Wait, Why Are We Paying Turbo Tax Again?
By Meg Marco April 24, 2007 The New York Times ponders: When a taxpayer files electronically through TurboTax, the information goes first to Intuit’s data center, where the file is batched with others and then sent to I. R. S. computers. The process is almost instantaneous, the company said — when everything goes right. “We are just the transmitter of the return,” said Julie Miller, a spokeswoman for the Intuit TurboTax unit. “In the middle there are no additional steps we are taking. ” So that raises the question: Why is there a need for an intermediary? The Internet’s greatest impact on business has been to cut out the middle step and thereby cut the cost of the product or service.
Why the irs audits
Why the IRS Audits Tax Returns? The Examination Division of the Internal Revenue Service is responsible for auditing federal tax returns to determine if income, expenses, and credits are reported accurately. Although the IRS accepts most tax returns when filed, there are circumstances that warrant an audit. Within this context, the IRS is motivated to evaluate those areas of a tax return that fail to comply with current policies and provisions. In general, the IRS motivation behind auditing taxpayer returns falls under multiple categories. First, the IRS is motivated to audit returns for the purpose of finding unreported income.
Why the flat tax won t work
archive Flat tax just won’t work Chris Martin | Sunday, December 4, 2011 Nearly every week I read articles in The Observer with columnists claiming a flat tax is the answer, and nearly every week I shake my head with disdain. Here’s why: a flat tax won’t solve any problems (and isn’t even remotely realistic). Bogus reasoning is constantly used in defense of this issue, so I’m here to set the record straight. First bad argument: “A flat tax will increase simplicity and efficiency of collection. ” The common justification is that this will ensure that the half of Americans who do not pay taxes will be forced to do so.
Why won't George Osborne collect fair tax? His heart isn't in it
'Osborne told less than the truth: he has raised taxes by £23bn overall, via VAT and less visible devices. So where is the money?' Illustration by Daniel Pudles Guardian G eorge Osborne boasted today of the "biggest cuts to personal and business taxes for two decades ". As the personal tax allowance rises to £10,000 and corporation tax falls to 21%, he said: "This week you will keep more of the money you earn. This week your business can keep more of the money it makes. " All good news? Not if you follow the Financial Times's tax calculations.
The Three Biggest Lies About Why Corporate Taxes Should Be Lowered
Aug 05, 2013 | Updated Oct 05, 2013 Robert Reich Chancellor's Professor of Public Policy, University of California at Berkeley; author, 'Beyond Outrage' Instead of spending August on the beach, corporate lobbyists are readying arguments for when Congress returns in September about why corporate taxes should be lowered. But they're lies. You need to know why so you can spread the truth. Lie #1: U. S. corporate tax rates are higher than the tax rates of other big economies. Wrong. After deductions and tax credits, the average corporate tax rate in the U.
Why Taxes Matter?
Beyond giving everybody a collective headache when April rolls around, taxes have a tremendous influence on the American way of life. From daily decisions like where to shop to life’s major decisions – where to buy property, where to establish a business, when and where to retire, and how to plan for death – taxes are there to push you one way or the other, often practically dictating what you can do. Progressively higher income tax rates – "taxing the rich" – cause many productive people to work less and retire earlier, draining the economy and destroying jobs.
Why Taxation Must Go Global
BERLIN – We are witnessing profound changes in the way that the world economy works. As a result of the growing pace and intensity of globalization and digitization, more and more economic processes have an international dimension. As a consequence, an increasing number of businesses are adapting their structures to domestic and foreign legal systems and taxation laws. Thanks to technical advances in the digital economy, companies can serve markets without having to be physically present in them. At the same time, sources of income have become more mobile: There is an increasing focus on intangible assets and mobile investment income that can easily be “optimized” from a tax point of view and transferred abroad.
Why tax the rich more
Why the rich should pay more taxes This piece, like my taxes, is just a bit late. For non-American readers, I should explain that income taxes are due on April 15. Non-American readers may also be utterly astonished at the arguments made below. Could Americans really be so lacking in common sense? Believe me, they could. --Mark Rosenfelder For more than a century it's been generally recognized that the best taxes (admittedly this is an expression reminiscent of "the most pleasant death" or "the funniest Family Circus cartoon") are progressive -- that is, proportionate to income.
Why Tax the Rich? Efficiency, Equity, and Progressive Taxation
Reuven S. Avi-Yonah 111 Yale L. J. 1391 (2002) In Greek mythology, Atlas was a giant who carried the world on his shoulders. In Ayn Rand's 1957 novel Atlas Shrugged, Atlas represents the "prime movers"--the talented few who bear the weight of the world's economy. In the novel, the prime movers go on strike against the oppressive burden of excessive regulation and taxation, leaving the world in disarray and demonstrating how indispensable they are to the rest of us (the "second handers"). Rand wrote in a world in which the top marginal federal income tax rate in the United States was 91% (beginning at taxable income of $400,000).
Why File US Tax Return
First and foremost, it's the law - If you are a U. S. citizen or resident alien, you must report income from all sources within and outside of the U. S. It's that simple. Whether or not you end up paying tax on that income is irrelevant - the income itself must be reported. Additionally there are five more reasons that actually make filing U. S. Tax Return advantageous to you: If you fail to file, you cannot claim foreign income exclusion and you may be liable for penalties. There is a three year statute of limitations on filed tax returns.