Taxes on Property

Taxes have been around for a long time and it is very unlikely they will ever disappear. The reason is that because of them, we get to have free public services and basically community evolution. And as the Nordic Countries have shown, the level of taxation is directly related to the lifestyle quality and standards.  

Why are taxes on property needed?

Ok, so taxes are good. But it would appear that we have a huge amount of taxes and pretty much everything is taxed. The main challenge behind taxes was the amount of money to charge each individual. The idea was that this amount would vary depending on each person’s assets. So, anything that has an increased value is usually taxed. For example, someone who owns 4 houses and 5 flats technically speaking would be charged the same as someone who has 1 apartment without this tax. But if the first person wants to sell them, he would make a small fortune. The key element here is value. Value is taxed. And properties often mean value.

Different forms of taxes on property

• Property Tax – This is the most common tax on property. Basically any property you own needs to be taxed with the proper authorities. Generally speaking, there are 3 major types of properties: land, buildings and objects. What we know as Real Estate is actually a combination of the first 2. Cars, boats, scoters and other immovable objects usually fall in the 3^rd category. All of these items give value to the person who owns them. So, they are being taxed.
• Inheritance Tax – This tax refers to taxes which are being transferred upon someone’s death. For example, a person owns a huge house and dies. His son gets the house along with the taxes it had when his father lived. So when you receive something, you usually inherit its taxes as well.
• Expatriation Tax – whenever someone gives up his citizenship, he may have to pay some taxes based on his wealth, depending on the country.
• Transfer Tax – historically, any transfer or trade required an official stamp to show its validity. This stamp would usually cost a percentage of the trade or a fix amount. Although the stamp has gone, most trades and transfers today still carry this small fee in order to make the transaction.
• Wealth Tax – some countries require declaring your wealth. Then, after removing liabilities and other elements, a percentage of this value is taxed.

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Taxes Explained – Everything you need to know

Taxes, in all forms, have been around since the dawn of mankind -basically, ever since people have joined together in communities. In this article we will look at the major elements that define taxes and explain everything you need to know about them.

Concept

The concept of taxation is simple. You take a community. No one will willingly give up a chunk of their money in order to help out the community. So, taxes aim to oblige all people equally to contribute to a fund which is used for community development. If there was no taxation, communities wouldn’t grow or evolve. While the concept was great in theory, in real life, only a small part of the money we pay actually ends back into our community. The rest are used to pay the politicians that are supposed to govern over the community.

All in all, even if not all of the money is used for community development or public services, taxation is good if managed properly.

Purpose of taxes

As stated above, the purpose of taxes is to take money from the community in equal share and use it for public services and basically community development. Without taxes, most public services like healthcare, police and others would have no funding. Taxes are necessary in any community but determining exactly how to manage them is a real challenge. Today we can easily see communities with extreme taxation system at both ends. The ultimate question is how much is a community prepared to be taxed and how much of that money is used back into the community.

Categories of taxes

It comes as no surprise that taxes come in a variety of forms and shapes. This categorization is meant to better distribute the tax load on the population based on how much value they have in the form of income or properties.

• Taxes on income – very single stream of income has to be declared and a percentage of it has to be paid back as tax. Failure to do so will lead to fraud and criminal charges.
• Taxes on property – Apartments and houses as well as any other properties you own have to be declared and taxed.
• Taxes on goods and services – cars, boats and any other high value good or service you use is taxed.
• Social security contributions
• Other taxes

The purpose of the taxes is to take an equal percentage of money from everyone. So someone who is earning more will be charged more than someone who is poor.

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Categories of Taxation

Taxes are apparently necessary so that a society can deliver sound services and goods to its citizens. A society is never complete without a taxation system and it is part of the people’s social responsibility to pay taxes in the right time and in the authorized tax collector or government entity. There are many types of taxes and each type falls into a particular category. Every type of tax has its own nature and specifications so it is one of the sole responsibilities of citizens to widen their awareness regarding the broad scope of taxation.

A tax is defined as any fee charged or levied by the government. Taxes can sometimes be on fixed amounts but there are instances that these are calculated as particular percentage of an action value. Common examples of action value that are typically taxed are buying items, owning a property or house and more. Through a sound taxation, government is able to generate revenue and this is utilized as tool for economy or public services support.

Regressive and Progressive

There are three known categories of taxation namely regressive tax, progressive tax and the type of tax in between known as the proportional tax. Progressive tax is the tax that aims to shift tax incidence or burden of taxation to those individuals with high purchasing power and away from individuals with low purchasing power.

Regressive tax on the other hand is another category of taxation with an aim of shifting tax incidence to those with low purchasing power and away from individuals with high purchasing power. Proportional tax is a particular type of tax with a goal of entire population that carries the same effective and valid tax incidence.

Types of Taxation

Taxes are innumerable and taxation also falls into different types or categories and these are as follows:

• Income taxes are charged or levied on a particular percentage of the income.
• Real Estate tax is levied on homes and lands and is usually utilized by localities in paying for schools.
• Sales taxes are computed as percentages of purchases made by consumers, usually with several item categories excluded or at times with rebates to offset the taxes’ regressive nature.
• “Sin ‘’ taxes for top-sale taxes are being charged to sinners usually during the time of  purchasing items that  are considered sinful such as alcohol, cigarette and other dangerous paraphernalia.
• Estate taxes are charged or levied on wealth that is left by a deceased typically with huge deductible.
• Poll taxes are considered as fixed taxes which are different from taxes that are based on the portion of an individual’s income.
• VAT or Value Added Tax is a type of tax charged to processors and manufacturers on difference between cost of raw material and resulting product.

No matter what the differences in types or taxations may be, these do not change the fact that individuals got the responsibility of paying the right tax on the right time. Paying taxes is one social responsibility that must be fulfilled ideally.

