| Tax Day, Internal Revenue Service (IRS), federal income tax, FICA, TurboTax, H&R Block, tax preparation, tax deduction, IRS audit, Medicare tax
3. While it may not be the most exciting part of the year, when Tax Day rolls around on that fateful April date, every one has to pay what is due. The Internal Revenue Service is a bureau of the Department of the Treasury and is one of the most efficient tax administrators in the world, ensuring that everyone pays their fair share of taxes, whether you consider that a positive or not. Originally President Lincoln created the income tax to finance Civil War expenses, but today it forms the majority of taxes collected by the U.S. government. The federal income tax is a progressive tax, because as the income of an individual rises, the tax rate rises. Payroll taxes include Social Security, known as FICA, unemployment insurance, and the Medicare tax which funds elderly and disabled health insurance. Most employers use a system of direct withholding, which automatically deducts part of the taxpayer’s income directly from the payroll check. Other taxes include transfer taxes, which tax transfers of wealth, and excise taxes, which tax fuel, tobacco, and firearms. Sales, city, and property taxes will vary according to your state of residence. It is important to maintain proper records and financial statements, so that you can prove your tax credits, reforms, and/or deductions, and avoid the feared visit by an IRS auditor. The process of filing federal and state taxes can be a daunting process, in which you can easily end up over paying or facing a federal audit, either way you will likely spend hours on end trying to understand tax law. More and more people are resorting to tax help through online companies like TurboTax and Tax Act and local businesses with trained tax professionals like H&R Block. These are popular venues that offer help with tax preparation, filing, tax returns and deductions, investment and accounting advice, saving you precious time and money. Accounting is the language of business, and although it is not as exciting as spending money, keeping proper records and financial statements determines your future financial standing. Whether you are recording financial information for the public as financial accounting, for confidential reasons as management accounting, or for jurisdictional tax regulations as tax accounting, it is important to understand the process. If your books are not kept up-to-date or are inaccurate, it is difficult to be financed or to maintain a budget. It is important to track your cash flow with a balance sheet in order to determine your liquidity and leverage. By tracking your monies, you can prepare a cash budget and a savings plan, as well as monitor your monies to prevent embezzlement or unauthorized spending, whether it is a stolen identity or fraud. Proper accounting maintenance is equally important, in order to pay and record taxes, so as not to risk penalties and fines from the state and federal government. Federal, state, and local taxes are payroll tax obligations that every one faces, whether you are a wealthy businessman or first-time employee. Your federal income taxes, sales taxes on your purchases, and state tax obligations are necessary parts of everyday accounting. In order to steadily build your finances and determine your profitability, be sure to create accurate financial reports and maintain good bookkeeping habits. Audits are performed in order to evaluate whether you have maintained valid and reliable financial records, and proper accounting ensures a safe audit. If need be, contact a certified public accountant or management accountant to help your get your finances in order today. One of the top tourist destinations in the country Phoenix, Arizona is well versed in posh and culture. Phoenix has much more to offer than desert ‘scapes and city life—Phoenix is the destination for lavishness, fine art and a few rounds of the world’s most spectacular golf. Pamper yourself at one of Phoenix’s many resort-spas or stroll through Biltmore Fashion Park, full of luxury shopping and some of the finest restaurants the town has to offer. If the arts are your passion, visit the world famous Heard Museum or catch a Phoenix Symphony performance. Whatever you do, make Phoenix yours—own it, live it and indulge in it. Arizona is home to the Grand Canyon, one of the seven wonders of the world, and is situated in the beautiful Sonoran Desert. Arizona provides a rich history and culture, breath-taking scenery, arts, entertainment, sports, and a climate that is varied enough to accommodate any type of outdoor recreation, no matter what the season. With over 300 days of sunshine a year, it’s no wonder people travel here from all over the world to enjoy the perfect weather. Whether it’s hiking the Grand Canyon, rafting down the Colorado River, skiing the slopes of the White Mountains, or just relaxing by the pool, there is something to do here all year long. And with venues such as Phoenix Sky Harbor International Airport, Tucson International Airport, and Scottsdale Municipal Airport, experiencing all that Arizona has to offer is quick and easy. The rich, Native American culture, and history of famous Arizonans such as renowned architect, Frank Lloyd Wright, makes for an entertaining, yet educational experience. Southern Arizona offers a rich history of the “Old West,” with its western towns, guest ranches, and stunning sights such as Karchner Caverns. Sports fans will delight in watching a live game of the 2001 World Champion Arizona Diamondbacks, or the NBA Phoenix Suns. Central Arizona offers a wide variety of entertainment options such as five-star resorts and spas, casual indoor and outdoor shopping malls, up-scale shops such as the Arizona Biltmore, quaint restaurants, golf courses, art galleries, museums, antique stores and more. So whether you are looking to surround yourself in a little western history, or just want to relax and have some fun, Arizona is the place to go.
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