Concepts in Federal Taxation, 2012 Edition by Kevin E. Murphy, Mark Higgins

By Kevin E. Murphy, Mark Higgins

Ebook through Murphy, Kevin E., Higgins, Mark

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Sample text

S. Treasury is as large as possible. The IRS operates on a budget of about one-half of 1 percent of the total taxes collected. However, the IRS’s budget does not reflect the full cost of administering the tax law. A taxpayer’s personal cost of compliance can be substantial. Taxpayers often need to maintain accounting records for tax reporting in addition to those that are necessary for business decisions. A corporation, for example, might use different depreciation methods and asset lives for financial reporting and for income tax.

Congress has decided that it is important that children be adequately cared for while parents are at work. Thus, Karen’s family is given a larger tax break to help provide child care. Without the larger tax reduction, Karen might not be able to afford to pay child-care costs. The difference in treatment could also be based on the ability to pay child-care costs. In addition, the difference in treatment depicts a situation of vertical equity. Because Jane and Ben have higher incomes, vertical equity requires that they pay a higher tax (through receiving a smaller tax credit).

Introduce the calculation of taxable income for individual taxpayers and the unique personal deductions allowed to individuals. 2. Introduce the major types of taxes in the United States. 7. Develop a framework for tax planning and discuss the effect of marginal tax rates and the time value of money on tax planning. 3. Identify the primary sources of federal income tax law. 4. Define taxable income and other commonly used tax terms. 5. Discuss the IRS audit process and taxpayer rights within the process.

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