Author Login | Popular Articles | RSS Feeds | Sitemap

Home | Business


Your Quick Guide To Surviving Income Taxes

By: Arthur Manford Chambers III

It's been said, "There's nothing certain in life but death and taxes" and it is attributed to Benjamin Franklin. It's certainly the truth. Taxes are something that no one can get out of, even if they wish to. But that doesn't mean that you can't learn more in order to make tax time and tax payments all the less stressful.

In truth, there are plenty of ways to make sure that tax season isn't a time of year to fear. By learning about the different taxes that apply to you and to your personal and professional situations, you can start to see how you can make decisions that will help increase not only your tax refund, but also (possibly) your contentment with the Internal Revenue Service.

The IRS is the looming figure in a lot of jokes about taxes, but they are also set up to be sure that everyone pays what they owe. No matter if you have a big business or a small business, you need to pay the government back, but knowing just what you owe and what is expected can help to ease the difficulty of not knowing what to expect.

The Federal Income tax is probably the most heard of tax in the country. You need to think about income tax whenever you take in any money for yourself from a job or from any other sources, so it's something that most of us already know. The federal income tax system is set up as a progressive tax, the more you make the more you pay, and that applies to individuals, corporations, trusts, descendants' estates and certain bankruptcy estates.

While we hear more about the idea of individual income taxes, it is safe to say that any income from any source is most likely going to have some sort of tax upon it. The formula for the federal income tax is not difficult to understand as well. You make a certain amount of money before taxes that is shown on your tax form.

If you can reduce this number with deductions, you will reduce the amount of money the government can tax you on. The IRS then sets up a taxation table based off of the adjusted gross income that you receive from this formula – giving you your tax rate. The maximum rate of tax that is paid is 35%.

Now, if you've had taxes taken out from each paycheck, as the majority of people do, you will then subtract the tax rate amount from this amount that you paid. If the amount is a positive number, then you're going to get a tax refund. But if you get a negative number, this means that you will still be required to pay money to the government.

Some corporations and people also like to pay just enough tax during the year so that they don't end up owing anything, but also so they don't get a refund. Because, in essence, this refund is used as a loan for the government until you receive that refund check. What you are required to pay can be lowered through deductions. The more deductions you have will lower the overall gross income that you are taxed, resulting in lower income taxes.

Article Source: http://www.articlesnatch.com

About the Author:
Arthur Manford Chambers III is a tax and financial planner who enjoys sharing tips on income taxes and offers extensive free tax guides, and a free "special report" on taxes. Plus you can download the author's new tax guide handbook on his website www.taxesandtax.com

| Print | Ezine Ready | |

Please Rate this Article

Recent Business Articles

  • Brick Coloring By: BrickImaging - Brick coloring can be a tricky decision to tackle. Painting is generally seen as your default option if you want to match brick color or just switch up the style of a brick surface, but then you have to deal with the fact that you have a glossy layer of latex over the brick surface, which can ruin the rustic charm that makes brick so appealing in the first place.
    Tags: business, commercial staining, alternative to brick painting, brick fi
  • Common Places For Accidents At Work By: Gen Wright - Accidents at work are a continuing concern for all employers. It is extremely difficult to keep a safe working environment for all staff, and simultaneously rely on them being careful enough to avoid an accident. It is also necessary to place the correct hazard signs, warnings and take the correct safety precautions. You should always take steps to ensure it is not you, as an employee, who is liable for an accident that you suffer.
    Tags: business, common places for accidents at work
  • Logo Design Companies Selection Criteria By: Gen Wright - If you are a business owner, you know for a fact that your logo is an important marketing tool. It appears almost everywhere - on your corporate website, on business cards, on invoices, and even on stationery. So if you have a logo that is able to communicate important messages about you, your company or the products or services that you offer, you know that you have gotten it right. Unfortunately, this sounds simple in theory.
    Tags: business, logo design companies selection criteria
  • After "depressing" July loss, Jorge Gurgel next meets Aaron Riley at UFC 91 By: Christopher Carter - After dealing with the first bout of depression in his entire life, submission specialist Jorge Gurgel (12-4 MMA, 3-3 UFC) will next fight at UFC 91 against Aaron Riley (26-10-1 MMA, 0-2 UFC), who returns to the UFC for the first time in nearly three years. Gurgel today told MMAjunkie.com (www.mmajunkie.com) that bout agreements have been signed for the Nov. 15 fight, which takes place at the MGM Grand Garden Arena in Las Vegas.
    Tags: business, industry scales, custom scales
  • Webmaster News On Forums - Join In The Discussion By: Gen Wright - There are many benefits when participating in webmaster forums. Webmaster forums offer first hand news and resources on what is happening on the Internet. Everyone is involved with the Internet some way or the other, whether it's for work or for pleasure. So it's certainly in your best interest to keep abreast of the latest webmaster news. Here are some examples of webmasters news that may affect you directly or indirectly. Search engines related news.
    Tags: business, webmaster news on forums - join in the discussion
  • Preparing for Josh Haynes and "Night of Combat II" As A Full Time Fighter By: Christopher Carter - What a crazy night, exciting night. I was at home relaxing when I got a text message from Nate Broadnax (one of the top guys at MMAAgents.com), who asked where my weight was and if I was in shape. They knew that my weight would be good and that I was in shape because I just fought three weeks ago and was preparing for a fight Oct. 18 for Ultimate Victory Challenge (www.ultimatevictory.org).
    Tags: business, industrial scales
  • The Impact of Professional Logo Designs On Your Business By: Gen Wright - This article attempts to discuss about what a professional logo is and is not, as well as the impact that a logo has on your business. Many business owners underestimate the benefits of a professional logo. The next time you attend a business networking event, take a closer look at the logos on the business cards that you collect. Then ask yourself these questions: Q: Does the logo tell you anything about the business?
    Tags: business, the impact of professional logo designs on your business
  • Make Major Decisions Quickly By: Ann Golden Egle - Somehow, someway, this week has turned into a week of action. I'm surrounded by it. Many of my clients, my family members and even some friends have made decisions that they've b een mulling over for weeks, in some cases months. And this week, it's amazing how many have decided to move forward. It's terribly exciting.
    Tags: business, action, major decisions, moving forward
  • Background Check and Its Importance By: Canver Miller - Background Check and Its Importance We can say that performing a background check is one of the trends that are in great demand right now. We can conclude that it might be the effect of too much crime reports in the media and the growing awareness of citizens in protecting themselves. People seem to worry when they see or observe some strange acts of other people and we can’t blame them for their worries.
    Tags: business, free background check, background check, background checks
  • CASH LOANS TILL PAYDAY: Repay Easily With Your Next Salary By: Tim Kelly - Being salaried might not be enough to finance all your needs but it does have its benefits. Whenever you face small cash shortages, your status as a fully employed individual can rescue you. How? By helping you avail a cash loan till payday easily! This loan, as suggested by its name, is a loan that provides small cash advances which can be paid back when your next paycheck arrives.
    Tags: business, cash loan till payday, speedy payday loans, bad credit payda

Still can't find what you are looking for? Search for it!


Submit Your link to the Open Link Directory Project

Copyright 2005-2008 MJE Sales, LLC. All Rights Reserved.
Proud member of the ArticleCkr Search Network Search Network!
ArticleSnatch.com is free for both publishers and authors to use and is supported entirely from advertising revenue.
Use of our service is protected by our Privacy Policy and Terms of Service.