Taxes, Taxes, Taxes!!!!
The legal definition and the economic definition of taxes differ in that economists do not consider many transfers to the government to be taxes. Simply put a transfer of resources. Governments obtain resources in many different ways such as printing bills and minting coins, voluntary gifts from public universities and museums, by imposing penalties such as traffic fines, by borrowing and confiscating wealth.
To tax means to impose a financial charge or other levy upon an individual or entity. It is also defined as a pecuniary burden laid upon individuals and property owners to support the government. Taxes are determined by the tax rate. The rate could be marginal or the average rate. The marginal rate is paid on the dollar amount of income earned and the average rate or effective rate is the total tax divided by the total amount of taxes paid. For example, if a person is earning $150,000, they would probably pay about 10% of their income in withholdings and that is the effective rate or average rate. Their marginal rate which is set by the government, they would be required to pay 15% to 25% of their earned income regardless of deductions. This person would be considered to be in a 15% tax bracket.
The purpose of a taxation system is to carry out many functions such as enforcement of law and public order, protection of property, war, infrastructure, public works, welfare and public services and of course, operation of the government.
Everyone has to pay taxes whether it is direct or indirect. Direct taxes are those taxes paid to the government such as property taxes. Indirect taxes are those taxes paid through another collection resource such as purchasing property. Groceries – indirect. Ad valorem – direct. Every aspect of your life, you are paying taxes, whether it’s the car you drive or the house you live in, or through your payroll or where you spend your payroll. Taxes are being paid.
Now that I have somewhat enlightened you, review my Tax Information Checklist by clicking on Advantages to Itemizing in the Menu bar. There are deductions and credits available to you when filing your Personal and Business Income Tax Return each year.
Our firm also offer a Double Check Overview on past returns. There may be advantages that were overlooked and we can assist in locating those advantages for you.
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