Q.
A. Exactly
Corporate taxation is a cleverly hidden device to make people think government is helping them. Instead of taxing directly, the government taxes the corporations who, in turn, consider taxes as a cost of business. News flash: Corporate CEO's don't pay corporate taxes. Businesses pass the cost of taxes on to customers, who pay more for less.Employees work harder for less. Shareholders earn less on investments.
Business finds the path of least pain. If it becomes too costly to produce goods in one place, business moves somewhere else. Eventually it will move it's operations outside of the country which is taxing away profits. Right now, many foreign corporations have a 35% head start on prices precisely because the United States has a 35% corporate tax.
The public ends up paying corporate taxes while the government gets the credit for helping the poor by taxing rich corporations. Go figure??
Corporate taxation is a cleverly hidden device to make people think government is helping them. Instead of taxing directly, the government taxes the corporations who, in turn, consider taxes as a cost of business. News flash: Corporate CEO's don't pay corporate taxes. Businesses pass the cost of taxes on to customers, who pay more for less.Employees work harder for less. Shareholders earn less on investments.
Business finds the path of least pain. If it becomes too costly to produce goods in one place, business moves somewhere else. Eventually it will move it's operations outside of the country which is taxing away profits. Right now, many foreign corporations have a 35% head start on prices precisely because the United States has a 35% corporate tax.
The public ends up paying corporate taxes while the government gets the credit for helping the poor by taxing rich corporations. Go figure??
I can't work because I'm taking care of my mom who is over 65 can she claim me and file taxes retrun?
Q. my mom is over 65 and ligally handicap,I have to quit work to care for here , can't seem to get any kind of surport to help ,or programs that would pay me for caring for her,she has been paying for my bills, now she gets a pension and social sercurity,can she files taxs and claim me as a dependent or how can I get the help I need.
A. If you live with her, she supports you, and you don't have $3400 gross income or more, yes she can claim you as a dependent, but that won't help you get into a program to pay you for caring for her.
Good luck.
Good luck.
I will be receiving a check for past due child support over 10k. I owe the IRS back taxes. Will they find out?
Q. I am in the process of working with them on a settlement for a lower amount, I need the money to get caught up on bills since I have been unemployed for over a year and my unemployment is up this month.
A. They might would depend on where the amount will be coming from for this purpose and it would be a very good idea to pay the past due taxes and penalties off in full at this time in your life.
Hope that you find the above enclosed information useful. 12/11/2012
Hope that you find the above enclosed information useful. 12/11/2012
Do I get taxed when transfering funds over seas?
Q. My situation is, I borrowed 10,000 dollars from the bank to lend my friend over seas. So I transfered the borrowed funds overseas into his account. Now that he has repaid me by sending the 10,000 dollars back into my account. Will I get taxed on the 10,000 dollars that is coming into my account as personal income? By the way I am living in Australia and am an Australian resident.
A. No.
The taxation legislation differentiates between personal and business/income earning activities.
Without knowing all of the details of your transactions it appears that you lent money for personal reasons without any intention to profit and that you have received the money back without profit.
Without going into all of the intricacies of the legislation it appears at face value to just be a personal matter and outside both the intent and scope of the legislation.
If however you lent the money for the purpose of making a profit then it would be a different matter.
The taxation legislation differentiates between personal and business/income earning activities.
Without knowing all of the details of your transactions it appears that you lent money for personal reasons without any intention to profit and that you have received the money back without profit.
Without going into all of the intricacies of the legislation it appears at face value to just be a personal matter and outside both the intent and scope of the legislation.
If however you lent the money for the purpose of making a profit then it would be a different matter.
I heard that if your over 18 and your parents claim you on their taxes that you will get some money back also?
Q. I heard that a new thing they are doing this year is if your 18 and your parents claim you on their taxes you will get some of that money back that you didn't get since you didn't claim yourself.. is this true? it was on the new? and are they doing it this year or in the future????
A. If your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit under the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you have taxable income in 2008, you will see a tax cut when you file in 2009.
By the way, this is a one time rebate. So it will not effect anything else in the future other than your 2008 return if you have taxable income.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you have taxable income in 2008, you will see a tax cut when you file in 2009.
By the way, this is a one time rebate. So it will not effect anything else in the future other than your 2008 return if you have taxable income.
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