What's in a tax? Divested of all misleading associations and stripped of any false labels, what does a tax truly represent? In these last several months, Huddleston Tax Weekly has covered a wide range of topics. We've looked at tax measures from eras far removed from our own: we've examined the
A Note on the Capital Gains Tax
As the previous installment of Huddleston Tax Weekly made clear, our tax code draws a distinction between ordinary income and capital gains. In general, ordinary income is income derived throughout the course of running a business or trade; capital gains result from the sale of a “capital asset”
What is Commercial Paper?
There is a variety of means companies can utilize in order to generate capital. Companies employ certain means rather than others depending on what specific needs they have to fulfill. Commercial paper is an unsecured promissory note which is typically used to fund short-term company projects. Since
A Primer on New York’s Mobility Tax
In May of 2009, the governor of New York signed into effect the Metropolitan Commuter Transportation Mobility Tax (also referred to as simply the “mobility tax”). The MCTMT imposes a tax on both businesses and self-employed individuals provided they meet certain income thresholds. The MCTMT was
The Basics of Balance Sheets
The world of finance can be a bit complicated at times, in part because financial professionals often have an interest in portraying matters to be more complex than they actually are. However, one of the more straightforward items in finance is the balance sheet. Put simply, a balance sheet is a
The 3 Most Common Scams Aimed at Tax Professionals
Taxpayers are not the only ones who fall victim to scams by criminals during tax season. Professionals who prepare taxes can also be made victims of scams which target them for money. For this reason tax professionals need to be educated about the most common scams aimed toward them. Below is a list
What are the Penalties for Filing a Late Tax Return?
Having to file a tax return late is always a tough situation. The extra fees can be steep and the longer you wait the more in danger you are of being subject to the failure-to-pay penalty. However, if you find yourself in this position it’s important to know what the penalties are so you plan for
How to Grow Your Retirement Fund without Growing Your Taxes
Preparing for your retirement is the responsible thing to do. You will need to make sure that you have plenty of income available when you are done working. Retirees will also need to make sure that their retirement is not taxed too heavily once it comes time to withdraw the money. Here are some