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Taxes

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Taxes are mandatory payable by individuals or corporations by a government. The tax is collected by the government and used for government activities which include public works and services such as roads and schools, or programs such as Social Security and Medicare. There are several types of taxes such as income tax, payroll tax, corporate tax, sales tax, property tax, tariff, estate tax. For most governments, taxes are the primary source of revenue. Collected taxes are spent to improve and maintain public infrastructure. In the United States, tax rates from 10% to 37%, the rate of tax is determined on the income of the person, taxation progressively increases with growing income. Taxes are applied in various ways such as business income, cost of goods sold, operating expenses (vehicle and transportation, studio supplies, business use of home expense, amortization of your equipment). It is important for taxpayers to understand the triggers of the tax situation in order to reduce taxes. There are two estate taxes that you need to be worried about, they are federal level and at this point in time 11.2 million dollars means you don’t pay any taxes unless your assets are over 11.2 million dollars, so everything under that you are free.

TTaxes
tax strategies
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  • 3 minute read

Tax Strategies 101: Why You Should Hire a Pro

  • byGeneva Lunch
  • August 15, 2022
Tax strategies each year aren’t just about deductions. Any tax planning needs to keep in mind the tax…
TTaxes
Is there going to be another stimulus check
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  • 8 minute read

Is There Going To Be Another Stimulus Check?

  • byGeneva Lunch
  • November 16, 2021
When you ask the question is there going to be another stimulus check, an official answer has been…
TTaxes
4th stimulus check
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  • 8 minute read

Everything About The 4th Stimulus Check

  • byGeneva Lunch
  • November 11, 2021
You may have heard about the stimulus checks. A stimulus check is a financial support in the form…
TTaxes
Fourth stimulus check update
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  • 8 minute read

Fourth Stimulus Check Update

  • byGeneva Lunch
  • October 31, 2021
There has been news about the fourth stimulus check update for a while now but it’s been two…
TTaxes
Irs tax fourth stimulus checks
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  • 8 minute read

IRS Tax Fourth Stimulus Checks – Latest Update

  • byGeneva Lunch
  • October 16, 2021
The US government issues a stimulus check to a taxpayer as an extra payment designed to boost the…

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