We always calculate our salary, don’t we? But, do you know calculating your taxable income is quite important too. We see our take home salary and then calculate, how much tax is being deducted. Tax deduction is not a subject that will make you happy, especially when you fall in the last slab of 30%. You have to determine how much income tax is being deducted, so that you can claim it back by providing investment proofs.
#IncomeTax, #TaxableIncome, #IncomeTaxReturns, #Calculateyourtaxableincome, #taxableincomecalculator.
A friend of David emailed Pete about David's § 83 and how it governs which part of the paycheck is taxable. Pete responded by saying that § 83 is only about stock options. David's #caselaw is unbelievably thorough! This man lives in a #lawlibrary and has red thousands of #tax cases. This is VERY telling of Pete's understanding, or lack thereof, of the #taxcode. ALL CASES say § 83 #governs what is #taxable#income.
The first slide green highlight is what Pete said about section 83. The rest of the green highlight are several cases saying the exact opposite of what Pete is claiming about section 83. This is why *you* must perform your own due diligence when it comes to any #legal briefs, arguments, or claims.
Section 83 of the #taxcode tells you what part of your paycheck is #taxableincome
Watch the presentation about section 83 by David Myrland on @ari_woke_up page, he spent a lot of time posting it on here so you can have easy access to a very reliable source! If you want to learn more go to David's website wevgov.com the main spent $6,000 filing a criminal complaint to #Congress and is truly a #patriot offering most of his work for free. If you want to pay for his services, go to takefromcesar.com
Ari and I are working diligently to bring you the best information available founded in #legalmaxims and #statutory language about the #Law and it's contractual Nexus and #deception established by the #federal#government check Ari's bio for a great link further explaining the #taxcode and check my bio for a few very high caliber sources I use to bring you this information. #staypositive#suijuris#rebuildtherepublic
6 306:28 AM Apr 25, 2018
Being a Personal Injury Attorney and a Tax Attorney I often think of what tax consequences my client will have when being compensated for damages. Damages awarded on account of personal injury are excluded from tax, but things like lost wages and punitive damages are still taxable. Let us help you decide what your damages are, give us a call to discuss your personal injury and tax related matters. 702-309-3333.
TAX DAY: How does the IRS calculate your income taxes? Quite a complicated process! First, start with your Gross Income. This includes income from your job, your investments, interest from your savings accounts, your business, and more. Next, you may have some deductions (such as interest on student loans, school expenses, and moving for work expenses), so these are subtracted to create your Adjusted Gross Income. Next, you take out tax deductions: you can either choose the standard tax deduction or you can calculate precisely your tax deduction (whichever is higher!). These deductions include mortgage interest, charitable donations, certain medical expenses, and more. Now that your Taxable Income is set, your taxes are a certain percentage of this taxable income. The higher your income, the higher percent. Lastly, you may qualify for tax credits, such as a Lifetime Learning Credit or a Retirement Savings Contributions Credit. As you can imagine, this is everyone’s favorite day… Some restaurants make it better by offering free food and enticing deals! Go visit Sonic, Potbelly’s, Great American Cookie, Burger Fi, and Schlotzky’s to make your Tax Day a little better!
And which one is generally the highest taxed? Earned income which comes from having a job. Learn to diversity your streams of income and set yourself in a better tax advantaged position. Contact me for any questions!
Are frequent flier miles or credit card points considered income by the IRS? Frequent Flyer Miles Attributable to Business or Official Travel Announcement 2002-18
Most major airlines offer frequent flyer programs under which passengers accumulate miles for each flight. Individuals may also earn frequent flyer miles or other promotional benefits, for example, through rental cars or hotels. These promotional benefits may generally be exchanged for upgraded seating, free travel, discounted travel, travel-related services, or other services or benefits.
Questions have been raised concerning the taxability of frequent flyer miles or other promotional items that are received as the result of business travel and used for personal purposes. There are numerous technical and administrative issues relating to these benefits on which no official guidance has been provided, including issues relating to the timing and valuation of income inclusions and the basis for identifying personal use benefits attributable to business (or official) expenditures versus those attributable to personal expenditures. Because of these unresolved issues, the IRS has not pursued a tax enforcement program with respect to promotional benefits such as frequent flyer miles.
Consistent with prior practice, the IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles or other in-kind promotional benefits attributable to the taxpayer’s business or official travel. Any future guidance on the taxability of these benefits will be applied prospectively.
This relief does not apply to travel or other promotional benefits that are converted to cash, to compensation that is paid in the form of travel or other promotional benefits, or in other circumstances where these benefits are used for tax avoidance purposes.
For information regarding this announcement, call (202) 622-4606 (not a toll-free number). #frequentflyers#businesstravel#taxdeductible#virginatlantic#taxattorneys#orangecountytaxattorneys
Teens beware, Income tax is NOT the onky tax that comes from your taxable income. The Medicare Levy is another tax of your taxable income. It takes 2% of your taxable income and usesthe money to provide healthcare for all Australians #medicare#taxableincome#teens#australia
0 411:11 AM Mar 18, 2018
This is the 2017-2018 tax chart, it shows the taxable income and what the tax on this income would be.
The ATO has guidelines for the income of individuals under 18, under 18 might be taxed at a higher rate for any more than $416 that is given to from sources other than salary or wages.
IRS - First Time Homebuyer Credit
1. Determine your eligibility ...
You received a First Time Homebuyer Credit.
