As will be discussed momentarily, it has long been recognized that an individual within the borders of the United States and/or its territories and/or its insular possessions, have the right to life, which equates to the right to- "earn a living".
While there will be many who will attempt to debate this issue, they simply cannot, why not?
The First Amendment guarantees every person living within the United States whether they are a citizen or not, the right to be free! This is implied in the right to freedom of speech, how so? What if you were employed as a speechwriter, could anyone stop you from pursuing such an occupation after considering the First Amendment right to the freedom of speech? This is known as a protected right. What other provisions of the First Amendment are covered by the First Amendment and the right to work implications?
Why does one have to choose? Why can we just earn a living, support our families, treat our neighbors kindly, and enjoy our lives? Because life Is not that simple, is why! The ignorant know not what they want, the dumb do not understand what they need, the stupid can't comprehend what is going on, the absent-minded has forgotten who they are, and are knowledgeable do not want to share their knowledge with anyone. Understanding what is taxable and what is not taxable will determine whether or not you are a blue-collar worker or a white collar worker, because your tax dollars should be working for you not against you!
"The significance of the Supreme Court's decision on the right to pursue a common occupation lies in its impact on individual liberties and due process under the law. The Court has held that the Fourteenth Amendment's Due Process Clause protects the right to pursue a chosen profession or trade, providing some level of protection against arbitrary government interference with individuals' ability to earn a living in their chosen field". LINK
The cost of living refers to the amount of money needed to maintain a certain standard of living, usually measured by calculating the average cost of a number of specific goods and services required. It encompasses basic expenses such as housing, food, taxes, healthcare, clothing, education, entertainment, and transportation. The cost of living can vary based on factors such as location, and it is often used to compare how expensive it is to live in one city versus another. LINK
In summary, the "law of capacities" in the context of taxes refer to the various roles or statuses that an individual taxpayer may have, and how these roles can have implications for their tax obligations and benefits. Each capacity may carry specific tax considerations, and each capacity operate as a different dependent on specific tax forms, individuals will need to do their research to determine if it applies and how it applies to them as it is important for taxpayers to understand how their particular capacities may impact their tax situation. LINK
'A tax credit is a dollar-for-dollar (This confirms that tax credit are equal to dollars, as identified by the "JOINT RESOLUTION" of June 5, 1933) reduction of the income tax owed, directly decreasing the amount of tax owed. A credit can be nonrefundable or refundable. A nonrefundable credit lets you reduce your tax liability to zero. On the other hand, a tax deduction reduces the amount of your income that is subject to taxes. In general, tax credits tend to be more valuable compared to deductions because of the dollar-for-dollar reduction they offer'. LINK
REVIEWS
(The beginning)
This is a hypothetical story about Alex, hopefully you can relate.
In the bustling heart of the city, amidst the cacophony of daily commerce, there lived a young man named Alex. Alex was not your typical entrepreneur; he was a sole proprietor who had mastered the art of blending passion with pragmatism. His business, though small, was his world. He provided digital marketing services, a field that demanded both creativity and analytical skill. This year, however, presented Alex with a unique challenge that went beyond the realms of algorithms and ad campaigns. With $65,000 in carryforward credit, $24,000 in deductions, $12,000 in net operating losses, and a total income of $112,000 before deductions and taxes, Alex found himself at a critical financial juncture.
The city, with its relentless pace, had taught Alex one thing: precision. As he sat in his modest office, the glow of the computer screen illuminating his determined face, he knew that the upcoming tax season was not just another hurdle. It was an opportunity—an opportunity to navigate the complexities of the tax system to his advantage, ensuring the sustainability of his dream.
Will soon be creating a Chatbot
Designed to help with such calculation, his story continues next slide--->>
Alex’s expenses for the year amounted to $40,000, a significant sum that underscored the operational costs of running a digital marketing firm. After paying all bills and necessary expenses for the company, his income dwindled to less than $12,000. To most, this scenario would spell despair, but to Alex, it was a puzzle awaiting solution.
Armed with his financial records and a clear understanding of his position, Alex embarked on a journey through the labyrinth of tax laws and regulations. He was not alone in this endeavor; his trusted advisor, a seasoned accountant named Elena, was by his side. Together, they pored over the standard tax forms, each line and box holding the potential for relief or burden.
The first step was to address the $65,000 in carryforward credit. This credit, a vestige of more prosperous times, was a lifeline. Alex and Elena worked meticulously to apply this credit, ensuring that it was utilized to its fullest potential, reducing Alex’s tax liability significantly.
