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How does a tax return work

How does a tax refund get paid? A tax return submitted online takes less time to process than a tax return submitted by paper. … If you have received a P800 calculation and it shows a refund, then usually you can go into your Personal Tax Account (PTA) and ask HMRC to pay it directly into your bank account via…

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What is an alternative minimum tax

What income triggers alternative minimum tax? For the 2020 tax year, the threshold is $197,900 of AMT taxable income for taxpayers filing as single and as married couples filing jointly. It is $98,950 for married couples filing separately. What is the alternative minimum tax for 2019? The AMT is levied at two rates: 26 percent and 28 percent. The AMT…

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Corporate tax return due date 2018 extension

What is the extended due date for C corporations? C corporation 15th day of the 3rd month after the end of the entity’s tax year for a June 30 fiscal- year entity; due September 15 Automatic extension period of six months; due October 15 for a calendar-year entity. What is the deadline for filing 2018 taxes with an extension? October…

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How much is the federal gift tax

How much money can you receive as a gift 2020? The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000. For 2018, 2019, and 2020, the annual exclusion is $15,000. Who pays federal gift tax? Generally, the answer to “do I have to pay taxes on a gift?” is this: the person receiving a gift typically does not have…

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What is michigan use tax

What should I put for use tax? What items are subject to use tax. Generally, if the item would have been taxable if purchased from a California retailer, it is subject to use tax. For example, purchases of clothing, appliances, toys, books, furniture, or CDs would be subject to use tax. What items are not taxed in Michigan? Goods that…

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