As always, itemizing your expenses is a lot more work than taking the standard deduction. In the case of the standard mileage rate for business use of a vehicle, it may save you money depending on how much you use your car for work, and how important that vehicle is to your income. I...
When you're a driver for a ridesharing company such as Uber, Lyft, or other car sharing service, the most important thing to understand about your taxes is that you are probably not an employee of a ridesharing company. Drivers for these companies are ...
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To calculate your effective tax rate you need two numbers: your taxable income and the total amount you paid in taxes. Key Takeaways Knowing your effective tax rate can help you understand how well you’ve been managing your tax situation throughout the year. Your effective tax rate is diff...
Did you profit from selling a house, some investments, or even a car this year? If so, you’ll likely need to report the sale on your income tax return due to the long-term capital gains tax. Fortunately, if your sale qualifies as a long-term capital gain, the taxes are less than...
which can be as high as 37% depending on your federal tax bracket. Note that individual filers don't have to pay any federal capital gains tax if their total taxable income is $47,025 or less in 2024. The federal rate is 15% if your income lies between that and $518,900. Make mor...
A tax on the assets of financial institutions –“The Greed Tax” – the rate is progressive, and is determined according to ROBOR; Set-up of a minimum contribution for granting and extending the licenses for telecommunications providers; A new annual tax for gambling organizers; Freezing of th...
Besides, you can check when the different states introduced the sales tax and if there is an exemption or reduced rate on sales of food. State State Tax Rate Avg. Local Tax Rate Combined Rate Max Local Tax Rate Alabama 4% 5% 9% 8% Alaska 0% 2% 2% 8% Arizona 6% 3% 8% 5% ...
Note that you might normally be a basic-rate taxpayer, but pay a higher rate on your capital gains. This could happen if the money made via your gains moves you into the higher-rate tax bracket. To work out what rate you’ll pay, your capital gain is added to your taxable income fro...
For example, your deduction would be $300 if you spent $3,000 on car operating expenses and used your car for business purposes 10% of the time.32 You must use the standard mileage rate method on a car you own in the first year when the vehicle is available for use in your ...