Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services. Tax preparation may also be done by a licensed professional such as an attorney, certified public accountant or enrolled agent, or by an unlicensed tax preparation business. Because United States income tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes (53.5% of individual tax returns in 2016 were filed by paid preparers).[1]
Some states have licensing requirements for anyone who prepares tax returns for a fee and some for fee-based preparation of state tax returns only. Commercial tax preparation software, such as TurboTax, is widely used by individuals preparing their own tax returns. The Free File Alliance provides free tax preparation software for individuals with less than $72,000 of adjusted gross income for tax year 2020. People who make more than $72,000 can use Free File Fillable Forms, electronic versions of U.S. Internal Revenue Service (IRS) paper forms.
Taxpreparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation...
TheUnitedStates has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property...
TheUnitedStates federal government and most state governments impose an income tax. They are determined by applying a tax rate, which may increase as...
is the third largest institutional taxpreparation service provider intheUnitedStates and second largest in Canada. The company began in Canada in 1997...
local governments intheUnitedStates impose a property tax, also known as a millage rate, as a principal source of revenue. This tax may be imposed on...
Credit Karma Tax, its free UnitedStatestax filing service, was announced in December 2016. Credit Karma Tax does not participate inthe Free File Alliance...
tax in theUnitedStates.[citation needed] There was a steep increase inthe number of countries that implemented inheritance taxes throughout the 19th...
income (payroll taxes of the first type), under a system known as pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. All...
The Free File Alliance is a group of taxpreparation companies which operate a public-private partnership with the Internal Revenue Service (IRS) to provide...
Tax returns intheUnitedStates are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California...
capital gains tax (CGT) is thetax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks...
TheUnitedStates federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working...
Estate Tax (ASSET). Various proposals have been put forth for tax simplification intheUnitedStates, including the FairTax and various flat tax plans...
not taxed. The schedules were: Schedule A (tax on income from United Kingdom land) Schedule B (tax on commercial occupation of land) Schedule C (tax on...
TheUnitedStates Internal Revenue Service (IRS) uses forms for taxpayers and tax-exempt organizations to report financial information, such as to report...
Tax avoidance is the legal usage of thetax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that...
Public Law (UnitedStates) 115–97 (text) (PDF), is a congressional revenue act of theUnitedStates originally introduced in Congress as theTax Cuts and...
partnering tax professionals including Jackson Hewitt Tax Service, and online taxpreparation software providers including Turbo Tax. Santa Barbara Tax Products...
the path for black boys is steeper. —The Economist, 2020 Socioeconomic mobility intheUnitedStates refers to the upward or downward movement of Americans...
However, intheUnitedStates, the term has special constitutional significance because of a provision inthe U.S. Constitution that any direct taxes imposed...
IntheUnitedStates, education is provided in public and private schools and by individuals through homeschooling. State governments set overall educational...
obtained it. This emptied the "Indians not taxed" category established by theUnitedStates Constitution, allowed Natives to vote in state and federal elections...
of a transaction, as inthe case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as inthe case of a real or personal...