Saturday, August 6, 2011

How do I pay income tax on ForEx earnings?

This is my first time for paying income tax on ForEx, being a US citizen i believe i have to pay tax on forex income, but i have no clue what do i have to do for that. Thanks for your help.

Chosen Answer:
Normally you need to file them as capital gains or losses (like you would with stocks or options).

But you can make a special election that will allow you to split them as 60% long terms capital gains and 40% regular income, which is advantageous for tax purposes since long term capital gains rates are lower.

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Exam Pro on Federal Income Taxation (Exam Pro)

This study aid contains 8 Federal Income Tax examinations. Each exam contains 25 detailed problems. The problems contain tough, challenging fact patterns which help prepare you for objective, multiple-choice examination questions as well as essay questions. The Answer Keys are well written, exam-quality answers along with explanatory information. You can take the questions as objective multiple-choice examinations, or use them as a basis for essay questions, comparing your analysis of the issues to that in the answer keys. The answer keys

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Friday, August 5, 2011

What is a fair income and capital gains tax rate for the rich to pay?

In 2006 the top 2% paid 60% of all income taxes but earned only 30% of the income.

Shouldn't we lower their tax rate to make it more fair?

Chosen Answer:
I agree.

What people are mad at is the wealth these people have already attained and been taxed for. Apparently because they hold so much wealth, people feel they should pay more of their income.....which is ridiculous.
by: grandma zaza
on: 3rd March

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Basic Federal Income Tax Crunchtime 2009

CrunchTime provides the right information, in the right format, at the right time. If you learn best through application flow charts, get your CrunchTime early in the semester and use it as a visual aid throughout your course. Each title offers capsule summaries of major points of law and critical issues, exam tips for identifying common traps and pitfalls, sample exam and essay questions with model answers, and recommended approaches for crafting essays that will get winning grades!



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Thursday, August 4, 2011

Examples & Explanations: Federal Income Tax, 5th Edition

Using the proven technique of the Examples & Explanations series, this comprehensive guide combines textual material with well-written examples, explanations, and questions to test student comprehension of the materials and provide them with practice in applying information to fact patterns. Thorough in its coverage, Examples & Explanations: Federal Income Tax, Fifth Edition, makes use of case, statutory, and regulatory analysis to provide students with a complete understanding of Federal Income Tax Law. Special attributes

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Federal Income Tax: Code and Regulations Selected Sections (2007-2008)

CCH's Federal Income Tax: Code and Regulations--Selected Sections provides a selection of the Internal Revenue Code and Treasury Regulations pertaining to income tax. This popular volume reflects the collective judgment of seven distinguished tax teachers and provides an effective mix of official materials for individual and business undergraduate and graduate tax courses offered in law and business schools. It provides in one volume, provisions most commonly addressed in income tax courses. The book's highly readable 7-1/4" x 10"

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