Tax

● Reporting component Today I completed 3 tax returns together with my partner Rebecca Graham. ● What are your most vivid first impressions of the VITA site? Describe the settings, people, actions and positive or negative feelings you had. As I entered VITA cite I was surprised how friendly the environment was. My first interaction was with 2 cite coordinators. They were really helpful and explained me everything. All the volunteers and cite coordinators were in the same room with a little…

society, the validity of tax exemptions has been questioned. Some people believe that organizations that are exempt from paying taxes are given an unfair advantage over organizations that are required to pay taxes. Others believe that tax exemptions are necessary for such organizations. There are many different viewpoints on the issue, making it not an easy one to resolve. There are many stakeholders that could be affected greatly by a change in the policy of church tax exemptions.…

The current Tax code in the United States is quite complex that even some experts cannot figure it out. Both taxpayers and policymakers share a routine frustration of the tax systems vintage rules, along with its never ending loopholes which seem to contradict fairness and logic. Americans are sick with the current system, and many are looking for answers to this growing problem. Americans want this overly complicated system to be not only simplified, but also standardized in the way taxes are…

don’t pay a personal income tax. Taxes reinforce inequality, as the state end up taxing the poor far more heavily than other classes. The idea that the absence of an income tax makes Texas better able to attract business, create jobs and keep young workers from moving to other states might be true but this system is creating a tax burden on poor and middle-income Texans. The Lone Star State depends on a state sales tax, and local jurisdictions collect additional sales tax and property taxes to…

Hardships on Flat Tax In 2010, the top 20% of the nation 's population owned 85.1% of the nation 's income and 80% of the nation’s population only owned 14.9% of the nation’s wealth. Five years later, the top 1% of the United States nation now owns more additional income than the bottom 90% of the nation 's population. Enacting a flat tax would make people pay the same percentage of their income. Even though a flat tax would enhance the economy 's long-term advancement, a flat tax should not be…

nowhere near perfection. The degree in which tax laws should be enforced and analyzed is very complex. The main question to whether the proper tax enforcement allowed depends largely on the current tax structure. Even the role of complexity in the current tax system is a factor in influencing the size of the large tax gaps and substantial amount of tax avoidance (United States Congress House of Representatives, 2010). Tax complexity is also emphasized. Tax complexity allows other ways to hide…

The debate about whether to impose a tax on sugary drinks or not raises some interesting questions. Some individuals argue that government should tax sugary drinks because the number of health risks associated with them are on the rise. Opponents argue that consumers should have the right to drink what they want. By introducing an additional tax on sugary drinks proponents are hoping to decrease the consumption of these beverages, and thus promote a healthier lifestyle. While taxing sugary…

Wacky Tax Deductions Unusual Tax Deductions Generate Unexpected Income People have successfully claimed some pretty zany deductions, and in the interests of lightening up the dry topic of preparing taxes, we 'd like to examine the lighter side of business and tax planning by covering some of these deductions. Of course, there is a point to reviewing these wacky deductions -- you’ll get a better of idea of how the IRS applies tax law to your tax claims. You can deduct those claims that the IRS…

population has a love of soda. They also have an obesity epidemic and a rising rate of obesity related diseases. Many city politicians have attempted to pass a tax on sugar-sweetened beverages in an effort to decrease consumption. However, a soda tax has met with opposition by consumers, some politicians, and the soft drink industry. The tax proposal continues to come up for debate by city officials and public health experts as the nation attempts to decrease empty carbohydrate intake, improve…

It’s tax season again, which seems an even colder season than winter for many of us. Physicians, especially, can feel a chill in the air this time of year as they attempt in vain to get ready for April 15th. Between taking care of their patients and trying to stay compliant with so many initiatives, many doctors have little time to actually learn the basics of the tax codes that apply to them, and so they wind up getting involved in questionable investments and “tax shelters” to, in the end,…