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Accrual Method of Accounting for U.S. Companies
An accounting method is a set of rules used to determine when and how income and expenses are reported on your U.S. company tax return. The accounting method includes not only the company’s overall method of accounting, but also the accounting treatment the company use for any material item. The U.S. company chooses an accounting method when it file first tax return. If you later want to change your accounting method, you must get IRS approval.
U.S. Individual Income Tax Part 7 - When, How, and Where to File
If you are a calendar year filer and your tax year ends on December 31, the due date for filing your federal individual income tax return is generally April 15 of each year. If you use a fiscal year (tax year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year.
U.S. Individual Income Tax Part 5 Tax Credits
After you figure your tax, you may be eligible for certain credits that lower your tax liability. This article will give you a brief introduction to some basic tax credits.1. Child Tax Credit; 2.Credit for Other Dependents; 3.Earned Income Tax Credit; 4. Foreign Tax Credit
Accounting Periods for U.S. Corporations
A U.S. corporation must figure its taxable income on the basis of a tax year. A tax year is an annual accounting period for keeping records and reporting income and expenses. Generally, a corporation can use either a calendar year or a fiscal year as its tax year. A calendar year is 12 consecutive months beginning on January 1st and ending on December 31st.
Estimated Tax for U.S. Corporations
Generally, a corporation must make estimated tax payments if it meet one of the following conditions:1. Corporations must generally make estimated tax payments if they expect their estimated tax (income tax less credits) to be $500 or more. 2. S corporations must make estimated tax payments if the total of the tax on built-in gains, the excess net passive income tax, and the investment credit recapture tax, is $500 or more.
U.S. Individual Income Tax - Part 4 How to Calculate Your Taxable Income?
The IRS requires you to report all your income that you have received during the tax year. This includes your wages, taxable interest, ordinary dividends, taxable IRA distribution, taxable pensions and annuities, taxable social security benefits, capital gain (attach Schedule D) and other income (attach Schedule 1). Your total gross income is determined by adding up all types of income.
U.S. Federal Estate Tax
U.S. Federal estate tax may apply to the decedent's taxable estate at death and not just on the share received by a particular beneficiary. The taxable estate is the gross estate less allowable deductions.The gross estate includes the value of all property the decedent owns partially or in full at the time of death (including real property outside the United States).
Business-Friendly State--Wyoming
Wyoming is a doubly landlocked state in the western United States. The state is the 10th largest by area, the least populous, and the second most sparsely populated state in the country. The tax climate in the state is incredibly business-friendly. Wyoming does not have a corporate income tax, nor does it have an individual income tax or gross receipts tax.
U.S. Individual Income Tax - Part 3 How to Read and Understand Form W-2?
When you prepare your U.S. individual income tax return (Form 1040), the first line you should fill out is “Wages, salaries, tips, etc.”. And it requires you to attach the Form W-2. What is form W-2 and how to read and understand the W-2? This article will give a brief guideline.Form W-2 is the annual "Wage and Tax Statement" that reports your taxable income from an employer to you and to the IRS.
U.S. Individual Income Tax -- Part 2 Whom May I Claim as a Dependent?
Certain tax benefits, such as an advantageous filing status or certain tax credits on your U.S. individual income tax return, require either a qualifying child or qualifying relative. This article will introduce you to dependency definitions and related requirements.