Know Your Taxes
It’s probably been argued for as long as they’ve been around: when it comes to taxes, is it better to give than to receive? In an ideal world, it would be easiest if you could just guarantee that you wouldn’t …
Let’s say you save X million dollars in your combined retirement savings plans—you’ll be all ready for that retirement in the tropics you’ve been planning most of your life. Maybe you’ll even be able to work in an early retirement …
United States citizens are responsible to pay a yearly income tax based on their taxable income, which is their net income minus allowable deductions. Many citizens are responsible for paying national, state and local income tax. Interestingly, there are several …
Much like individuals are charged income tax on their income, businesses are charged corporate tax on their net profits. Businesses are often charged at the federal, state and local level. Currently the maximum businesses pay in taxes within the United …
Currency conversion taxes are those taxes utilized in the financial sector for financial transactions as opposed to taxes on consumers for purchases and other consumables. One of the currency conversion taxes is the Tobin tax, named for James Tobin who …
Excise taxes, also known as indirect taxes, are those charged to the manufacturer on the production of items for sale with the expectation that the manufacturer will recoup the tax expense in the sales price of the item. By raising …
Ad valorem taxes, from the Latin, according to value, are ones that you must pay on the assessed value of real estate and other personal property. These taxes are different from sales tax because sales tax is based on a …
Consumption tax is a tax on goods or services. In the United States, consumption taxes have an important place in American history; the Boston Tea Party was a revolt against the British imposed consumption tax on tea. In modern times, …
The United States government, unlike other governments, expects its citizens to pay U.S. taxes regardless if the citizens lived and earned their income in other countries. If you live abroad for a year and make a living in another country, …