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How Tax Credits, Deductions And Savings Plans Can Help Taxpayers With Their Expenses For Higher Education?

Through the presence of tax deductions, savings plan, and credits, many people primarily the parents are very happy and that is due to the benefit that they can get from these. Most parents are very satisfied with their life because their children successfully finished their studies without experiencing issues with their money. Because of this, many people are convinced that tax saving plans, deductions, and credits can really help parents as well as the tax payers in their expenses and about the future of their children.

Let’s talk about first credits. Study shows that there are lots of parents today are qualified in tax credit which they use in the expenses of their children who are studying in college. The benefits of it are always accessible in widening the range of the tax payers and also to those people who have a very high income and are not paying taxes. Aside from that, it also needs essential course materials in the list of the qualified expenses and it lets the credit to claim in four years post-secondary education as an alternative for two years.

For deductions, it is possible that you will be qualified in the assumptions education expenses paid while your children are studying. However, you cannot have this deduction when your status in filing is married. Filing separately or rather, a certain person has the ability to claim an exemption for you while you are still dependent on her or his tax return. The only qualified expenses is here is used for higher education. If you are interested to claim the fees and tuition deduction, you must have first the following requirements:

• You must pay the expenses of the qualified students in his or her education.
• The qualified students might be you, your brother or sister, or other people that you support in giving high education.
• You are required to pay the education expenses for higher education.

Under tax deduction, it incorporates essential loan which can be used for the education of students, and these are Qualified Student Loan, Student Loan Interest Deduction, and Qualified Education Expenses.

Lastly, for the savings plan, the eligible tuition programs that are approved by the Internal Revenue Code let the people especially tax payers to contribute or prepay in a certain account in paying the expenses of the student who is already eligible in gaining higher education. There are some groups and college schools sponsors let these people prepay a certain student in his or her qualified education expenses. Tax savings plan is often tax free and that’s why tax payers will have the freedom to use it in paying expenses of higher education. The expenses that they should pay are school supplies, tuition, books, and required fees.

With the help of tax deductions, savings plan, and credit, parents who are included in the group of tax payers will have the assurance that they can support their children in giving higher education and great opportunity to them. So try to have these three to gain the helpful benefits that it provides.

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What is love?

Biologically, love is a powerful neurological condition like hunger or thirst, only more permanent. We talk about love being blind or unconditional, in the sense that we have no control over it. But then, that is not so surprising since love is basically chemistry. While lust is a temporary passionate love desire involving the increased release of chemicals such as testosterone and oestrogen, in true love, or attachment and bonding, the brain can release a whole set of chemicals: pheromones, dopamine, norepinephrine, serotonin, oxytocin and vasopressin. However, from an evolutionary perspective, love can be viewed as a survival tool – a mechanism we have evolved to promote long-term relationships, mutual defence and parental support of children and to promote feelings of safety and security.

• Jim Al-Khalili is a theoretical physicist and science writer

note:

being in a loving relationship is usually a continual giving and receiving of love, such that their is a feeling of it going back and forth. One can question whether one partner or the other is giving, one can ask if more can be expected. Maybe I can do more for my partner? Perhaps it is not always necessary to do it, but it must be comfortable to ask and to answer the question. I have been the recipient of gifts which I am not able to match in certain ways, such as an extremely expensive gift of a technical sort which was not fully appreciated by me. One just has to keep being involved, keeping up communications. Thank you for reading this.

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Love Letter from One Soldier

In 1943, American World War II soldier Brian Keith met and fell in love with a fellow soldier, Dave, while stationed in North Africa. The two shared laughs, intimate moments beneath the African night sky and tears when their time came to an end. After being separated by the demands of war, Brianpenned a letter of love and yearning to a man he'd never see again.

Dear Dave,

This is in memory of an anniversary — the anniversary of October 27th, 1943, when I first heard you singing in North Africa. That song brings memories of the happiest times I’ve ever known. Memories of a GI show troop — curtains made from barrage balloons — spotlights made from cocoa cans — rehearsals that ran late into the evenings — and a handsome boy with a wonderful tenor voice. Opening night at a theatre in Canastel — perhaps a bit too much muscatel, and someone who understood. Exciting days playing in the beautiful and stately Municipal Opera House in Oran — a misunderstanding — an understanding in the wings just before opening chorus.

Drinks at "Coq d'or" — dinner at the "Auberge" — a ring and promise given. The show 1st Armoured — muscatel, scotch, wine — someone who had to be carried from the truck and put to bed in his tent. A night of pouring rain and two very soaked GIs beneath a solitary tree on an African plain. A borrowed French convertible — a warm sulphur spring, the cool Mediterranean, and a picnic of "rations" and hot cokes. Two lieutenants who were smart enough to know the score, but not smart enough to realize that we wanted to be alone. A screwball piano player — competition — miserable days and lonely nights. The cold, windy night we crawled through the window of a GI theatre and fell asleep on a cot backstage, locked in each other’s arms — the shock when we awoke and realized that miraculously we hadn't been discovered. A fast drive to a cliff above the sea — pictures taken, and a stop amid the purple grapes and cool leaves of a vineyard.

The happiness when told we were going home — and the misery when we learned that we would not be going together. Fond goodbyes on a secluded beach beneath the star-studded velvet of an African night, and the tears that would not be stopped as I stood atop the sea-wall and watched your convoy disappear over the horizon.

We vowed we’d be together again "back home," but fate knew better — you never got there. And so, Dave, I hope that where ever you are these memories are as precious to you as they are to me.

Goodnight, sleep well my love.

Brian Keith

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Bota por tu favorita quien ganara..?

Para botar es lo siguiente  para participante de lado derecho clic en el boton like de arriba y para participante de lado izquierdo clic en boton like de abajo

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