12-21-09-FINAL - Phase 3: Tax Planning and Ethical Issues....

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Phase 3: Tax Planning and Ethical Issues. Claudia Pelaez Colorado Technical University Online ACC455-0904B-01 : Tax Accounting I Instructor: Debra Latimore December 21, 2009 Income Tax Law. As everybody knows, Income Tax is a division of the fiscal policy of the U.S economy. Taxes have been popular since ancient times. In modern times, Philadelphia was the first State to impose the income tax. Among the diverse purposes of income taxes are: to increase capital for the government, to decrease the disproportion of income in the economy, to encourage some strategic sectors of the economy to its development. This year 2009 we are going to find a lot of new regulations, credits, deductions, exemptions, and liabilities. People should understand the importance of being informed of the new laws and how these tax laws may affect you. Also it is crucial to be
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aware of what credits, deductions, and exemptions you may be entitled to take. Having a good understanding of the tax laws will help people to take advantage of the different deductions,
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This note was uploaded on 10/29/2011 for the course ACCOUNTING ac201 taught by Professor Schmidt during the Spring '11 term at Colorado Technical University.

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12-21-09-FINAL - Phase 3: Tax Planning and Ethical Issues....

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