Taxes

A:

The "jock tax" refers to a type of income tax that is imposed by states or cities on athletes that make money while playing inside of a specific state or city. While the tax can also be applied to other businesses, it has been often used to charge visiting athletes since it is easier to track when and where they made their money.

See Full Answer
Filed Under:
  • What Is Taxation?

    Q: What Is Taxation?

    A: Taxation is when governments require citizens to pay a certain amount of money to help fund public institutions. Taxes are used to pay for things like public education, welfare programs, transportation infrastructure, defense funds and libraries.
    See Full Answer
    Filed Under:
  • What Is Estate Tax?

    Q: What Is Estate Tax?

    A: Estate tax is a federal or state tax on property that a person owns at death and is transferred to another person or entity through a will or through the state laws that govern the assets of people who die without a will, called intestacy laws. Everything a person owns at death, including cash, stock, real estate, insurance proceeds and business interests, comprises the person's estate.
    See Full Answer
    Filed Under:
  • What Is a Luxury Tax?

    Q: What Is a Luxury Tax?

    A: A luxury tax is essentially a tax placed on any goods or services the United States government as well as many state governments deem as non-essential. Such a tax is aimed at only those who are wealthy enough to afford luxury items. Despite the fact that many items formerly considered luxury goods no longer are viewed that way, the term persists.
    See Full Answer
    Filed Under:
  • What Is "intangible Tax"?

    Q: What Is "intangible Tax"?

    A: An intangible tax is a tax assessed by federal and state governments on assets of intangible value, such as goodwill, the value of a worker’s experience and/or knowledge, trade and franchise names, non-competitive agreements related to business mergers and acquisitions, trademarks and a company’s human capital. The Internal Revenue Service defines intangible assets as types of property that possess value but cannot be touched or seen.
    See Full Answer
    Filed Under:
  • How Can You Tell If the IRS Received Your Tax Return?

    Q: How Can You Tell If the IRS Received Your Tax Return?

    A: One simple way to see if the IRS has received your tax return, especially if you are anticipating a refund, is to use the IRS's "Where's My Refund" tool. The IRS updates refund statuses every 24 hours.
    See Full Answer
    Filed Under:
  • What Country Had a Beard Tax?

    Q: What Country Had a Beard Tax?

    A: Though the law is no longer in place, in the 1700s Russia had a federal tax on people with beards. The motivation for this strange revenue source stemmed from the country's then-ruler, Peter the Great, and his crusade against facial hair.
    See Full Answer
    Filed Under:
  • How Many Years Can You File Back Taxes?

    Q: How Many Years Can You File Back Taxes?

    A: Back taxes can be filed for up to 10 years after the tax year in which the resident neglected to file income taxes, according to ETaxes.com. After 10 years, the statute of limitations runs out for the Internal Revenue Service to collect back taxes in most states. In a few states, the statute of limitations never runs out, meaning back taxes can be filed at any point in the resident's life.
    See Full Answer
    Filed Under:
  • How Does One Check If One Owes IRS Back Taxes?

    Q: How Does One Check If One Owes IRS Back Taxes?

    A: People can check to see if they owe the Internal Revenue Service (IRS) taxes by calling the toll-free number for the IRS, which is (800) 829-1040. People can also visit a local IRS office.
    See Full Answer
    Filed Under:
  • How Much Is the Import Tax From China to the USA?

    Q: How Much Is the Import Tax From China to the USA?

    A: The import tax from China to the United States varies based on the product. For instance, the maximum amount of tariff for imported eel products is 16 percent, while the same maximum for imported zinc oxide is 5.5 percent.
    See Full Answer
    Filed Under:
  • How Does an IRS Audit Work?

    Q: How Does an IRS Audit Work?

    A: During an IRS audit, a tax return is examined line-by-line to make sure that everything is in order and nothing unusual is listed. If a suspicious item is found, the auditor asks the taxpayer to explain or justify it. Depending on the results of the audit, additional taxes may be owed.
    See Full Answer
    Filed Under:
  • Which States Have the Lowest Income Taxes?

    Q: Which States Have the Lowest Income Taxes?

