Learn about how to File Income Tax return online for the year 2013-14.see step by step procedure to submit. you can easily file your pan card return by e-filling.
Duration : 0:5:17
What can a donut shop teach us about Tax Reform? Maybe quite a bit. Would the federal government have all of the money it needed if Congress just kept raising taxes? Possibly, but after a while, higher tax rates would actually bring in less money for the government. The same is true of a business. If you were making a little bit of money selling donuts at $1 a piece, would you make 300 times as much money by changing your price to $300 per donut? Probably not.
When it comes to evaluating tax changes, the most common way is to assume that no matter how different the tax code is in the future, the economy will continue to behave as if nothing had happened — Americans will keep working and investing in the exact same way. Using this “static,” or unchanging, view of the economy, however, gives us a distorted idea of what the future is going to look like.
The Tax Foundation uses a sophisticated economic model to measure the dynamic effects of tax policy changes. We believe that this approach gives lawmakers a more realistic picture of the effects of tax changes on the economy and federal finances.
Imagine that you own a sweet donut shop.
And say you sell 100 donuts every day at $1 each. You’d make $100 a day, right?
Now say you raised the price of your donuts to $5 each. Would you make $500 a day?
But maybe people wouldn’t buy as many donuts at five dollars each.
So what if you lowered the price of the donuts to fifty cents each?
Yes, you’d make less money per donut, but you’d probably have a lot more customers.
Seems like a simple part of economics, right?
Well, simple or not, it’s not how the government views taxes.
Whenever Congress is trying to calculate how much money they’ll get from taxes, they use what some people call, ‘Static Scoring.’
That means that according to Congress’ estimates, every tax cut means lost revenue.
And every tax hike means more money for the government.
Which isn’t always true. Just like every increase in the price of donuts doesn’t mean more money for the donut shop.
After all, who’s going to buy a $300 donut?
All of this matters because, in a weird way Congress’ over-simplified model is holding us back.
Because if you don’t estimate the economic effect of taxes, you can’t make good policies.
Well, there IS a better model. But Congress isn’t using it.
A Dynamic scoring model focuses more on economic growth.
A Dynamic model calculates the broader effects of tax policy on the things that produce economic growth — such as how tax policy affects the cost of labor and the cost of capital investment.
Higher taxes on labor means fewer jobs at lower wages. Lower taxes on labor mean more of those jobs at higher wages.
Higher taxes on capital such as buildings and ovens mean less investment in those things
And lower taxes mean more.
Well, more capital and more labor mean more growth and better living standards for American families.
And after all, isn’t the point of tax reform to grow our economy so Americans can have more opportunities?
Critics of dynamic scoring resist it because economists don’t always agree on the details.
But isn’t trying dynamic scoring better than using a model we know is wrong?
After all, this isn’t a donut shop, we’re talking about.
It’s our country.
Duration : 0:2:17
This Sunday, My Mistri’s two children came to me for taking my help in the calculation of Income Tax. From 5 years, I did not teach offline, but his father is my good friend. So, I taught him this calculation. Same time, my camera was on. So, This video will also be helpful for this free online virtual school’s students. I hope, you will like this.
Duration : 0:5:46
This video complements the previous lecture about tax computation for a corporation.
Duration : 0:10:22
I need a copy of my 2012 tax return before it was amended. I don’t want to go through the trouble of ordering it from the IRS and waiting 2 months for it. Can I go back to my tax preparer and simply ask for another copy?
Yes, you can ask for a copy of your Tax Return. Your preparer is required to give you a copy of any return he or she prepared for you at the time the return is filed. He is not required to give you additional copies. If you get a copy from your preparer, you can be charged a fee for this service.
For example, a typical fee for a copy of a prior year return is $25.
A.) Immigration legislation
B.) Tax Reform
C) The budget
D.) Examination of the NSA.
All of the above but the budget always has priority.
I’m 17 and I have a summer job umpiring baseball. Every check I pay into FICA and the Illinois State Income Tax. My most recent and also my largest check is the only time I’ve paid into the federal income tax. I made 99 dollars before taxes, and paid 1.44 in federal income tax which is the same amount I paid into Medicare. Why have I only paid into it once?
The withholding tables are set up in such a way that they assume every paycheck is the same paycheck you will receive throughout the year and withhold taxes accordingly. Since all of your other paychecks were smaller, it was assumed (if you had the same paycheck every pay period) you would owe no federal income tax and therefore nothing was withheld. If this larger check was the same for every pay period of the year, you would owe some tax and therefore some was withheld.
If at the end of the year you owe no federal income tax, you can file a return and have your withholding refunded to you.
For my tax return holding all liability and signed by both of us?
Use the search box at the www.irs.gov website for 1040 and look at the bottom of the form where you sign and then look at the place the paid preparer is supposed to also sign it and read each statement that is enclosed there for this purpose and time in your life OK.
Form 1040, U. S. Individual Income Tax Return
Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Print/Type preparer’s name Preparer’s signature Date
Hope that you find the above enclosed information useful. 06/25/2013
Shouldn’t corporations still have to pay corporate Income Tax on their foreign earnings, even after corporate income Tax Reform? Even if its just10-12%?
I’m not an expert on out-of-country business tax structures, so I couldn’t say for sure. It does seem like a sensible idea, in general, however. I know when I worked overseas, I had to pau U.S. taxes on my earnings abroad.
If I reside in one US state that has no state Income Tax, but work in another state that does, do I end up having to pay income taxes to one of those states or not?
Yes. If one state has a state income tax and the other does not, then you pay state income tax to the state with the state income tax.