Annual Taxes - Humor In The Drudgery: Difference between revisions
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Revision as of 11:27, 2 May 2026
The old adage is crime doesn't pay, but one certainly can wonder sometimes about the precision of it given the amount of of politicians that typically be criminals! Regardless, the fact you are making money from an offence doesn't mean you don't have to pay taxes. That's right. The IRS wants its unfair share of one's ill gotten gains!
But what will happen in the event that happen to forget to report with your tax return the dividend income you received out of your investment at ABC lending institution? I'll tell you what the internal revenue individuals will think. The inner Revenue office (from now onwards, "the taxman") might misconstrue your innocent omission as a kontol, and slap families. very hard. by administrative penalty, or jail term, to teach you and others like you a lesson could never forgot!
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Now we calculate if there is any tax due. Assuming for now that not one other income exists, we calculate taxable income using the cash in on the business ($20,000) and subtract standard model deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra revenue tax due for duty would be $1,099. So, the total tax bill for this taxpayer could well be $1,099 + $3,060 to put together a total of $4,159.
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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The internal revenue service contended that it transfer pricing evaded taxes by making several inter company transactions to foreign affiliates regarding two of their patents and trademarks on popular drugs it operates. That is known as offshore tax fraud.
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