Free Tax Essays and Papers

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  • Tax Auditing : A Tax Audit

    1773 Words  | 8 Pages

    year, over 140 million income tax returns are filed with the Internal Revenue Service (IRS). Of those 140 million returns, nearly 1.5 million are audited by the IRS. Taxpayers with an adjusted gross income of over $200,000 generally have a higher chance of being audited, as well as taxpayers will little or no adjusted gross income. Although the probability of actually being chosen for an audit is relatively low, it is still important for taxpayers to understand what tax auditing entails, the procedures

  • The Flat Tax: The Implications Of The Flat Tax

    839 Words  | 4 Pages

    corrupt, and unfair current tax system and replace it with the godsent fix-all flat tax- which is having everyone, regardless of income, pay the same rate. This would simplify our overly complicated tax system and might sound appealing at first glance, but there are serious problems with the flat tax. Implementing a flat tax without significantly increasing the deficit is impossible without shifting the burden from the rich to the middle-class, instead our current tax policy needs to be changed so

  • Transfer Tax

    1630 Words  | 7 Pages

    disagree with the taxation, which would be equivalent or amount to the near confiscation of property at death as suggested by Ascher. It is my personal belief that many, if not most, people would have similar irreconcilable thoughts with respect to tax on the transfer of wealth. Therefore, the discussion of transfer taxes (estate taxed supplemented by gift taxes) appears to be disclosing deep-rooted emotional response of individuals of how the playing field and rules of the game must be structured

  • The Flat Tax

    1969 Words  | 8 Pages

    up under the current Progressive tax system, in the United States. A solution for the United States debt is to switch to a flat tax system. A switch to a flat tax system would simplify the tax process, it would make taxes fair and even, and it would allow the government to reduce the United States national debt. A flat tax system is a system that taxes every individual at the same percentage. It is not like any system the United States has seen before. US Tax History In the late eighteenth

  • Flat Tax

    1330 Words  | 6 Pages

    Flat Tax Our current income tax system today is very complex, unfair, inhibits saving, investment and job creation, imposes a heavy burden on families, and weakens the integrity of the democratic process. It can't be fixed and must be replaced. The U.S. income tax code is a long and complex system. The income tax system is so complex; the IRS publishes 480 tax forms and 280 forms to explain the 480 forms. The IRS sends out eight billion pages of forms and instructions each year. The administrative

  • Tax planning and Tax Avoidance Analysis

    2388 Words  | 10 Pages

    Tax planning is the organizing of financial matters with the ultimate goal of minimizing taxes. Tax planning is done through three processes: reducing income, utilizing tax credits and increasing deductions on finances. Moreover, tax planning involves aligning financial goals in an efficient manner through planning for taxes so as to result in reduction of tax liability. It comprises arranging of finances so as to avail from rebates, deductions and exemptions that are legally permitted by tax laws

  • Tax the Rich

    982 Words  | 4 Pages

    The United States debt and defecit is a major problem in our society. One thing I would propose to the President would be to tax the rich. Time. It's useful to keep in mind how the rich are different. When you are poor, you are willing to trade your time to earn money. When you are rich, you trade your money to get more time. For example, the rich hire people to clean their homes, and they don't waste time shopping for bargains. In business school I learned that when people have different preferences

  • The United States' Tax System and Flat Tax

    1896 Words  | 8 Pages

    The United States' Tax System and Flat Tax The United States tax system is in complete disarray. Republicans and Democrats agree that the current tax code is complex, unfair, and costly. The income tax system is so complex; the IRS publishes 480 tax forms and 280 forms to explain the 480 forms (Armey 1). The main reason the tax system is so complex is because of the special preferences such as deductions and tax credits. Complexity in the current tax system forces Americans to spend 5.4 billion

  • Tax Havens

    1230 Words  | 5 Pages

    A tax haven is a country that offers foreign corporations and individuals relatively low corporate and income tax rates, with a politically and economically stable environment. Some tax havens are Switzerland, Hong Kong, Bermuda, Ireland, and the Cayman Islands. The United States government has been fighting against the movement of corporations because it is not collecting taxes from these corporations that it could have used to reduce government debt. However, corporations have found loopholes that

  • Tax Evasion: The Problems With The Iranian Tax System

    1568 Words  | 7 Pages

    use tax money to provide public services and goods, social welfare, and apply financial policies to reduce unemployment and inflation. The government of Iran will not be able to obtain a social development or welfare until it develops this type of infrastructure. Economic indicators must be promoted to increase revenue streams and it is difficult to create a culture where the citizens voluntarily and willingly pay taxes to support such a nation (Pourkiani, Asgharpoor & Hosseini ,2015).Tax evasion