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In the tax law of the United States the claim of right doctrine causes a taxpayer to recognize income if they receive the income even though they do not have a fixed right to the income. For the income to qualify as being received there must be a receipt of cash or property that ordinarily constitutes income rather than loans or gifts or ...
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
As of 2010, 68.8% of federal individual tax receipts, including payroll taxes, were paid by the top 20% of taxpayers by income group, which earned 50% of all household income. The top 1%, which took home 19.3%, paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the earned income tax credit.
The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
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The IRS is taking action against small businesses that improperly filed returns claiming a lucrative pandemic-era tax credit. The agency sent 20,000 correspondence letters disqualifying these ...
U.S. federal tax receipts for 2014. The U.S. has an assortment of federal, state, local, and special-purpose governmental jurisdictions. Each imposes taxes to fully or partly fund its operations. These taxes may be imposed on the same income, property or activity, often without offset of one tax against another.
The claim that salaries, wages, and compensation for personal services are to be taxed as an entirety and therefore must be returned [i.e., reported on an income tax return] by the individual who has performed the services which produce the gain is without support, either in the language of the Act or in the decisions of the courts construing it.
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