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In some cases, investors may record a gain or a loss on a security depending on the tax lot involved, which adds even more flexibility from a tax perspective. It is important to note that the law requires brokerage firms to report the original cost basis data (tax lot data) to the IRS , along with a 1099-B, which provides information about the ...
Lots are definitely different than tax parcels, since you work for the city most likely you have a mixture of platted lands (subs, blocks, lots) and metes and bounds descriptions from deeds. Tax shops will sometimes "merge" two adjacent lots to create a new Tax Parcel for the purpose of sending one tax bill.
Tax map numbers refer to a fairly large area with many taxlots. Tax lots are usually stored as polygons or polylines. If you have a specific location in mind (like, the county you live in) then go find the web site for your county and see if they have GIS services and see if they offer either downloadable or online services.
Tax breaks lower tax bills, which is why taxpayers and tax advisors spend considerable amounts of time determining which deductions and credits they qualify for each year. Governments often implement tax breaks as a way to encourage certain behavior or investment in certain industries or programs.
Company XYZ pays a corporate tax rate of 30%. Normally, the company would need to pay $500,000 x 30% = $150,000 in taxes. But because it had a tax loss carryforward from last year, it can apply last year's loss to this year's tax bill, reducing it significantly (or even to $0, depending on the jurisdiction Company XYZ is in).
This write-off is a tax-deductible expense, which means it lowered the amount of taxes Company XYZ owed at the end of the year. Now, let's assume that after a lot of wrangling, the customer finally paid its bill to Company XYZ in 2010. The tax benefit rule requires Company XYZ to report the $100,000 as income on its 2010 tax return and pay ...
Tax Lot Accounting. Tax Planning. Tax Preference Item. Tax Rate. Tax Reform Act of 1986. Tax Reform Act of ...
A Roth IRA allows your investments to grow tax-free and can be withdrawn tax-free during retirement. Health Savings Account (HSA) The health savings account (HSA) is a tax-advantaged account that allows you to contribute money for every year you have a qualifying high-deductible health plan (HDHP). These funds lower your taxable income, grow ...
The Tax Reform Act of 1993 had several components that received a lot of attention. The Tax Reform Act of 1993: & bull; Raised taxes on married couples making over $250,000 • Raised taxes on Social Security benefits • Raised taxes on Medicare benefits • Created higher tax brackets (36% and 39.6%) • Raised the corporate tax rate
The idea isn't just to make an ugly neighborhood pretty again; when portions of a city are revitalized, the value of the properties in the area increases, which generates more property tax revenue later for the municipality. Thus, from a government perspective, the idea is to forgo a little tax revenue now in order to gain a lot of tax revenue ...