Monthly Archives: July 2012

Sales Tax Collection Allowance in Florida eff. July 1, 2012

New law requires sales and use tax dealers to file and pay tax electronically to receive a collection allowance For sales and use tax returns and payments due on or after July 1, 2012, dealers may deduct a collection allowance … Continue reading

Posted in General, Income Tax, LLC's, Sub S Corporations | 6,937 Comments

Income Tax – the first law

July 1, 1862 First Income Tax bill President Abraham Lincoln signed the first income tax bill, levying a 3% income tax on annual incomes of $600-$10,000 and a 5% tax on incomes over $10,000. Also on this day, the Bureau … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Sub S Corporations | 4,275 Comments

Currency versus Money

What is the purpose of money? What are its characteristics?  To easily exchange goods or services.  Money (the dollar bill) itself is of no value.  It is the utility of the gold or silver it represents that is of value. … Continue reading

Posted in Ask Question or Comment, General, Newsletter Topics | 3,321 Comments

First Time Home Buyer Credit Summary

The Housing & Economic Recovery Act is designed to help sell the large quantity of homes on the market starting in 2008. This is a summary of the 3 versions First Version 2008:The original credit was for as much as $7,500 … Continue reading

Posted in General, Income Tax, Newsletter Topics | 3,160 Comments