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Tax Law, Rules and Regulations

What are taxes?

Taxes are a fee that is imposed on people and legal entities by a state or the equivalent of a state in which is punishable by law if it is not paid. Taxes are imposed upon people or property to help pay the government. The payment of taxes are not a voluntary thing, but a mandatory thing that the government and state offices require people to pay on property, services, goods, and other services. Read below where Experts have answered many questions dealing with tax laws.

If a person’s company is registered in Delaware, but has a office in Texas, would the person impose the Texas sales tax or the Delaware sales tax when doing work in Texas?

If the person has a physical office in the state of Texas, but is registered in the state of Delaware, then the person would need to pay the taxes in Texas as well as pay a foreign entity tax in Texas for having the business registered in Delaware. The person may want to consider registering the business in Texas so that the extra taxes are not imposed.

How much would a person have to pay in gift tax in the year 2012?

In the year 2012, a person can gift up to $13,000 and not have to pay a gift tax on the money. If the person gifts more than the $13,000, then there would be a gift tax imposed on the money that is over the $13,000. If the person is married and is gifting money as a couple then the limit is $26,000. The information regarding gift taxes can be found here; http://www.irs.gov/pub/irs-pdf/p950.pdf.

If a person is in the first five years of their Optical Practical Training (OPT), would they need to file the tax form 1040ez?

The person would need to file the form 1040NR not the 1040NR-EZ. Even though they would not pay the SE tax, they would still need to file a Form 1040 (Schedule C) and place the amount from the profit or loss from business on line 13 of the Form 1040NR. The 1040NR-EZ does not have the line on it to file any business information.

In the state of Arizona, can a person deduct the premiums that they for insurance?

The person filing taxes in the state of Arizona can itemize their deductions. They do not have to on their federal return, but they can on their state return. The person would need to complete the federal Schedule A. The form 140, Schedule A, can be used to adjust the amount shown on the federal form. The person would need to fill in lines 1-6 to determine the amount of medical deductions that they can claim on their deductions.

Taxes are an important part of the American’s life. They help to fund government programs and help to pay for government things. When a person is filling out their state or federal taxes, then they may have questions as to what they can claim, what can be deducted, the laws that effect the taxes, or any other tax related issue. When these questions arise, then they would need to seek the answers from an Expert.
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