Income tax

Under the Income Tax Assessment Act 1997, a taxpayer's total capital gain consists of both net capital gain subtracted from their net capital losses for the financial year (July 1st to June 30th). Variations on income tax liability depend on whether the taxpayer has made either a capital gain or a capital loss.1 Capital gains occur whenever costs are less than the gains on a capital asset. Conversely, capital losses arise whenever costs exceed a gain. 2 The most common event for taxpayers…

Industries London’s fashion industries have brought great economic prosper to the Britain’s economy. London has always held a title as one of the world’s greatest “super cities” in the fashion society. London, as of 2011, is ranked as the number one global fashion city because it is one of the most powerful economic cities with leading financial centers. It is considered a superstar city on a global and national scale. It is in competition with other cities such as Paris, Milan, and New York…

and business tax returns into the tax software. This position is interesting because it exposes me to a variety of tax returns and a multitude of coordinating tax schedules such as A, B, C, D, and E. Training is a “learn by doing” approach. For example, as part of the job, I match returns for new clients in the prior years’ software program, and the challenges of matching a return, are in and of itself self-training. Finally, the accountant will pro forma the return to print the tax organizer…

A tax practitioner's main responsibilities are providing clients or taxpayers proper and professional advice, as well as preparing and filing accurate tax returns. Their duties include informing the clients of any taxation requirement and possible conflicts of interest, as well as analyzing the clients’ taxation situation. Moreover, when performing in tax practice, tax professionals should interview their clients to understand their personal situation and determine the proper form to be prepared…

Consequently, I have learned the importance of tracking income and expenses for tax purposes, among other reasons. Over the course of my ventures, I decided I had enough excess money to start a Roth IRA; however, this meant I needed to report my income. The first year I contributed to the account, I put in over one thousand dollars and had to pay self-employment taxes. Preparing for the following years, I carefully read the laws about taxing income and determined I could avoid such taxes by…

c) What is the “net spendable income” (Burkett, 12)? Net spendable income is that portion available for family spending. Some of your income does not belong to the family and therefore cannot be spent. For instances- category one: the tithes; since the term tithe means “a tenth,” (Burkett, 12) I will assume that you give ten percent of your total income to God. Category two: taxes; federal withholding, taxes must also be deducted from your gross income. Self-employed individuals must not forget…

were directly paid to the attorney. William filed taxes for the $3 million that he received, but did not include the attorney fees. The IRS audited William and asserted that the other $1.5 million awarded should have been included in William’s gross income and the attorney fees should have been expensed as miscellaneous itemized deduction and subject to the 2% floor. William challenged the IRS’s assertion and brought the issue to his attorney. The attorney believes that, due to the circumstances…

situation concerning money, because of the ransom needed for his release. The amount was so high that it had taken 6 months for the people of England to raise enough money for him to be released. The tactics used to get the money were quite a few taxes on income and movables, on the…

The idea of a Universal Basic Income, however, had started long before, originating during the Renaissance Era, 1516, in Thomas More’s “Utopia” [7]. Throughout the centuries many famous intellectuals like Thomas Paine and John Stuart Mill examined and expanded upon the idea. Modern day, we see the idea of a Universal Basic Income being endorsed by men like Elon Musk, the CEO of Tesla and Space-X. The purpose of the Basic Income was to tackle poverty. Modern day, it is now becoming…

initial year of service) it is recommended that the straight line method be used, because it has higher depreciation in the initial years. “Taxpayers are allowed to claim an additional 50% depreciation deduction on qualified property acquired during tax years beginning in 2009. Qualifying property is new MACRS property with a recovery period of 20 years or less, MACRS water utility property, computer software not acquired as an acquisition of all of the assets of a business, and qualified…