Next, they tackled the $24,000 in deductions. These deductions, a reflection of Alex’s business expenses, were meticulously recorded and justified. Every subscription, every software purchase, and every client meeting was accounted for, painting a picture of a business that, despite its challenges, was geared towards growth.
The $12,000 in net operating losses presented another opportunity. In the world of taxation, losses were not merely setbacks; they were potential saviors. Alex and Elena carefully calculated the impact of these losses on Alex’s taxable income, leveraging them to further reduce his tax liability.
This is slide number 2
Story continues at Next --->
This is what everyone should know, It is vital that you understand the following:
Doing your own taxes can seem like a daunting task, especially when faced with the complexity of tax laws and the fear of making a mistake. However, the Internal Revenue Service (IRS) is legally required to ensure that tax forms are designed in a way that allows individuals to complete them without the need for professional assistance. This requirement is rooted in the Internal Revenue Code (IRC), which aims to make tax compliance as straightforward as possible for the average taxpayer.
The IRC, specifically in sections related to taxpayer rights and the simplification of procedures, mandates that the IRS design forms, instructions, and publications with the needs of the average taxpayer in mind. Although the code itself does not contain a simple, single sentence mandating form simplicity, the overarching principle is that the IRS must strive to make tax compliance not unduly burdensome. This effort includes providing clear instructions, offering free resources for tax education, and making electronic filing options available to make the process more accessible.
Step 1: Understand Your Tax Situation
The first step in doing your own taxes is to understand your tax situation. This involves knowing your income sources, understanding the types of deductions and credits you may be eligible for, and identifying your filing status. Common income sources include wages from employment, earnings from self-employment, interest, dividends, and capital gains. Deductions can reduce your taxable income and may include items such as mortgage interest, charitable contributions, and certain business expenses for self-employed individuals. Credits, such as the Earned Income Tax Credit or the Child Tax Credit, can directly reduce the amount of tax you owe.
Step 2: Gather Your Documents
Before starting your tax return, gather all necessary documents. These typically include W-2 forms from employers, 1099 forms for other income, records of any taxes already paid or withheld, receipts for deductible expenses, and documentation for any eligible credits. Having all your documents in order can simplify the process and help ensure accuracy.
Taxes are not designed to be hard
The law requires tax forms to be easy to read and understand!
Step 3: Choose Your Filing Method
The IRS offers several ways to file your taxes, including paper filing and electronic filing options. Electronic filing (e-filing) is the fastest and most secure way to file your taxes. It involves using IRS-approved tax preparation software, which can guide you through the process of completing your tax return by asking simple questions about your income, deductions, and credits. Many of these software options are available for free or at a low cost for eligible taxpayers through the IRS Free File program.
Step 4: Fill Out Your Tax Return
When filling out your tax return, follow the instructions provided by the IRS or your tax software carefully. The IRS instructions are designed to be clear and to guide you through each line of the form. If you're using tax software, it will automatically calculate your tax liability or refund based on the information you enter.
Step 5: Check Your Work and File
Before submitting your tax return, double-check all entries for accuracy. Ensure that you've reported all income and haven't missed any deductions or credits that you're eligible for. Once you're satisfied with your return, you can file it electronically through your tax software or mail it to the IRS if you're paper filing. If you owe taxes, make sure to pay by the due date to avoid penalties and interest.
Step 6: Keep Records
After filing your taxes, keep copies of your tax return and all supporting documents for at least three years. This documentation is essential if the IRS has questions about your return or if you need to amend your return in the future.
The IRS provides numerous resources to help individuals understand and fulfill their tax obligations. These include the IRS website, which offers tax forms, instructions, and publications; the IRS Taxpayer Assistance Centers, where you can get in-person help; and the IRS helpline for telephone assistance. Additionally, the IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free tax help for taxpayers who qualify.
Doing your own taxes can be a rewarding experience that saves you money on tax preparation fees. By taking advantage of the resources and tools provided by the IRS, and following a step-by-step approach, you can confidently complete your tax return in compliance with IRS requirements. Remember, the design and structure of IRS forms are intended to be understandable by the average taxpayer, in line with the mandates of the IRC. This legal foundation ensures that, with the right preparation and resources, doing your own taxes is an achievable task for most individuals.
Following the simple step will save you a lot of time
Using the AI models could help you better understand the forms
Copyright 2030 Data Mas
All Rights Retained as well as Reserved
Click to view our
Terms and conditions and privacy policy