Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Taxation Legal News
No Taxation Without Explanation
IBO PROVIDES WEB-BASED INTERACTIVE "TAX RECEIPT" SHOWING TAXPAYERS HOW MUCH THEY SPENT FOR EACH GOVERNMENT SERVICE
Tax season is upon us and for the fourth year in a row the New York City Independent Budget Office (IBO) is providing its Tax Receipt service that allows taxpayers to find out how the government spends their tax dollars.
Taxpayers can visit IBO's website at www.ibo.nyc.ny.us, enter in the amount of taxes they paid for 1999, and receive an itemized printout of how much of their money went for specific services, such as prisons, welfare, Medicare, education, or national defense. Receipts are available for taxes paid to New York City, New York State and the federal government.
Income taxes are probably the largest expense for most people, but they have no idea how their tax dollars are spent," said Ronnie Lowenstein, IBO Deputy Director and Chief Economist. "IBO's Tax Receipt service provides taxpayers a breakdown-in dollars and cents-of where their money goes."
The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sales taxes-NYC relies heavily on personal income and business income taxes in addition to property and sales taxes. Yet even if these income taxes were not included, NYC's tax effort would exceed the other cities' average.
For instance, a typical New York City resident might pay $1,563 in city income taxes, of which $158 supports Police, $160 supports elementary and secondary education, and $29 goes to libraries, museums, parks and gardens.
IBO's Tax Receipt is the basis for the federal Taxpayer-Right-to-Know-Act, which was originally introduced by Senator Charles E. Schumer (NY) and passed last year. The Act requires the IRS to establish a similar service on its web site.
IBO is an independent city agency whose mission is to provide non-partisan budgetary, economic, and policy analysis for the residents of New York City and their elected officials, and to increase New Yorkers' understanding of and participation in the budget process.
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.
Newsroom
News about Taxation cases in Norfolk and nationwide:
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
Exemptions
Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Alexandria
Annandale
Arlington
Ashburn
Blacksburg
Burke
Centreville
Charlottesville
Chesapeake
Chester
Chesterfield
Christiansburg
Colonial Heights
Culpeper
Danville
Dumfries
Fairfax
Falls Church
Fredericksburg
Front Royal
Glen Allen
Hampton
Harrisonburg
Herndon
Hopewell
Leesburg
Lorton
Lynchburg
Manassas
Martinsville
Mc Lean
Mechanicsville
Midlothian
Newport News
Norfolk
Petersburg
Portsmouth
Powhatan
Radford
Reston
Richmond
Roanoke
Salem
Spotsylvania
Springfield
Stafford
Staunton
Sterling
Suffolk
Vienna
Virginia Beach
Waynesboro
Williamsburg
Winchester
Woodbridge
Yorktown
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Norfolk Tax Attorneys.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?