If and when a policyholder elects to take the cash value of their whole life insurance policy, the amount they are required to pay taxes on is the difference between the cash value they receive and the total they paid in premiums during the time the policy was in force.3If, for example...
The ol’ tax blog will be here throughout 2025, watching that process and keeping tabs on all the New Year’s tax-saving potential. So, let's get to it now, with the January tax moves below. Jan. 1: Once more for the official monthly tax moves — Happy New Year! Some people ...
On the other hand, individual excluded expenses would be things like education and medical bills, clothes, vacation plans, life insurance, and any mode of transportation. Single status– Being unmarried, divorced, or legally separated subjects you to the highest tax rates—the single status is the...
The ol’ tax blog will be here throughout 2025, watching that process and keeping tabs on all the New Year’s tax-saving potential. So, let's get to it now, with the January tax moves below. Jan. 1: Once more for the official monthly tax moves — Happy New Year! Some people ...
However, the supplier cannot recover relevant input tax credits, except that financial suppliers may obtain a reduced input tax credit of 75% of the GST on the acquisition of certain services. Health insurance is GST-free. Life insurance is input-taxed. General insurance is taxed. Reverse ...
If you paid anypointsfor getting a mortgage, they may also be tax deductible, either the year paid or over the life of the loan. This applies to both purchase loans and refinances. (Check your HUD-1 Settlement Statement). The same is true for PMI —mortgage insurance premiums. They rema...
2. Taxes on gambling winnings: You might get a Form W-2G Generally, you'll receive anIRS Form W-2Gif your gambling winnings are at least $600 and the payout is at least 300 times the amount of your wager. For bingo and slot machine winnings, the threshold is $1,200. ...
The taxpayer should contact the state Labor Department to determine if employees have to be covered by workers compensation insurance or if other state employment taxes must be paid.Federal Unemployment Tax (FUTA)The FUTA rate is 6.2% of the 1st $7000 of cash wages paid to each household ...
Learn more about income taxes, how they work, and how to figure out how much of your hard-earned cash is going to the IRS every year.
At a normal full-time job, your Social Security and Medicare taxes are taken out of your paychecks automatically—and your employer covers half of those taxes. But as a freelancer, you’re considered both an employeeandan employer.That’s why the IRS wants you to cover the whole 15.3%. ...