Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return.
You can claim a boyfriend or girlfriend as a dependent on your federal income taxes if that person meets the IRS definition of a "qualifying relative."
The article reports on the ways on how an employer can claim a special tax credit or the Work Opportunity Tax Credit (WOTC) from hiring workers from certain targeted disadvantaged groups like young people in the U.S. Employing qualified summer youth employee and a "high-risk youth" will ...
You can also claim the credit on foreign taxes that aren't imposed under a foreign income tax law if the tax is "in lieu" of income, war profits, or excess profits tax. In this situation, the tax must be imposed in place of an income tax the country otherwise imposes.2 Foreign tax ...
Businesses Can Still Claim Worker Tax Credit From the Pandemic If your business operations were impacted by the COVID-19 pandemic, there’s still time to file claims for the Employee Retention Credit. By Olivia Chen Published Jan 26, 2024 6:21 a.m. PST Edited by Christine Aebischer ...
to deduct a portion of these fees from your taxable income, but some states, including California, don't recognize this deduction. The IRS also allows qualifying individuals to claim tax credits for educational expenses, but, at the time of publication, no such credit is available in California...
You could not claim the ERC for:7 Wages for which you received a tax credit for paid sick and family leave under theFamilies First Coronavirus Response Act(Phase II) Any wages you counted as part of the credit for paid family and medical leave under section 45S of the Internal Revenue Co...
In tax terms, you’re making a “capital improvement”, because upgrading, adapting or enhancing a property increases its value. However, you may be able to claim capital expenses against Capital Gains Tax if you later sell the property, so keep records of all such capital expenses. Can ...
In the lead-up to Christmas, a commonly-asked question is ‘Can I be forced to take annual leave?’ This video from Fair work provides useful information: Can an employer force employees to take annual leave? As an employer, there are onlycertain circumstanceswhere you have the authority to...
However, there is no one-size-fits-all time to claim Social Security benefits, and retirement planners have different opinions about how to treat this stream of retirement income. “I’m of the thought that Social Security should be considered a bonus,” Zigmont says. Regardless of...