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Many counties have a real property tax that is imposed on the ownership of real estate located within its boundaries. Real property tax is typically imposed upon the assessed value of the real property and typically set as a percentage of the most recent purchase price paid for a parcel of real property. Real property taxes are imposed and collected at the local level.
→ Read MoreA Notice of Deficiency, also known as the 90-day letter, from a government agency is the official written claim by such agency determining that you owe income taxes, along with interest and penalties. You have 90 days to take action. The particular action required by you depends upon which government agency is making the claim.
→ Read MoreWhen it comes to income and taxes, all income is subject to tax. Income translates to gross income and ‘gross income means all income from whatever source derived.’ Gross income includes items such as compensation for services (wages, fees, commissions, etc.), income from business, alimony received and separate maintenance payments, interest earned, rents, and royalties. Even income derived from illegal activities is subject to tax.
→ Read MoreThe purpose of the GST is to tax gifts and inheritances that are given to skipped generations in the same way that gifts and inheritances are taxed that are given to the immediate heirs. Any gift given to a skip person must have not only the standard gift or inheritance tax (depending on when the gift was given), but also an additional tax that is set to the highest inheritance bracket at the time of the gift. This causes most givers to pay equivalent to the gift or often more than the gift itself in taxes.
→ Read MoreIn addition to federal taxes, each state and some counties impose their own set of taxes. States and counties can impose personal property tax, business property tax, or other taxes on goods or services. The types of property, goods, or services that are taxable vary by state and county.
→ Read MoreProperty taxes are charged to landowners by local governments, essentially requiring that homeowners pay for the privilege of having land in a given area. The purpose of property taxes is to pay for the necessary infrastructure that keeps towns and cities operating efficiently. Typically property taxes will support the local police and fire department. Property taxes also generally pay for the public school system; this may be included in your general property tax bill or you may receive a separate bill for “school taxes” depending on where you live.
→ Read MoreHow do governments collect taxes?
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