Tag Archives: Taxation

Taxing the Sin of Luxury

Tax Act

The luxury tax and it’s close relative the sin tax are concepts that are up for debate. Depending on which economist you speak to you will get a wide range of opinions on whether this type of tax is helpful or hurtful to the economy. The luxury tax pretty much affects only the wealthy (i.e. those who can afford to buy luxury items) and consist of a tax that is applied to goods that are deemed unnecessary or nonessential. The sin tax applies to things can be seen as extreme, sinful and unnecessary to the individual and to society, like … Read more at 2008 Taxes.

What are Our Income Taxes Used For?

Tax Act

No one likes to pay taxes. In fact, you may even wonder where your hard earned money goes. It’s especially upsetting to hear that government money was used to fund some insane research, like whether or not mice like cheese. Regardless, you have to pay them. Still, it helps to know where that money goes. This April, maybe you’ll be a bit more at ease knowing that your tax dollars are actually be used for some pretty amazing things.

How Are Federal Income Taxes Used?

It may surprise you, because our military gets paid so little, but over 50% of … Read more at 2008 Taxes.

How to Avoid Meeting the Inheritance Tax Threshold

Tax Act

Did you know that whenever anyone dies, the money and the property which is left to the beneficiaries are subject to an inheritance tax? This tax is usually 40% of anything above the threshold, which in the UK at the moment is £325,000.

However, if you are like most people you will not want to see a large chunk of your inheritance go towards taxes. Luckily, there are ways that you can avoid meeting the inheritance tax threshold and not have to pay. Effectively planning your inheritance can save your family hundreds of thousands of pounds.

As house prices … Read more at 2008 Taxes.

Interhitance Advance and your Taxes

Tax Act

Nothing feels worse than when a loved relative passes away, especially when you have money problems during that time. Even thought you’re getting a nice chunk of money, there are tax issues that you’ll have to work out and put money away to prepare. The best thing that you can do to ease the burden during this difficult time is to get an inheritance advance. Unlike bank loans, an inheritance advance gives you all the money you need, with no waiting on a bank to approve your request. In order to qualify for a bank loan you have to … Read more at 2008 Taxes.

Income Tax Credits You Might Qualify For

Income Tax Credits You Might Qualify For

A number of tax credits which reduce your tax bill dollar for dollar that you might not have known about or might not have qualified for before are now worth taking a look at.

Income Tax Sappy (Photo credit: Wikipedia)

Recovery Rebate Credit

If the rebate checks that were sent out last tax season didn’t find their way to you because you made too much on your 2007 1040 tax return, you have a second opportunity to receive the credit for the 2008 tax season. Therefore, if you income has decreased for any … Read more at 2008 Taxes.