discussion on why you think credits are better than deductions, or if deductions are better than credits, or maybe you think they are equal! Tell us why you feel this way.
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In your own words, describe the similarities and differences between tax credits and tax deductions. Your response must include two (2) examples of each kind and a discussion on why you think credits are better than deductions, or if deductions are better than credits, or maybe you think they are equal! Tell us why you feel this way.
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- Which of the following statements is correct? O a. A tax offset can result in a refund if it relates to franking credits. O b. Tax offsets are same as allowable deductions as both reduce assessable income. O c. Any tax offset can increase deductions. O d. Tax offsets are used to reduce your taxable income.1. If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail? 2.Which tax system impacts more on the rich people, and why does it impacts them more?Do you thinks taxes are moral? Explain your answers
- Evaluate the three strategies reducing income, increasing deductions and taking advantage of tax credits that you listed based on their overall effect on a person's tax situation (the amount of income taxes that the person will have to pay).What is Taxation? Please discuss it to me and give examples Hope you can help me, I will really appreciate it1.How is cost recovery properly assessed that will account for tax benefit? 2.What is Tax Benefit? Give an example
- an ideal tax system should conform to certain principles. which of the following statement is not generally regarded as a principle of an ideal tax a - it should be convenient in terms of timing and payment b - it should raise as much money as possible for the government c - it should not be arbitrary, it should be certain d - it should be fair to different individuals and should reflect a persons ability to payWrite a short reflection on taxes, who should carry the burden and who benefits from it?Which of the following is the best definition of tax planning? Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax law Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability Oc. Researching complex tax issues Od. Preparing a client's tax return Oe. None of these choices are considered tax planning.
- Tax deductions differ from tax credits because: A. deductions affect relative prices, credits do not B. credits cost more to the federal treasury than deductions. C. credits are designed to help the wealthiest tax payers. D. All of the aboveExplain what is meant by this statement: “Our tax rates areprogressive.”2. Explain various types of taxes in your own words.