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Can I Claim Relief on Bill for Petrol for Work? FINANCE
Do you have an outstanding debt that's past due and you're concerned that a collection agency will take your federal tax refund because of it? Well, you’ll be happy to know that most collection agencies aren’t able to claim your tax refund directly from the IRS. ...
Fortunately, for tax purposes, you can claim many such costs as allowable expenses, which you can deduct from your rental income as a landlord to help reduce your tax bill. What this articles covers: What is a legitimate landlord expense? What allowable expenses can landlords claim? What expen...
But you can lower your tax bill considerably by taking full advantage of the self-assessment expenses that you can claim. Hopefully, you’ve been keeping careful records of all of your income and outgoings over the year. Fortunately, there are lots of apps and cloud accounting software...
Although travelling for business can take a lot of your time and energy, when using your own vehicle for business, at least you can claim legitimate travel costs as an allowable expense, which you deduct from your profits to lower your Income Tax bill. What is articles covers: What travel ...
When a policyholder feels their insurance claim has been mishandled or denied unfairly, pursuing recovery for the insurer’s bad faith is often front of mind. While many states recognize a common law and/or statutory cause of action for bad faith, the circumstances that constitute bad faith var...
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. ...
Claim Capital Losses If you havecapital lossesthat exceedcapital gains, you can apply up to $3,000 against ordinary income. This strategy is often overlooked as a way to reduce MAGI. Claiming capital losses is complex, and the IRS has rules that you must follow. Consult your tax advisor to...
Progressive means that as you make more, you pay a higher tax rate on some income. The idea is that those who can afford it should pay more in taxes. There are a lot of flaws and loopholes in this premise, as well as broader problems with the American tax system, but...