2. Gather your information ...
Social Security number (or your IRS Individual Taxpayer Identification Number);
Date of birth;
Street address; and
3. Check your account!
Go to our First Time Homebuyer Credit Account Look-up to receive:
Balance of your First Time Homebuyer Credit
Amount you paid back to date
Total amount of the credit you received
Annual installment repayment amount. You may be able to take the first-time homebuyer credit if you were an eligible buyer who purchased a home as your primary residence in 2015, 2016 and 2017. Eligibility varies depending upon the year of your purchase. And there are specific benefits that certain members of the military and certain other federal employees have, such as an additional year to buy a home in the United States, if they otherwise qualified for the credit.
This credit reduces your tax bill or increases your refund depending on the tax you owe. The IRS refunds the credit, even if you owe no tax or the credit is more than the tax owed.
Legislation enacted in July 2010 extended the closing deadline from June 30 to Sept. 30, 2010, for eligible homebuyers. Legislative changes in November 2009 expanded and extended the credit and also added documentation requirements for claiming the credit. Due to increased compliance checks by the IRS, failure to submit documentation will slow down the issuance of any applicable refund. #firsttimehomebuyers#firsttimehomebuyerspecialist#realtorlosangeles#homebuyers#millenialhomeowners
It's been said there's no such thing as a free ride and, at tax time, that's as true for Uber drivers as it is for their passengers.
Drivers must report their earnings, as well as fill out and include Form T2125 with their personal tax returns. And if they made more than $30,000 on the road during the year, they must register with the CRA to charge GST/HST.
In the eyes of the taxman, each one is an independent contractor. Though their payments are routed through the Uber app, they're not technically employed by the company and don't have any tax deducted from their income.
Drivers must log all of the personal use of their car — assuming they are driving the same car in their downtime — so they can accurately calculate the Uber-only portion of their expenses for things such as gas, maintenance and insurance.
This is one area the CRA loves to audit — anything with automobile expenses — because most people don't keep good documentation. It's an easy target.
#TaxTip#Uber#UberCanada 🇨🇦 #TaxTime#Contractor#SelfEmployed#SelfEmployedTaxes#TaxReturn#IncomeTax#TaxDeduction#UberDriver#Expenses#TaxableIncome#TaxSeason
TAX SEASON OFFICIALLY BEGINS ON MONDAY, JANUARY 29th!💸
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TaxPro Elite - The Mayfield Firm
An Example of Taxable Income
Canceled or Forgiven Debt
As a general rule, debt that is canceled or forgiven by an official lender is considered taxable income.
For example, if you settle a credit card debt for less than the full balance, you will owe income tax on the amount that was forgiven. There are some circumstances in which the canceled debt may be excluded from your taxable income. Contact me today to schedule an appointment 484-350-2543.
Did you contribute regularly to your traditional 401 (k), or a similar workplace retirement plan before December 31, 2017? Reducing your taxable income is one of the most effective ways to lower your taxes #jhhartford
TAXABLE INCOME -- Do you know what your business's Taxable Income is? Taxable Income is Gross Income (total income) minus tax deductible expenses. You are not taxed on all the income that comes in, rather you are taxed on what is left over after all tax deductible expenses are taken into account. You need to not only keep track of how much money comes in, but more importantly, you also need to keep track of all the expenses you incur, because you are taxed on the difference. For example, if a business makes $50,000 in a year, but has $30,000 in tax deductible expenses, they aren't taxed on $50,000. They are taxed on the difference, which is $20,000. If you aren't keeping accurate records of how much money comes in and how much goes out, you will overpay your taxes. @Vazquezandfamilyinc can help you manage and keep track of how much money is coming in and how much money is going out. We can also give business owners further advice on how they can minimize the amount they pay in taxes to the government. If you are looking to minimize the amount you pay the government in taxes, feel free to call or text us at 714-440-4839 You can also email me directly at [email protected] -- we look forward to hearing from you and having you a part of our family!! #taxableincome#taxable#income#taxes#expenses#taxdeduction#deductible#business#finances#profit#money#sales#grossincome#finance#millenial#entrepreneur#motivated#driven#wealth#retirement#ceo#credit#creditcard#employer#success#consulting#vazquezandfamilyinc
2 305:54 PM Jan 19, 2018
We Ready, We Ready, For Individuals and Business Owners!!
Get your 2017 Tax Documents Ready and contact us for a Mobile or Virtual Tax Service! 202-790-0812
1 45:07 PM Jan 17, 2018
Today is a special day and we are offering a special discount to new and returning clients who RSVP for our Tax Services!! We appreciate what our hero did to Build Bridges and Close Gaps among all Americans. Text the code @ 202-790-0812 or Email the code @ [email protected]
1 162:22 PM Jan 15, 2018
READY WHEN YOU ARE
EFile your taxes as early as January 17th!!
Why wait to complete your taxes or get your refund when e-filed taxes are processed sooner than the standard paper return?
If you have your W-2’s or are self employed, we can process your returns and you can receive a refund advance of up to $2500 with early filing!
For those who live out of town and simply for convenience don't forget to DOWNLOAD our Customized App "TAXESTOGO"
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TaxPro Elite The Mayfield Firm
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Knowledge= power.. when you take action and apply it! So excited for one of the guys on my team who closed on his 2nd property in 16 months today... guess what, he's 22 and knowing him, this is just the beginning...imagine where he'll be at 32!!! Amazing what one can do when properly trained, educated and working with the right group of individuals! If he can do it, what is stopping you? Send me a PM to learn more. #financialliteracy#financialleverage#cashflow#taxableincome#realestateinvesting