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Tip of the Day Be Aware of Other Deductions

Be Aware of Other Deductions - As part of filing your income tax you need to educate yourself as far as what deductions are allowable. Each year the government...

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Tax Law Guide

A quick guide to tax law can be essential if you want an advantage when dealing with the IRS. One of the best places to get information regarding the laws that govern federal and state taxes is the IRS website located at www.irs.gov. For state and local taxes check the website for the state, city, county, or municipality you live in for information about the various taxes you may be responsible for. There are also various internet search engines that can help you find a wide range of information in a very short amount of time.

The basis for the income tax in the United States of America is in Title 26 of the US Code. You can find a copy of the US Code at your local library or school. And most will also carry a copy of US Code Annotated that is independently published and will have information on court decisions interpreting a specific aspect of the code.

Another tax to research is property taxes and these are generally regulated at the local level by cities and counties. The history of property taxes has a long history that can be traced back to Europe. A quick search will yield a lot of interesting information about property taxes, but if you want detailed information for your area try to go to your county or city assessors' website.

It's important to be aware of the laws regarding inheritance taxes as they are in the process of changing in 2011. Inheritance taxes are ones that are assessed when a relative dies and leaves an estate behind.

Indirect taxes or fees from government administrative agencies are another form of tax. This kind of tax is generally for personal property like a car or boat and takes the form of annual registration fees. Even paintings can be taxed if they are on loan to a museum or sent to another state for restoration.

Then there is sales tax and even though the federal government doesn't directly tax sales most states, counties, and cities do. These vary widely from state to state and city to city but information regarding sales taxes is easy to find. All you need to do is do a search on the internet and enter "sales tax "and the name of the city and the information should be up in seconds for you.

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Definition of the Day Margin Creep

Margin Creep – An approach effectively translating into a high-end, high-profit focus ONLY, first and foremost. Involves the trend and propensity of an organization or business, to only work and focus in on the very best,  most profitable products and services. This is the obvious error, as it is done,...

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