4 Types of Taxes Many Seem to Dislike
While many of us can’t necessarily agree paying taxes is on the top of our list of things to do, we manage to get the deed done, and try to continue on with a smile on our faces. But let’s be real, many aspects of having our returns completed can be frustrating, and flat out unfair, which is why taxes becomes such a popular topic to discuss. So with that in mind, tax attorneys in Utah bring to you some of the taxes required to be paid that individuals simply dislike, a lot.
The same topic seemed to be trending in The Fiscal Times back in 2015, which is why tax lawyers in Utah are bringing this information to those tax payers out there today.
- Minimum Distributions Tax- For those of you 70 and above, you know now that you are required to begin “taking withdrawals from your IRS or other retirement plans.” Even if you are not quite ready to use these funds, you must do so, and also will have to pay income tax on whatever amount is taken out.
- Social Security Tax- All taxpayers are required to pay out a portion of their paycheck for the current beneficiaries. Those who are employed by someone generally only pay 6.2 percent of their paycheck to cover these costs, while their employer pays the other 6.2 percent. So why do Americans dislike this tax? For those out there that are fortunate enough to run their own business are subjected to paying the entire percentage to cover social security tax, all on their own.
- Property Tax- All individuals who own a home are required to pay tax on it. And Utah tax legal representatives want to point out that should you decide to make some upgrades, or your municipal wants more funds, then your taxes are likely to increase.
- Tax Provision Phase-Outs- While the childcare tax credit is appreciated by many, those who are married, “filing jointly who make more than $110,000,” or if you’re single and make $75,000, your “credit is reduced by about 5 percent of the adjusted gross income over these limits.”
Tax fraud attorneys in Utah can understand why these taxes can leave someone quite frustrated, especially after having much of their current paycheck already covering a large chunk each pay period.
However, as much of a burden as it may be when it comes to filing your taxes, intentionally leaving out information, or failing to provide an accurate representation of the expenses you paid out in hopes of having to pay in less is not something you want to get caught up in doing. The IRS reports the many cases involving individuals who have committed tax fraud, and even tax evasion, and eventually it all catches up with you.
Tax fraud lawyers in Utah remind you to be smart and ensure all your taxes ae filed, even if it happens to be one of those mentioned above that you, along with several other citizens, absolutely despise.
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