    A: Almost all Americans are required to pay state income tax in addition to the federal income tax. These tax rates may change from year to year, with some states raising or lowering their tax rates. In 2014, some states, such as Texas and Alaska, required no state income tax.
    See Full Answer
    Filed Under:
  • Are Dental Implants Tax Deductible?

    Q: Are Dental Implants Tax Deductible?

    A: The Internal Revenue Service states that the amount paid for dental implants can be reported as a medical expense on Schedule A, Itemized Deductions. Not all taxpayers benefit from these expenses, as medical expenses have to exceed a percentage of income before they become deductible.
    See Full Answer
    Filed Under:
  • How Do You File a Tax Extension?

    Q: How Do You File a Tax Extension?

    A: In order to file a federal tax return extension with the United States Internal Revenue Service (IRS), individuals need to fill out the IRS's form 4868. This form, which must be submitted by April 15th, will grant taxpayers an extra 6 months to prepare their annual income tax return.
    See Full Answer
    Filed Under:
  • What Is the "jock Tax"?

    Q: What Is the "jock Tax"?

    A: The "jock tax" refers to a type of income tax that is imposed by states or cities on athletes that make money while playing inside of a specific state or city. While the tax can also be applied to other businesses, it has been often used to charge visiting athletes since it is easier to track when and where they made their money.
    See Full Answer
    Filed Under:
  • What Can I Write Off on My Taxes As an Independent Contractor?

    Q: What Can I Write Off on My Taxes As an Independent Contractor?

    A: TurboTax reports that independent contractors can deduct half of the self-employment tax, health insurance premiums, office expenses, retirement plan contributions and business travel expenses. Independent contractors can also deduct the mileage accumulated on a personal vehicle when driving for business-related purposes. About.com notes that business equipment, employee benefits and wages, advertising costs, professional dues, professional services and repair costs can also be tax deductions for independent contractors.
    See Full Answer
    Filed Under:
  • How Do You Find Out Property Taxes by Address?

    Q: How Do You Find Out Property Taxes by Address?

    A: SFGate Home Guides explains that since property taxes are public records, information about the taxes levied on a specific address are obtainable from the local government entity that maintains those records, which is typically the county assessor's office or recorder's office. Many localities make this information available online.
    See Full Answer
    Filed Under:
  • How Is Tax Added to a Price?

    Q: How Is Tax Added to a Price?

    A: Tax is added to the price of a product by first determining the tax amount by multiplying the tax rate by the product price, and then adding the tax amount to the product price, according to the Basic-mathematics.com. Tax rates are determined by each state.
    See Full Answer
    Filed Under:
  • How Long Should You Keep Tax Records?

    Q: How Long Should You Keep Tax Records?

    A: According to the Internal Revenue Service, how long people should keep their tax records depends on the type and purpose of the documentation, but IRS and Forbes magazine guidelines say that keeping records three to six years from the filing date or due date, whichever is later, covers many eventualities. The IRS recommends keeping tax records at least until the statue of limitations related to a certain record expires.
    See Full Answer
    Filed Under:
  • How Do You Get an EIN Number?

    Q: How Do You Get an EIN Number?

    A: Contact the Internal Revenue Service to apply for an Employee Identification Number (EIN). Apply online, by mail, fax or phone. Business owners who apply over the phone should be prepared to answer the same questions included on the IRS Form SS-4, Application for an Employer Identification Number.
    See Full Answer
    Filed Under:
  • Are Church Tithes Tax Deductible?

    Q: Are Church Tithes Tax Deductible?

    A: According to Publication 526 of the Internal Revenue Service, cash donations to religious organizations are tax-deductible. Examples given in the publication include "churches, a convention or association of churches, temples, synagogues, mosques and other religious organizations." Since tithes are monetary gifts to a church, they are not subject to taxation by the IRS.
    See Full Answer
    Filed Under:
  • How Can You Find Out Whether You Owe Money to the IRS?

    Q: How Can You Find Out Whether You Owe Money to the IRS?

    A: The IRS Tax Help Line for individual taxpayers, available at 1-800-829-1040, provides information about prior-year tax returns and any account balances due to the IRS. This line is designed for taxpayers who submitted a Form 1040 return.
    See Full Answer
    Filed Under: