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If you are self-employed and live in the United States or Canada, you can probably reduce your taxes with a small business run with an honest expectation of profit and where your expenses are ordinary, necessary, and reasonable for that business. It's that simple.
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Some Useful Information; Tips And Tricks About Taxes.
by frank vanderlugt

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After the war ended in 1816, these taxes were repealed and instead high customs duties were passed to retire the accumulated war debt.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 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.


More Articles

  • Budget time -- Questions and answers on your property taxes (The Journal Times)
    RACINE COUNTY - As the year draws to a close, municipalities put the finishing touches on their budgets for the next year. They determine the money needed to run the city, town, village or county, and the taxes they must collect to fund the coming year. The rate they decide on is the one used to determine how much each property owner will be taxed at the end of the year.

  "It's How Much You Keep That Counts! Not How Much You Make."
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