The recapture tax is an added on to your income tax liability for 2012.
Having an income tax liability in California is the further thing from their mind.
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With such a standard deduction, 75 percent of all tax filers would have no income tax liability.
This is the same issue Warren Buffett highlighted last year when he disclosed his income tax liability for 2010.
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Howard and his son have absolutely no reason to think their firm would have an income tax liability in California.
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Individuals whose debts are forgiven could be pushed into a large income tax liability that they obviously lack the cash to pay.
Or it might be that he is in the bottom 40 percent of income earners, those with no net income tax liability.
Your personal federal income tax liability generally remains your own personal federal income tax liability even after you are married to another person.
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President Clinton suggested that we simply raise their taxes by 10 percent and the bottom 85 percent of income earners would have no income tax liability.
The above is a simplified example of how income tax liability may be affected by pending changes in the marginal tax rates and changes in filing status.
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While making gains tax-free would eliminate all income tax liability for 23, 000 filers making a million or more, it would add about 250, 000 others to the rolls.
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Besides, since the acquiring company was private, any stock given to our employees would come with an income tax liability that could not be paid by selling non-public stock.
"If your return is selected because of a high score under the DIF system, the potential is high that an examination of your return will result in a change to your income tax liability, " says an IRS publication that explains the auditing process.
Today, almost half of all tax filers have no income-tax liability whatsoever, and many "taxpayers" actually get a net refund from the government.
In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the Earned Income Tax Credit (a direct subsidy to people for being poor).
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Most income tax codes in America are rigged so that your tax liability always grows faster than your income by kicking you into higher tax brackets or by taking away deductions when you reach a certain income level.
My Tax Policy Center colleague Dan Baneman ran the numbers: Such a step would remove 23, 000 millionaires from the income tax rolls, and cut their annual tax liability by an average of a half-a-million dollars.
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If you elect to report your use tax on your income tax return, you may report your actual use tax liability or use the Use Tax Lookup Table provided in the return instructions.
You don't say what type of investments you currently have but on sale of these investments you may have a liability to either income or capital gains tax depending on values and your overall tax position, so you need to consider that potential liability.
Including the new tax when you compare your regular tax liability against potential AMT would protect many high-income taxpayers from having to pay the alternative tax.
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Farmers and ranchers get an even more generous break: They can offset up to 100% of their adjusted gross income with conservation donations, potentially zeroing out their tax liability for the next 15 years.
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In many cases, this alone eliminates U.S. tax liability, since many foreign countries already levy stiff income taxes on all within their borders.
Summed up, for a divorcing spouse with little or no taxable income for the tax year, signing a joint tax return may pose considerable liability risk with no appreciable benefit.
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It is important to remember that any American or Frenchman, who decided to exercise their free will and legally sever their tax liability would be liable to pay all applicable taxes (income, capital gains, gift, wealth) right up until the moment that they left.
This means the profit from the trust creates a tax liability for the ETF shareholder, which is taxed as ordinary income.
The most important change is that the much lower individual income tax rates after tax reform, from a top rate of 70% when Reagan entered office to 28% after the reform, caused billions in business income to switch from corporate tax returns to individual tax returns as subchapter S corporations, partnerships, LLCs (limited liability partnerships), and proprietorships.
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