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About Income Taxes; Tidbits By Search EzineArticles.com 1812 The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the previous lower rates. And to think that the Revolution was started because of Tea Taxes in Boston? Excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed during the war. After the war ended in 1816, these taxes were repealed and instead high customs duties were passed to retire the accumulated war debt. What is Taxable Income? The amount of income used to arrive at your income tax. Taxable income is your gross
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Use the Rule of 72 to Estimate How Long it Takes Your Money to DoubleHave you ever wondered how you can quickly estimate how fast your money or investments will grow? Sure, you can plug numbers into a financial calculator or software program to...Be Aware of the Warning Signs of Too Much DebtIs paying off debt bogging you down and keeping you from reaching your financial goals? Using credit and can be a powerful tool that allows you to buy a home,...Save Money on Groceries With These Shopping TipsWith a weak economy, high gas prices, and increasing inflation, you're probably finding that your dollar doesn't go as far at the grocery store as it used to. Groceries and...Do You Have the Stock Market Blues? Use This Time to Educate YourselfFor the past year now, stock markets here and abroad have been going down. Things really got ugly in October, and many investors are faced with investment losses of 30%...Comparing the Different Types of Health Insurance PlansIt's open enrollment season for many employer benefits, and that means it's time to review and select your health care benefits. Are you confused by all of the health insurance...Make Sure You Have Adequate Homeowners InsuranceYour home is probably one of your greatest assets, so making sure it is properly protected is important. Like most forms of property insurance, it is a relatively simple concept....Changing Jobs? Don't Forget to Plan AheadChanging careers, or just finding a new job can be an exciting time, but it's also filled with a number of important decisions. What about insurance, your retirement plan, and...
income minus all your adjustments, deductions, and exemptions. Some specific taxes: Estate Taxes: One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of death. The US still has Estate Taxes, although there are proposals to do away with them. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the deceased's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on beneficiaries receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death. Canada no longer has Estate Taxes. Most European countries have Estate Taxes, one prime example is Great Britain which has such high Estate Taxes that it has just about ruined the financial well-being of most of Britain's Nobility which has been forced to sell vast Real Estate holdings over time. . Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on individuals receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death. Capital Gains Taxes Capital Gains are the increases in value of anything (including investments or real estate) that makes it worth more than the purchase price. The gain may not be realized or taxed until the asset is sold. Capital gains are normally taxed at a lower rate than regular income to promote business or entrepreneurship during good and bad economic times. Frank Vanderlugt
Accountant
http://www.tax-attorney.biz
Here are some more estate planning articles...
Your Tip Earnings And Taxes
By Richard A. Chapo
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and TaxesThe internal revenue service takes a very Read more...
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Real-estate-forecast-still-strong-
By Mrinal-Dutta
Recently organized a survey over the real estate is forecasting a minor decline in home sales for 2006, largely due to an increase in interest rates.It's obvious that buyers are starting to Read more...
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Getting The Proper Tax Help Could Save You Big Bucks
By William Smith
2006-12-06 Tax Help - The More You Know, The More You SaveIt's no wonder that people need tax help. After all, the Internal Read more...
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Real Estate Investing: Short Sales Explained
By Ross Treakle
Before I begin, you should know my name is Ross Treakle and I interview real estate investors as part of my job. In each interview I try and pick and pry at each investor to get the highest quality Read more...
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Ask AP: Importance of housing starts, honeybees
(AP)
<p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20081121/ap_on_bi_ge/ask_ap"><img src="http://d.yimg.com/us.yimg.com/p/ap/20081121/capt.a3a7aeb0b0884b8e97551f65f194e743.ask_ap_ask102.jpg?x=94&y=130&q=85&sig=b1guKaA_xZrRu2txvNYlhg--" align="left" height="130" width="94" alt="In this Thursday, Aug. 16, 2007 file photo, Professor Emeritus Robbin Thorp holds a specimen of a Franklin's bumblebee queen in his office at the University of California Davis bee biology department in Davis, Calif. A reader-submitted question about bees is being answered as part of an Associated Press Q&A column called 'Ask AP'. (AP Photo/Steve Yeater)" border="0" /></a>AP - American farmers have long worried about the declining population of honeybees, a key crop pollinator. But honeybees originally came from Europe, so can't U.S. farms get by without them — with a little help from good old American bugs whose ancestors were here before Columbus?</p><br clear="all"/>
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Traditional Estate Planning means preparing for the orderly and efficient transfer of assets at death. Also, estate planning involves planning for the accumulation and distribution of an estate during lifetime as well as at death.
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