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Virginia State Taxes Article
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A Brief Assessment of Income Taxes
from:Income taxes are the obligatory financial contribution levied against the annual earnings of both individuals and companies. Every year, income taxes are collected by the federal government via the filing of income tax returns. Every individual and company is responsible for truthfully and accurately reporting all of their income to the government in order for the correct amount of tax liability to be applied. The collection of this revenue pays for a number of federal programs, facilities and services that a large part of the population depends on every day. Federal income tax returns and state income tax returns are often filed together.
The three most common tax systems currently in use are progressive, regressive and proportional. A large majority of countries use the progressive model to collect income taxes. In this form of collection the higher the income, the higher the tax rate. Individuals are grouped into certain tax brackets based on income. To help reduce their tax burden, individuals are allowed certain deductions that can be subtracted from their gross income. These deductions can be anything from educational expenses to certain medical care expenses. A deduction is not the same as a tax credit. Tax credits reduce what an individual owes in total income taxes.
While both individuals and companies are required to pay income taxes, the tax return for a business has a number of characteristics that non business returns do not. With corporate taxes, the net income is taxed instead of the gross income. This is because businesses often have many more deductions and expenses than the average individual. These expenses can be anything from advertising to office supplies and equipment. Accurate accounting is a must for businesses in order for the appropriate corporate tax codes to be applied. To avoid penalties and fines, businesses often rely on professional tax preparers to astutely organize their financial information at tax time.
The long history of organized civilization has seen many tax collection systems come and go. While they have all faced much criticism, taxes are nonetheless very necessary to keep a country viable for its citizens. For the United States, the issue of income tax arose several times before being permanently instated in 1913. Except for the dozen or so countries that do not levy a personal income tax, nearly every nation has some debate about their tax system. In the United States, one of the most common complaints is the long and confusing tax codes; however, the preparation of income taxes has recently become much easier with the advent of online filing.
Virginia State Taxes News
Belts Will Be Worn Tighter This Year - Washington Post
 Washington Post | Belts Will Be Worn Tighter This Year Washington Post, United States - Virginia Gov. Timothy M. Kaine (D) delivers his State of the Commonwealth address before a joint session of the General Assembly in Richmond last year. ... Variety of Anti-Smoking Bills Coming from Arlington Delegation |
McAuliffe Kicks Off Gubernatorial Campaign in Va. - Washington Post
 TriCities.com | McAuliffe Kicks Off Gubernatorial Campaign in Va. Washington Post, United States - 7 -- Former Democratic National Committee Chairman Terry McAuliffe kicked off his campaign for governor of Virginia Wednesday, vowing to create more jobs ... Terry McAuliffe Makes Campaign Stop In Bristol Terry McAuliffe throws hat in ring McAuliffe touts business skills in launching gubernatorial bid |
Report: Texas a top state to launch a business - Bizjournals.com
Report: Texas a top state to launch a business Bizjournals.com, NC - US News also cited Texas’ lack of income or capital-gains taxes for individuals and the state’s low worker compensation costs. ... |
Profitable businesses are not the enemy - Daily Mail - Charleston
Profitable businesses are not the enemy Daily Mail - Charleston, WV - 1, the state began requiring "combined reporting," which is designed to keep multi-state companies from dodging state taxes by exporting profits to other ... |
Paterson Wants More from Empire Zone Program - WBGH
Paterson Wants More from Empire Zone Program WBGH, NY - His alternative: lower taxes for all, by slashing the size of local and state government. "We pay twice as much for government as the growth states. ... |
Carcieri cuts get chilly reaction - Providence Journal
Carcieri cuts get chilly reaction Providence Journal, RI - “Whatever the state hopes to save, double it because that is what we lose because Medicaid matches the money,” said Virginia M. Burke, president of the ... |