Taxation 101: Basis, Situs of Income Tax in All States

Income taxes are a way of funding the government. The income tax is based on the gross amount of a person’s earnings. This includes everything from salaries to tips, pensions, and other benefits. It also includes the price of goods sold and other business income. The income tax may be triggered by adjustments. For example, the cost of goods sold […]

Understanding the Concept of Taxes on Donation and Estate

The Tax on Donation and Estate is a type of estate tax. In many cases, you can make a charitable gift through your estate without incurring the estate tax, said Missouri tax law attorney. The amount of your deduction depends on whether your contribution is considered a gift or an expense. A donation may qualify for the deduction if it […]

How Does IRS Find Out Tax Evasion?- Read On!

The Tax Compromise Improvement Act of 2009 is a bill that was introduced in Congress by Ways and Means Oversight Subcommittee Chair John Lewis and Republican Charles W. Boustany Jr. to simplify the process of reaching a Tax Compromise. This bill would help taxpayers with debt problems get out of the red ink of owing taxes. The tax reform legislation […]