by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Declining Balance Depreciation?Declining balance is a method of computing depreciation rate for the value of an asset. The declining balance method is also known as reducing balance method or diminishing balance method. It is an accelerated depreciation method...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the Economic Growth Tax Relief Reconciliation Act?The Economic Growth Tax Relief Reconciliation Act of 2001 (EGTRRA) was signed into law by President George W. Bush to reform tax rates. EGTRRA is a US tax law that significantly altered retirement plan rules...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Earned Income?The term earned income is relevant for taxation purposes. It includes means any income derived from working for an organization or for someone or participating in any trade or business activity. The income can be either derived from rendering...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is an Excise Tax?There are many types of taxes. Some taxes are paid by consumers directly, and some are paid indirectly. Indirect taxes are not paid by consumers directly but instead it is levied by taxing authorities on businesses, merchants, and producers who...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is an Earned Income Tax Credit?There earned income tax credit is a tax credit for low-income individuals. The EITC is a refundable credit, meaning that the individual can actually receive back from the federal government more money than they paid into taxes. 2021...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is an Expatriation Tax?An expatriation tax is a rate of tax or fee that is charged on the property or estate of citizens who has renounced citizenship. This tax is enacted and charged on property located in the United States. The expatriation tax is laid down...
