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The choice between single and head of household tax filing status can have a sizable impact on the taxes you owe or the refund you receive. Yet many don’t realize they may qualify for the more ...
Maximizing Non-Taxable Income. Now that you know the difference between taxable income and non-taxable income, you’re probably wondering what some of the best ways are to maximize non-taxable ...
The income tax law in its modern form—which began in the year 1913—included a provision for a personal exemption amount of $3,000 ($71,764 in 2016 dollars), or $4,000 for married couples. ($95,686 in 2016 dollars) Over time the amount of the exemption has increased and decreased depending on political policy and the need for tax revenue.
The tax gap is the difference between the amount of tax legally owed and the amount actually collected by the government. The tax gap in 2006 was estimated to be $450 billion. [125] The tax gap two years later in 2008 was estimated to be in the range of $450–$500 billion and unreported income was estimated to be approximately $2 trillion. [126]
The bill would have amended the Fair Labor Standards Act of 1938 (FLSA) to increase the federal minimum wage for employees to $10.10 per hour over the course of a two-year period. [78] The bill was strongly supported by President Barack Obama and many of the Democratic senators, but strongly opposed by Republicans in the Senate and House.
The key to effective financial planning are two primary types of income: Passive and non-passive. It's important to understand both passive and non-passive income types that you may have and how ...
Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...
As a result, the computation of the tax expense is considerably more complex. Tax law may provide for different treatment (from GAAP) of items of income and expenses as a result of tax policy. The differences may be of permanent or temporary nature. Permanent items are in the form of non taxable income and non taxable expenses.