax can also help. The most direct […]
Tax administration manages finances for governments, non-profits, and public service entities. Tax policies are set by leaders to develop budgets, and reports are used to adjust future tax decisions. Fiduciary responsibility requires responsible handling and recording of all activities involving money. Errors in tax administration are common in government and private sectors, but public reporting […]
