Taxes – What Are They, and How Can They Help Society?

This English word comes from Latin Taxo, “I estimate”. Taxing consists in imposing a financial charge upon someone. Not paying is usually punishable by law. They can be classified in direct taxes (a fee imposed directly on a person and collected by a higher authority) or indirect taxes (imposed on goods or services and ultimately…

Taxes – Why Do We Pay Taxes

Each person pays taxes in one type or another- generally income tax and sales taxes. There are several services accessible to society that could not be managed well under any other organization. The federal government uses your tax dollars to provide you Social Security, health care, national defense and social services such as food stamps…

What Tax Deductions Can You Rightfully Claim?

Tax time and comprehending our deductions can be an overwhelming task for some, especially non-accountants and non-tax attorneys. We are torn between taking the standard deductions or itemizing them. Let us tackle item per item the definition of each, examples of deductions, requirements, and advantages of claiming them. When the water gets unclear, you can…