#tax law

[floral-ashes]

Math is the tax law of STEM. I will not elaborate.

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[kp777]

By Jake Johnson

Common Dreams

Jan. 9, 2024

"Almost nobody says we should have the richest pay the least. And yet when we look around the country, the vast majority of states have tax systems that do just that."

Nearly every state and local tax system in the U.S. is fueling the nation's inequality crisis by forcing lower- and middle-class families to contribute a larger share of their incomes than their rich counterparts, according to a new study published Tuesday.

Titled Who Pays?, the analysis by the Institute on Taxation and Economic Policy (ITEP) examines in detail the tax systems of all 50 U.S. states, including the rates paid by different income segments.

In 41 states, ITEP found, the richest 1% are taxed at a lower rate than any other income group. Forty-six states tax the top 1% at a lower rate than middle-income families.

"When you ask people what they think a fair tax code looks like, almost nobody says we should have the richest pay the least," said ITEP research director Carl Davis. "And yet when we look around the country, the vast majority of states have tax systems that do just that."

"There's an alarming gap here between what the public wants and what state lawmakers have delivered," Davis added.

In recent years, dozens of states across the U.S. have launched what the Center on Budget and Policy Priorities recently called a "tax-cutting spree," permanently slashing tax rates for corporations and the wealthy during a pandemic that saw billionaire wealth skyrocket and company profits soar.

A report released last week, as Common Dreamsreported, showed ultra-rich Americans are currently sitting on $8.5 trillion in untaxed assets.

According to ITEP's new study, tax systems in just six states—California, Maine, Minnesota, New Jersey, New York, and Vermont—and the District of Columbia are progressive, helping to reduce the chasm between rich taxpayers and other residents.

Massachusetts, which has one of the more equitable tax systems in the nation, collected $1.5 billion in revenue last year thanks to its recently enacted millionaires tax, a measure that improved the state's ranking by 10 spots in ITEP's Tax Inequality Index. Minnesota has also ramped up its taxes on the rich over the past several years while expanding benefits for lower-income families, ITEP's study observes.

"The regressive state tax laws we see today are a policy choice, and it's clear there are better choices available to lawmakers."

But the full picture of U.S. state and local systems is grim. In 44 states, tax laws "worsen income inequality by making incomes more unequal after collecting state and local taxes," ITEP found.

Florida has the most regressive tax code in the U.S., with the richest 1% paying a mere 2.7% tax rate while the poorest 20% pay 13.2%.

Florida is among the U.S. states that don't have personal income taxes, which forces them to rely on consumption and property taxes that are "nearly always regressive," ITEP notes in the new analysis.

"Eight of the 10 most regressive tax systems—Florida, Washington, Tennessee, Nevada, South Dakota, Texas, Arkansas, and Louisiana—rely heavily on regressive sales and excise taxes," the study says. "As a group, these eight states derive 52% of their tax revenue from these taxes, compared to the national average of 34%."

Aidan Davis, ITEP's state policy director, said that "we've seen a lot of states shift their tax systems to become even more regressive in recent years by enacting deep tax cuts for the wealthiest."

The report points to Kentucky's adoption of a flat tax and repeated corporate tax cuts, which "delivered the largest windfall to families in the upper part of the income scale and have been paid for in part through new or higher sales and excise taxes on a long list of items such as car repairs, parking, moving services, bowling, gym memberships, tobacco, vaping, pet care, and ride-share rides."

Davis said that "we know it doesn't have to be like this," arguing there is a "clear path forward for flipping upside-down tax systems and we’ve seen a handful of states come pretty close to pulling it off."

"The regressive state tax laws we see today are a policy choice," said Davis, "and it's clear there are better choices available to lawmakers."

#regressive tax code #progressive tax code #tax the rich #wealth inequality #income inequality #tax law #politics #itep #public policy

[gwgaccountant]

I've seen a few memes about how being able to deduct property taxes on your taxes but not rent is class warfare. I agree with the spirit, but it mostly makes me think the people writing those memes don't actually know much about taxes.

On one hand, it's not specifically property taxes. You get to deduct all taxes you pay to state and local governments. You could say that rich people getting to deduct more taxes than poor people is class warfare, but that's true of all deductions to some extent, and the state/local tax deduction less than pretty much anything else. After all, the state/local tax deduction is limited to $10,000, no matter how much state income tax you paid.

