Forum Post: I have an idea!!
Posted 13 years ago on Nov. 2, 2011, 8:32 p.m. EST by Gooba
(4)
This content is user submitted and not an official statement
I am studying for the Regulation section of the CPA exam, which includes tax regulation, and it just occurred to me that most people don't understand tax, especially corporate tax, and how many have told me taxes are "too complex" to know anything about them (this usually comes up after they've said something about taxes that I know not to be true and I've challenged them). But it's true, the tax code can be overwhelming if you are trying to look in the IRS site or book. But a textbook explains taxes in a way that anyone with a basic education can understand. So I thought about buying as many tax textbook I can (from last year are cheap and still give you a basic understanding) and give them away to protesters and anyone else who would be interested. What do you think? Will anyone be interested in some books?
Also lisa, if I understand what you're referring to, I think you are talking about depreciation. That is deducting the expense of a business asset over a period of time. That concept says that since a business receives the benefit of an asset over time they should match the expense with the income. This is actually not what businesses would prefer. They would rather have the deduction now (and thus the cash now, not later). But the code matches General Accepted Accounting Principles concept of matching. I think it actually makes sense.
I agree, but since it is what it is at the moment, it would be easier to debate it if you know what it says.
Why does it have to be complicated? People have income and they have deductions, all the rest of it is just fancy footwork, tax part of this and this rate, get this percentage of a write off under certain conditions. The biggest fallacy is that people even have to pay taxes at all. The govt. does not have the legal right to make you pay taxes.
Or you could post relevant passages as long as you cite the author.