Quote: "The United States of America has separate federal, state, and local governments with taxes imposed at each of these levels."
The payment of money to the government based on income or purchases, including federal and state taxes, and tax deductions and credits.
Tax basics: Understanding the concept of taxes, how taxes are collected, types of taxes, and tax terminology.
Forms and documents: Types of forms and documents required for filing taxes, and how to obtain and fill them out correctly.
Tax credits and deductions: Understanding different credits and deductions available to taxpayers, such as child care, education, and mortgage interest.
Tax planning: How to plan for taxes throughout the year and avoid tax penalties.
Filing status: Determining the proper filing status for an individual or household, such as single, married, or head of household.
Tax shelters: Understanding the benefits and drawbacks of various types of tax shelters, and how to use them to minimize tax liability.
Tax audits: Knowing what triggers a tax audit, what to expect during an audit, and how to avoid common mistakes that could lead to an audit.
Estate and gift taxes: Understanding the tax implications of transferring assets through inheritance or gifting.
Tax consequences of life events: Understanding how certain life events, such as marriage, divorce, or retirement, affect tax liability.
State and local taxes: Understanding how state and local taxes differ from federal taxes, and how to properly file state and local tax returns.
Tax software: How to use tax software to simplify the tax filing process and ensure accuracy.
Tax fraud and identity theft: Understanding how to protect oneself from tax fraud and identity theft, and how to respond if victimized.
Tax reform: Staying up to date on changes in tax laws and how they affect individual taxpayers and households.
Tax advocacy: Understanding the role of tax advocacy groups and how to get involved in lobbying for tax reform or relief.
Income Tax: It is a tax levied on an individual's income or salary earned during a particular financial year.
Sales Tax: It is levied on the purchase of specific goods and services that are typically consumer-oriented.
Property Tax: It is levied on the value of the property of an individual, such as land, buildings, and homes.
Payroll Tax: It is levied on the wage-earning individuals and is primarily used to fund social security, healthcare, and other benefits.
Excise Tax: It is levied on the manufacture, sale, or use of specific goods and services, such as alcohol, tobacco, gasoline, and other harmful products.
Capital Gains Tax: It is a tax levied on the profit earned by an individual from the sale of capital assets, such as stocks, bonds, and real estate.
Estate Tax: It is a tax levied on the property and assets of an individual after his or her death.
Gift Tax: It is levied on the transfer of assets, such as property, money, or other valuables, between two individuals.
Value Added Tax (VAT): It is a tax on the value added at each stage of production or distribution of goods and services.
Carbon Tax: It is levied on the production and consumption of fossil fuels, such as coal, oil, and natural gas, to reduce carbon emissions and mitigate climate change.
Road Tax: It is a tax levied on the use of vehicles, such as cars, trucks, and buses, to fund road maintenance and construction.
Luxury Tax: It is a tax levied on the price of luxury goods and services, such as high-end cars, jewelry, and vacations.
Import and Export Duties: It is a tax levied on the import and export of goods and services, such as customs duties, tariffs, and quotas.
Sin Tax: It is a tax levied on products that are considered harmful to health, such as tobacco and alcohol.
Franchise Tax: It is a tax levied on organizations that have been granted the right to conduct business in a particular state.
Gift Aid: It is a tax relief scheme for charity donations, where the charity can claim back the basic rate of tax paid by the donor.
Inheritance Tax: It is a tax levied on the assets and properties inherited by the beneficiaries of a deceased person.
Toll Tax: It is a fee charged for the use of bridges, tunnels, and highways.
Education Tax: It is a tax levied to support the education system, such as primary, secondary, and higher education.
Common Area Maintenance (CAM) Tax: It is a tax levied on commercial properties to maintain shared areas and provide services to tenants.
Quote: "Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees."
Quote: "In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP."
Quote: "U.S. tax and transfer policies are progressive and therefore reduce effective income inequality, as rates of tax generally increase as taxable income increases."
Quote: "The lowest earning workers, especially those with dependents, pay no income taxes and may actually receive a small subsidy from the federal government."
Quote: "Taxes fall much more heavily on labor income than on capital income."
Quote: "Citizens and residents are taxed on worldwide income and allowed a credit for foreign taxes."
Quote: "Individuals are permitted to reduce taxable income by personal allowances and certain non-business expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income."
Quote: "Federal marginal tax rates vary from 10% to 37% of taxable income."
Quote: "The 2017 tax law imposed a $10,000 limit on the state and local tax ("SALT") deduction, which raised the effective tax rate on medium and high earners in high tax states."
Quote: "The United States is one of two countries in the world that taxes its non-resident citizens on worldwide income, in the same manner and rates as residents."
Quote: "The foreign earned income exclusion eliminates U.S. taxes on the first $120,000 of annual foreign source earned income of U.S. citizens and certain U.S. residents living and working abroad."
Quote: "Payroll taxes are imposed by the federal and all state governments. These include Social Security and Medicare taxes imposed on both employers and employees."
Quote: "There is an additional Medicare tax of 0.9% on wages above $200,000."
Quote: "Property taxes are imposed by most local governments and many special purpose authorities based on the fair market value of property."
Quote: "Sales taxes are imposed by most states and some localities on the price at retail sale of many goods and some services."
Quote: "The United States imposes tariffs or customs duties on the import of many types of goods from many jurisdictions."
Quote: "Estate and gift taxes are imposed by the federal and some state governments on the transfer of property inheritance, by will, or by lifetime donation."
Quote: "Similar to federal income taxes, federal estate and gift taxes are imposed on worldwide property of citizens and residents and allow a credit for foreign taxes."
Quote: "Payroll taxes have dramatically increased as a share of federal revenue since the 1950s, while corporate income taxes have fallen as a share of revenue."