On the other hand, home mortgage interest is also tax-deductible, without any umbrella rule that happens to include home mortgage interest, and without any cap on how much can be deducted.

#income tax return #tax law #random thoughts

[ghlawstudent]

27.02.2023

The semester started two weeks ago and it's been heavy. I've been studying so much already and i still feel like i'm behind on everything.

Also tax law... not my cup of tea, oh my...

#studyblr #me #lawblr #studying #student #study #law #tax law #desk #notes

[biz121]

Are you aware of these Laws of UAE? – UAE Laws, Regulations and Policies "Stay abreast of UAE laws, regulations, and policies essential for your business operations."

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[dlbconsulting]

Tax Law: Tax Lawyers in Baku, Azerbaijan. Tax Consulting

We would probably not be wrong if we state that Tax Law is perhaps the most frequently applied legal field by business professionals. This is particularly true when engaging or planning to engage in business activities in a new country, where the expertise of tax lawyers becomes increasingly important. Recognizing these specific needs of business people operating in or considering starting a business in Azerbaijan, we have expanded our range of legal services to include expertise in the field of Tax Law. Consequently, for more than 7 years now, our experienced tax lawyers  have been providing tax consulting (including tax planning and compliance) and legal services for the resolution of tax disputes (tax litigations) in Baku, Azerbaijan.

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[thetaxguyin]

The Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments

In a landmark ruling, the Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments, offering clarity to taxpayers and practitioners alike. Justices Rajiv Shakdher and Girish Kathpalia emphasized that the 10-year review period applies only in cases where the estimated undisclosed income exceeds Rs 50 lakh. They clarified that in “normal cases,” no notice…

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[vargasyork27]

AIS Virtual Accounting Solutions Canada

accounting services for ecommerce in Canada First things first – What are virtual accounting solutions? Simply put, virtual bookkeeping is a form of bookkeeping that is carried out over the internet. It allows a bookkeeper to telecommute instead of carrying out the work in a physical setting. Instead of entering receipts and expenses manually, the accountant uses accounting software to carry out the necessary work. This facilitates the collaborative process and grants the business executives easy access to vital information. Due to the fast-paced evolution of cloud computing over the past few years, virtual accounting solutions, or cloud accounting as it is also known, are quickly gaining widespread popularity. This is mainly due to the high degree of comfort and accessibility this type of accounting solution provides. We’ll dive deeper into the benefits of virtual bookkeeping below on this page. virtual bookkeeping services in Canada a close up of a metal object with numbers on it How do virtual bookkeepers operate?

Virtual accounting companies usually employ the latest cloud-based bookkeeping software to carry out their work. When setting up a collaboration with a virtual bookkeeping firm, the service offer is designed around the specific needs of each company. Modern accounting software allows bookkeepers to easily manage the complexities of taxes, payroll, budgeting, expenditures or billing. One of the biggest advantages of virtual accounting solutions is the ability to scale with a business. If your company grows rapidly or finds itself in need of short-term additional help, it can be quite difficult to find that transition. Nowadays companies no longer have to put in the effort to find and install a new in-person accounting team. Instead, they can simply scale up their current contractual terms of service to fit their business needs.

#ecommerce bookkeeper #bookkeeping for ecommerce business #virtual bookkeeping #cloud bookkeeping #tax law

[langleycrews51]

AIS Virtual Accounting Solutions Canada

AIS Solutions – Virtual bookkeeping services in Canada First things first – What are virtual accounting solutions? Simply put, virtual bookkeeping is a form of bookkeeping that is carried out over the internet. It allows a bookkeeper to telecommute instead of carrying out the work in a physical setting.

Instead of entering receipts and expenses manually, the accountant uses accounting software to carry out the necessary work. This facilitates the collaborative process and grants the business executives easy access to vital information. Due to the fast-paced evolution of cloud computing over the past few years, virtual accounting solutions, or cloud accounting as it is also known, are quickly gaining widespread popularity. This is mainly due to the high degree of comfort and accessibility this type of accounting solution provides. We’ll dive deeper into the benefits of virtual bookkeeping below on this page. virtual bookkeeping services in Canada a close up of a metal object with numbers on it How do virtual bookkeepers operate? Virtual accounting companies usually employ the latest cloud-based bookkeeping software to carry out their work. When setting up a collaboration with a virtual bookkeeping firm, the service offer is designed around the specific needs of each company. Modern accounting software allows bookkeepers to easily manage the complexities of taxes, payroll, budgeting, expenditures or billing. accountant for ecommerce business of the biggest advantages of virtual accounting solutions is the ability to scale with a business. If your company grows rapidly or finds itself in need of short-term additional help, it can be quite difficult to find that transition. Nowadays companies no longer have to put in the effort to find and install a new in-person accounting team. Instead, they can simply scale up their current contractual terms of service to fit their business needs.

