Topics: Taxation - 196 results

U.S. companies large and small legally deduct the expenses of doing business from their gross profits before paying income tax, but purveyors of marijuana (in states where possession is legal and where prescription marijuana is dispensed) cannot deduct those expenses and thus wind up paying a much higher federal income tax than other businesses. As NPR reported in April, “Section 280E” of the tax code (enacted in 1982 to trap illegal drug traffickers into tax violations) has not been changed …

During the massive February Southern California manhunt for former Los Angeles cop Christopher Dorner, nervous-triggered LAPD officers riddled an SUV with bullets after mistakenly believing Dorner was inside. Instead there were two women, on their early-morning job as newspaper carriers, and LAPD Chief Charlie Beck famously promised them a new truck and arranged with a local dealership for a 2013 Ford F-150 ($32,560). However, the deal fell through in March when the women discovered that Beck’s “free” truck was hardly …

Tax day is Apr. 15, as many consumers making last-minute trips to the post office are already painfully aware. What some people might not realize is that tax day may be the day that they get screwed over financially by their spouse. The key point to take home: If your husband or wife owes money to the IRS, that means you owe money too. Most married couples file joint returns, making them a unit in terms of tax payments in …

Most people who are born in the United States or who purposely become citizens here know they are U.S. citizens. But many people who’ve spent their lives abroad and are citizens of other countries may be shocked to learn that they are considered U.S. citizens, and thus owe U.S. taxes.   Lifetime Abroad, Surprise at Home The United States is one of only a handful of countries that requires its citizens to pay taxes on income, gains and assets no …

It’s a taxing time of year. So, this tax infographic provided by H&R Block aims to lighten your load with some interesting facts. It includes a breakdown of how the federal government spends your tax dollars. You can also enjoy some of the most famous (and true) quotes about paying taxes. Scroll down for some fun-to-know trivia: How long is the U.S. tax code? How many tax preparers do Americans hire each year? And more. Source: H&R Block