Tag: tax system

Tax Code, Regulations and Guidance

The Closely Held Business and The Tax Gap

March 8, 2023

Via: LexBlog

Have you ever wondered whether you were barking up the wrong tree? That the solution to a problem may be found, not in the approach to which you were already committed and invested, but in an altogether different direction? Query […]

Tax Code, Regulations and Guidance

Unified Tax Credit Definition

March 21, 2022

Via: Investopedia

What Is a Unified Tax Credit? The unified tax credit, also called the unified transfer tax, combines two separate lifetime tax exemptions for gift and estate taxes. The combined exemption limit applies to the taxable gifts you make to others […]

Tax Code, Regulations and Guidance

Understanding State Income Tax vs. Federal Income Tax

January 30, 2020

Via: Investopedia

The United States has a multi-tiered income tax system under which taxes are imposed by federal, state, and sometimes local governments. Federal and state income taxes are similar in that they apply a percentage rate to taxable incomes, but they […]