At different times government keeps on amending the tax laws. They also try to improve their tax returns by adding different laws to the tax return policies. There are numerous hidden taxes which are taken from the tax payers by the government. It is important that you as a tax payer are well aware of [...]

What is AMT? AMT; Alternative minimum tax is an extra tax that is levied on some people above their regular income tax. It’s a supplemental income tax imposed by the U.S government required in addition to baseline income tax for certain individuals, corporations, estates, and trusts that have exemptions or special circumstances allowing for lower payments of standard income tax. It has its [...]

 Most of the people find it difficult to understand the tax rules because they are unable to comprehend the terms written on the IRS website. Tax payers need to understand the terms so that they can easily file the tax returns. There are many hidden shadow taxes which cannot be understood unless you know details [...]

  What is Tax Revenue? Sales Tax is the largest source of revenue for states and Income Tax is the largest form of income for the federal government.  Sales tax is a general tax which is levied on the consumer purchases of all products bought. It is added to the final price of the retail [...]

 There are two major tax principles; Those who benefit from the government services should be the ones paying higher taxes and the people should be taxed according to the amount of benefit they are receiving from government offerings or public services. This principle faces few limitations; firstly the benefit that someone is achieving cannot be [...]

There are many different types of taxes a person has to pay which include Sales Tax, Income tax, Property Tax, Estate Tax, Excise Tax etc. Some of the tax types are known to everyone while others are not common and tax payers find it difficult to comprehend them. Here is the explanation of two different [...]

Taxes are the payments by citizens to the state. They are used to pay for all the services by government. If tax amount is not collected, government won’t have any money to operate.  Taxes are the bitter truth of our life. They are inevitable, so it is better that being a responsible citizen we accept [...]

  Program Description A Low Income Taxpayer Clinic (LITC) is an organization that is working for the benefit of people with low income and people whose primary language is not English. In case such people have a dispute with the IRS, the organization provides education about their rights and outreach to such individuals. It also [...]

  FISCAL FACT No. 486: 2016 Tax Brackets (PDF) What is a Tax Bracket? Taxation is an important aspect of your income. Tax brackets are the different rates of taxes which are levied on the different income levels of an individual. Every year IRS adjusts more than 40 Tax provisions for inflation. IRS carries this [...]

  The ITIN number also known as Individual Tax Identification Number is a number given to every individual by Internal Revenue Service (IRS).  This ITIN number gives a unique identity to every person. In this way IRS ensures that all people pay taxes even if they are illegal immigrants and don’t have a social security [...]