A system that taxes everyone at the same rate, regardless of their income bracket. Supporters of a flat tax argue that it gives people incentive to earn more, because they wouldn't be penalized by graduating to a higher tax bracket (as they would in a progressive-rate system).
An IRS tax form used by taxpayers to request relief from a tax liability involving a spouse or former spouse. Couples filing a joint tax return both become responsible for the tax obligation, called joint and several liability. If additional tax has to be paid because of income, deductions or credits from one spouse (or former spouse), the other partner will still be liable. The taxpayer seeking relief should file Form 8857 as soon as he or she becomes aware of a tax obligation that the other spouse (or former spouse) should be solely responsible for. Getting a divorce doesn't stop the IRS from considering both parties still joint and severally liable for a tax obligation, even if a divorce decree states that only one party is responsible for the tax. A spouse or former spouse has two years to file Form 8857 from when the IRS first starts trying to collect for the obligation.
A tax form distributed by the Internal Revenue Service (IRS) for use by U.S. citizens and resident aliens who earned income from sources in the U.S. Virgin Islands. Form 8689 determines what portion of income tax should be allocated to the U.S. Virgin Islands. Taxpayers have to file two identical Form 1040 documents: one with the U.S. Virgin Islands and one with the United States. The original, along with Form 8689, is sent to the federal government. Form 8689 does not apply to bona fide residents of the U.S. Virgin Islands. If a couple filing jointly has one spouse listed as a bona fide resident, the resident status will be determined by the spouse with the higher adjusted gross income. Taxpayers who become or cease to be a bona fide resident of the U.S. Virgin Islands have to file Form 8898, which lets the federal government know the taxpayer's residential status. Failing to do so may result in a fine.
A tax form distributed by the Internal Revenue Service (IRS) to claim a refund for certain taxes, interest and penalties. Individual taxpayers can use Form 843 to request, for example, a refund of Social Security or Medicare taxes withheld in excess or in error, or for penalties levied by the IRS in error. Form 843 should not be used by individuals to claim an income tax refund, or to request a reduction of income, estate or gift tax. Businesses should not use the form to request an abatement of employment taxes, such as FICA. Taxpayers have to file a separate Form 843 for each tax period and each tax type upon which an abatement or refund is being requested. The IRS penalizes taxpayers who claim an excessive amount of refund. If the taxpayer is found to have abused the system, he or she will be fined 20% of the amount determined to be excessive. The penalty may be waived if the taxpayer had a reasonable basis to make the claim.
A tax form distributed by the Internal Revenue Service (IRS) and used by filers seeking to claim mortgage interest credit on their tax return. In order to claim a mortgage credit, the taxpayer must first have obtained a Mortgage Credit Certificate (MCC), which are typically issued by state or local governments and agencies. The home that the Certificate is issued for must be in the same jurisdiction as the issuing agency, and must also be the tax filer's main residence. Some mortgage credit certificates, mostly those issued by the federal government or federal agencies, may not qualify for the Mortgage Interest Credit. If a mortgage is refinanced then the MCC must be reissued, and homeowners who sell their residence within nine years may have to repay some of the credit issued.
A tax form distributed by the Internal Revenue Service (IRS) and used by filers who wish to deduct noncash contributions made to a qualifying charitable organization. Deductions for noncash contributions are reported as itemized deductions. Noncash contributions can include securities, property, vehicles, collectibles or art. Unlike donating cash, the donated noncash items may require an appraisal in order to determine value. Form 8283 requires a declaration by the appraising party indicating that the party is not the donor, donee, party to the transaction and does not have any conflict of interest that might influence the value at which an item is appraised.
Income that is received as a tax-free distribution by one company in the U.K. from another. This income is typically tax-free to the receiving firm and is usually distributed in the form of a dividend. Franked investment income was introduced in the interest of avoiding double taxation of corporate income. If ABC company pays franked investment income to XYZ company, XYZ company does not have to pay tax on the income. This is because the tax was assessed on ABC company before the income was paid. In essence, the tax paid on this income is also attributed to the receiving firm.
After-tax investment income that is distributed by one U.K. company to another. This income is often distributed in the form of dividends. The idea behind franked income is to prevent double taxation. If Company A receives a franked dividend from Company B, Company A does not have to pay corporate tax on the dividend because Company B has done so already. In other words, once the issuing company has paid corporate tax on the income being distributed, the tax payment is attributed also to the companies who receive the franked dividend.
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