but one thing they all have in common is they either reduce or entirely eliminate your obligation to pay tax. Most taxpayers are entitled to an exemption on their tax return that reduces your tax bill in the same way a deduction does. Federal and state governments frequently exempt organization...
Learn about the IRS 1099 Form: See what it's for, who gets it, how to fix mistakes, the different kinds, and why e-filing makes it easier.
If an employee meets the Social Security employee tax wage base in the middle of the pay period, only calculate the tax on wages up to the amount. Say an employee receives biweekly paychecks and hits the wage base at the end of the first week of the pay period. The employee’s total...
Not surprisingly, what business interruption insurance does and does not cover came under particular scrutiny during the COVID-19 outbreak and the resulting business shutdowns and curtailments. The answer, unfortunately, is that for the most part policy holders are not covered. In recent years, t...
The tax-equivalent yield is the return a taxable bond needs to equal the yield on a comparable tax-exempt bond, such as a municipal bond. A bond's interest income, called coupon payments, istaxed according to the type of bondand where it's issued. Coupon payments from a U.S. Treasury...
Married persons filing separately can each get a $5,000 deduction, but both must agree to use the same method for deducting sales taxes.Keep in mind that the $10,000 cap on the SALT deduction is set to expire after 2025, and Congress may act to renew, eliminate or increase it at any...
Home sales are subject tofederal and state taxesbut if you are married and filing jointly, you can sell your primary residence the first $500,000 of equity is exempt from the capital gains tax. If you divorce and file as a single, only the first $250,000 of home equity is exempt. Co...
What is time and a half and how does it work? Time and a half pay refers to the overtime pay that non-exempt employees are entitled to when they work for more than 40 hours a week, as mandated by the Fair Labor Standards Act (FLSA). It’s called time and a half pay because it...
proportional tax propose that it gives taxpayers an incentive to earn more because they are not penalized with a highertax bracket. Flat tax systems make filing easier. Critics of flat taxes argue the system places an unfair burden on low-wage earners in exchange for lowering tax rates on the...
If your gross income, including cryptocurrency, for a year was under the minimum filing requirements for your status, you're not required to file or report it. However, you may want to file, as you might be eligible for a refund. If your income exceeds the minimum filing requirements, you...