Taxes

5 posts

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

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

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

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

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

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…