Before the Tax Cuts and Jobs Act was signed into law in late 2017, there was no cap on how much you could claim as a state and local tax (SALT) deduction. Now the deduction is limited to $10,000, regardless of whether the taxpayer claims state income or state sales tax. Say, for...
There are two main types of sales tax calculation methods – inclusive and exclusive. Inclusive sales tax is already included in the marked price, while exclusive sales tax is added on top of the marked price. Let’s take a look at an example to illustrate this: Marked price of an item:...
The IRS allows you to deduct certain expenses from your total income to arrive at taxable income, which is the portion of your earnings that is subject to tax. Some of these expenses include your payments of interest on a mortgage and for business loans.
Federal income tax returns are due on April 15, but there are several other important dates to remember throughout the year. Kimberly LankfordJan. 27, 2025 Ways to Save Money on a Tight Budget If you’re living paycheck to paycheck, consider these strategies to save money. ...
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There was a bit of me that didn’t want to love this when everyone else on the planet did, but the horror story is brilliant. There’s tension and anxiety from the beginning as Nick and Amy battle for your trust. It’s a real whodunit and the frustration when you realise what’s go...
And it was in Chile she discovered she could get last-minute cheap deals on ships going to Antarctica from the islands off Tierra del Fuego, the southernmost tip of the South American mainland. “I just decided I wanted to go,” she says. “I had no idea about what I’d find there ...
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There are a number of specific reasons why an excise tax is used on certain items and not others. To start, the mass consumption of a particular product can make an excise tax on it a good way to generate revenue without the politically charged risk of increasing income or sales tax. Sec...
Sales tax is a broad-based tax imposed on most goods and services sold to consumers. It is typically a percentage of the sale price and applies universally, regardless of the item's value or necessity. For example, when purchasing everyday items like groceries, clothing, or electronics, consu...