#ecommerce bookkeeper #bookkeeping for ecommerce business #virtual bookkeeping #cloud bookkeeping #tax law

[moralesdalton62]

AIS Solutions Home

Cloud Bookkeeping and Accounting Services for Amazon Sellers and Shopify Online Stores AIS Solutions specializes in Bookkeeping for eCommerce for Canadian based eCommerce firms.

We understand the hectic world of eCommerce and the importance of accurate numbers to grow your business. We will record all sales, expenses, reconcile your bank and credit cards, process your payroll, file your sales tax returns and create and maintain a bookkeeping process to meet all of your company’s needs. We believe if you only keep your books for the purposes of filing taxes then you are missing the most important reason to have clean, clear financials. You can’t proactively manage what you can’t see. Having good records for taxes is for sure important but leveraging those numbers to make better business decisions is the only way to drive your business toward a better future. https://aissolutions.ca/bookkeeping-services-overview/bookkeeping-for-ecommerce/ accounting technology work better for you We are recognized thought leaders in the accounting technology world, and we work really hard to make accounting and eCommerce technology better for everyone, starting with our clients. We are constantly testing new products, providing feedback to dozens of vendors, and making introductions between vendors to help them create ecosystems that make e-commerce accounting simpler, easier, and better for all small businesses. A2X is the gold standard for accurate ecommerce accounting for Shopify, Amazon, Walmart, eBay and Etsy businesses. Learn about the benefits of A2X here.

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[djurhuusvester67]

Our Purpose at AIS Solutions

Our Purpose It’s not just about what we do here at AIS, it’s also about WHY we do it. We’re more than just a business. We care about our team members, our clients, and the world around us. We believe that if we’re going to be a part of a community, it’s our responsibility to do everything we can to give back to that community. So, that’s what we do! Yes, we know, everyone says that. But we also believe that actions speak louder than words. AIS Solutions logo Juliet Aurora Our Mission It’s our mission to combine cutting-edge bookkeeping and financial services with philanthropy. Each element is important on its own – so why not do both? We leverage the latest technology to empower entrepreneurs in Canada using real-time financial insights. And we love doing it! We also really, really love making tangible differences for good causes that help people. That’s why we’re on a mission to end the cycle of violence against women and empower those who have had their power taken away, starting with the Kninja Foundation and the Knina House project (more on that below). Our Vision

Our vision is simple: to reshape the bookkeeping industry for entrepreneurs, to foster innovation, and to leave this world a better place than we found it. We do more than just talk the talk – we walk the walk. accountant for ecommerce business believe that providing the best services for our small business and entrepreneurial clients, spearheading industry innovation, and improving the world around us all comes down to the small decisions we make on a daily basis. We make our decisions in accordance with our core values so that slowly but surely, we’re on track to turning those visions into reality. Steve Loates

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[schmidtdonnelly45]

AIS Solutions Home

Cloud Bookkeeping and Accounting Services for Amazon Sellers and Shopify Online Stores AIS Solutions specializes in Bookkeeping for eCommerce for Canadian based eCommerce firms. We understand the hectic world of eCommerce and the importance of accurate numbers to grow your business. We will record all sales, expenses, reconcile your bank and credit cards, process your payroll, file your sales tax returns and create and maintain a bookkeeping process to meet all of your company’s needs. We believe if you only keep your books for the purposes of filing taxes then you are missing the most important reason to have clean, clear financials. You can’t proactively manage what you can’t see. Having good records for taxes is for sure important but leveraging those numbers to make better business decisions is the only way to drive your business toward a better future. accountant for ecommerce business accounting technology work better for you We are recognized thought leaders in the accounting technology world, and we work really hard to make accounting and eCommerce technology better for everyone, starting with our clients. We are constantly testing new products, providing feedback to dozens of vendors, and making introductions between vendors to help them create ecosystems that make e-commerce accounting simpler, easier, and better for all small businesses.

