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Understanding the basics of tax laws (2 15 11 alyssa)
Tax season can be a scary time for many, especially when they do not understand the laws and purposes of the income toll. Even utilizing software that is supposed to make filing tax forms simple may not help you to feel comfortable when April rolls around.
Understanding the basics of tax laws (2 15 11 alyssa)
Understanding the Basics of Tax LawsTax season can be a scary time for many, especially when they do not understand the laws and purposesof the income toll. Even utilizing software that is supposed to make filing tax forms simple may not helpyou to feel comfortable when April rolls around.Where Does Your Money Go? Understanding the purpose, what these contributions are used for, and what the government expects of you during this time might help to make it easier to file when the time comes around. Why are Americans required to pay taxes? There are so many things that the United States government needs to pay for, including maintaining roads, schools, caring for national parks, and paying employees. In other words, it requires a great deal of money to keep the country functioning and to take care of all of the different aspects of our society. The only way that the government is able to pay for all of these expenses is through the use of money that is given in taxes by individuals and companies. It is called the income tax, because it is taken from the amount of money that citizens and businesses make throughout a year-long period. The President, in conjunction with Congress, is responsible for approving laws that govern taxes. They also write new ones that are to be put in place.The IRSOther bodies of the government like the Internal Revenue Service and the United States Treasury areresponsible for other aspects of the collecting and dispersing of the funds. The national budget includesthe amount that is expected to be spent on different programs and necessities.As the government spends money on these different things, it is necessary for them to gain or earnmore to keep the process going and to keep the country stable. As it spends less money, it calls forfewer taxes to be used for spending, and vice versa.Each citizen is subject to having to pay taxes to the government; the amounts are different dependingon how much money they make each year and how many things that they are able to claim to decreasetheir taxable amounts. There are different aspects of this system that are monitored and applied to allcitizens.
First off, it is necessary for every person, company, or non-profit to report their income and makethemselves subject to taxing. Some people and organizations may be exempt, but everyone is requiredto at least declare the amount of money that they have made that year.Any money that is earned is taxable, because it is considered income. This includes dividends, wages,profits, and pensions.What are Your OptionsCitizens are also required to pay these amounts throughout the year; when you receive a check or wage,companies are required to remove taxes from that amount. At the end of the year when you file, thegovernment decides if you have paid more than you owe through your filing.If you have, then you usually receive arefund. On the other hand, if you havenot given enough to cover the amountthat you owe, you will experience abalance due to the government.The system that has been put in place bythe United States is progressive, whichmeans that as your level of incomeincreases, you are subject to being taxedmore money. Accordingly, those thatmake less money experience a lesser ratethan those individuals.Believe it or not, the system is considered voluntary; this means that you can arrange your income andmanage your finances in a way that allows for you to pay fewer taxes to the government. All of thesethings are important to understand, especially as you go through the filing process.Many find it difficult to make these payments and are unsure about what to claim in order to possibleget a return back from the government. If you are unsure about what should include when you file, itmay be best to utilize the help of a certified public accountant of a financier to help you.They will be able to instruct you in the types of claims you can make for a higher refund; this will beespecially beneficial, because the United States will essentially pay you back some of the funds that theyremoved from your original income. The more you understand the basics of this process, the easier itwill be to understand and the more you should feel like an informed United States citizen.For more information visit with a tax lawyer in Henderson Nevada or a Las Vegas tax lawyer.Photo Credit: Wally G, Alan Cleaver