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What is the Child Tax Credit?The child tax credit is a tax credited that can be calculated against a parent or guardian's yearly income tax. It can be worth up to $1,000 per qualifying child. The amount of the tax credit depends on the income level of the family. In order to receive the full credit amount, the family cannot earn more than $110,000 in the taxable year. Any famil..
The child tax credit is a tax credited that can be calculated against a parent or guardian's yearly income tax. It can be worth up to $1,000 per qualifying child. The amount of the tax credit depends on the income level of the family. In order to receive the full credit amount, the family cannot earn more than $110,000 in the taxable year. Any family th..
The council tax is the system of local taxation used in the United Kingdom nations of England, Scotland, and Wales. The council tax has been in effect in these places since 1993, when it replaced the community charge system of local taxation. The council tax is determined by residential property owned by the taxpayer.Calculating the Council TaxCouncil taxes are dete..
A customs house is a building or a facility that is used to file the proper paperwork regarding the importing and exporting of goods into and out of the home country. At one time, the custom house was one of the most important areas of employment, because it required a significant number of individuals in order to file paperwork and do all necessary processes regarding cus..
March 18, 1766AN ACT for the better securing the dependency of his Majesty's dominions in America upon the crown and parliament of Great Britain.WHEREAS several of the houses of representatives in his Majesty's colonies and plantations in America, have of late, against law, claimed to themselves, or to the general assemblies of the same, the sole and exclusive right of imposing..
The customs and excise taxes are often confused. The main difference between customs and excise taxes, is the location of origin for the item being taxed. Customs taxes apply to items that enter the country from another country. Wheres, excise taxes are applied to items manufactured and sold in this country.Customs taxes are often applied to items purchased in another country a..
E-File is the term used for online electronic tax filing, and it involves the use of tax filing computer software programs. These programs were created for individuals to file there taxes using the software and electronically file and send them to the Internal Revenue Service. Many people enjoy this type of tax filing since they can complete their taxes in the comfort of their ..
Using EFTPS to Pay Federal TaxesThe Electron Federal Tax Payment System, or the EFTPS, is free service provided by the U.S. Department of Treasury that allows individuals to pay their federal taxes electronically to the Internal Revenue Service. The service is available 24/7 and allows taxpayers to use it at their convenient. EFTPS was first started in 1996 and since then ..
What is a Federal Employer Identification Number (FEIN)?A Federal Employer Identification Number (FEIN) is used as a way to identify and individual or company who needs to pay withholding taxes on employees.A FEIN is also known as a • Federal Tax Identification number• Tax Identification number (TIN)• Employer Identification number (EIN)A FEIN is a nine digit number ..
People who have no income but are still interested in issuing income tax return filings in the U.S. can refer to the laws which have been passed in the country and enforced by the Internal Revenue Service (IRS) for people who have some income but do not meet the minimum levels of income generally required to come under the heading of income taxes. As such, people who did n..
The majority of tax applications or forms result in a tax refund. A tax refund is an imbalance in an individuals tax return and ultimately yields a payment of monies to the individual taxpayer by the Internal Revenue Service. Although the majority of taxpayers have tax questions pertaining to their refund, the calculations associated are fairly simple. When asking how to estima..
What Happened To the First Time Home Buyer Tax Credit?
One of the biggest ever federal incentives for people new to home ownership, the first time home buyer tax credit was a program created in 2008 under the Bush administration. This tax credit gave new homeowners up to $7500 or 10 percent of the purchase price, whichever was lower. However, no new filers wi..
What is the IRS Form 1040?Form 1040 is the basic form used for an individual income tax return with the IRS. It is a two page document that is used to get information about the taxpayer, income and possible adjustments, dependents, allowable deductions, and more. Both American citizens and resident aliens are eligible to use Form 1040 in order to summarize income, deductions, a..
Georgia State TaxThere are a number of taxes applicable to the state of Georgia, which includes a state sales tax, income tax, and other taxes.Georgia state sales tax – 4%, food and drugs exempt. Localities in Georgia are allowed to subject consumers to additional sales tax. Georgia personal income tax - Georgia uses a graduated tax system, where income of $0 - $750..
Numerous items, assets, and activities have the ability to lower an individuals taxable income. A tax write off is a beneficial tax process or instrument that enables an individual to decrease their tax payments and their respected tax rates. When an entity's tax rates are lower they have the ability to save more money. Decreased tax rates yield an increased net income whi..