A2X is the gold standard for accurate ecommerce accounting for Shopify, Amazon, Walmart, eBay and Etsy businesses. Learn about the benefits of A2X here.

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[techminsolutions]

Decoding Section 147: Mangalam Publications Verdict and the Essence of Tax Disclosures

In the intricate legal battle between M/S Mangalam Publications and the Commissioner of Income Tax, Section 147 of the Income Tax Act, 1961, takes centre stage. The case, marked as Civil Appeal Nos. 8580–8582 of 2011, reached its zenith on January 23, 2024, with Hon’ble Mr. Justice B.V. Nagarathna and Hon’ble Mr. Justice Ujjal Bhuyan delivering landmark verdicts. Mangalam Publications Verdict and…

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[gwgaccountant]

I made a little diagram for two of my clients, to explain why the difference between the refund they'd get if they filed jointly and the tax they'd owe filing separately. I figured some of my followers might be interested to learn about that, too.

For those who don't know, the US federal government (and some states) has a graduated income tax. Assuming no other tax laws, the first $X you earn is taxed at A%, the next Y% is taxed at B%, the next Z% at C%, and so forth.

For US federal tax year 2023, the first $11,000 are taxed at 10%, the next $33,725 at 12%, the next $50,625 at 22%, et cetera. Well, those are the brackets for single taxpayers, as well as married taxpayers filing separately. Married taxpayers filing jointly (and qualified widow/ers) have larger tax brackets—twice as large, in fact.

If both taxpayers earn $10,000, their income will all be taxed at 10%. But if one earns $19,000 and the other $1,000? Well, their combined income is still within the 10% tax bracket for MFJ returns, so that's A-OK.

The tax savings from this mixing of income vary depending on the difference between the spouses' incomes. If they earn nearly the same amount, they'll be taxed at nearly the same rate. If they earn wildly different amounts, the tax savings could be wild.

There are other differences between filing MFJ and MFS, but most of them are designed to prevent edge cases where a couple could file separately to "double up" on a benefit or otherwise profit off that bit of bureaucracy.

For instance, if one spouse itemizes their deductions, the other must also. You can't have one spouse claiming all $50,000 in deductions and the other taking the standard deduction; either they split the itemized deductions or they both take the standard deduction.

I can't say that filing jointly is always the better option—partly because of edge cases the law didn't account for, but mostly because couples sometimes need to keep their finances separate for one reason or another. But if you can (safely) file jointly, it's almost always the better option.

#taxes #tax law #income tax return #tax advisory services

[newtonrich04]

AIS Solutions Home

Cloud Bookkeeping and Accounting Services for Amazon Sellers and Shopify Online Stores

AIS Solutions specializes in Bookkeeping for eCommerce for Canadian based eCommerce firms. We understand the hectic world of eCommerce and the importance of accurate numbers to grow your business. We will record all sales, expenses, reconcile your bank and credit cards, process your payroll, file your sales tax returns and create and maintain a bookkeeping process to meet all of your company’s needs. We believe if you only keep your books for the purposes of filing taxes then you are missing the most important reason to have clean, clear financials. You can’t proactively manage what you can’t see. Having good records for taxes is for sure important but leveraging those numbers to make better business decisions is the only way to drive your business toward a better future. Making accounting technology work better for you We are recognized thought leaders in the accounting technology world, and we work really hard to make accounting and eCommerce technology better for everyone, starting with our clients. https://aissolutions.ca/bookkeeping-services-overview/bookkeeping-for-ecommerce/ are constantly testing new products, providing feedback to dozens of vendors, and making introductions between vendors to help them create ecosystems that make e-commerce accounting simpler, easier, and better for all small businesses. A2X is the gold standard for accurate ecommerce accounting for Shopify, Amazon, Walmart, eBay and Etsy businesses. Learn about the benefits of A2X here.

#ecommerce bookkeeper #bookkeeping for ecommerce business #virtual bookkeeping #cloud bookkeeping #tax law

[biz121]

Everything You Must know about New Tax Procedure Law of UAE for VAT 2023 "Get ready for VAT 2023! Everything you must know about the new Tax Procedure Law of UAE for VAT. Stay compliant and prepare for upcoming changes."

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