Trading in a car can have a significant impact on your tax liability when purchasing a new vehicle. As mentioned earlier, many jurisdictions allow you to deduct the trade-in value of your old car from the purchase price of the new car. This deduction effectively reduces the taxable amount an...
If you have large expenses like mortgage interest and medical costs or made charitable deductions this year, you may be able to itemize instead of claiming the standard deduction. Itemized deductions allow you to account for each expense, potentially res
It’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The tax ramifications of finding a $20 bill
What to Do if You Fall Behind on Bills The most important thing you should do is stay in touch with your creditors and prioritize your payments. Geoff WilliamsJan. 22, 2025 7 Signs You're Making a Bad Money Move Don't ignore these warning signs of money mismanagement or financial risk....
Taxable benefits can be goods or services an employer pays for on the employee's behalf. An employer can give the benefit in the form of cash, near-cash, or in the form of non-cash.
Purchasing and using accounting software for your business is another tax deductible expense! Self-employed individuals and business owners that use QuickBooks to manage their bookkeeping and other business responsibilities can deduct the software cost on their taxes as it directly helps them run their...
Not have repaid a TSP loan of any type in the past 30 business days Be in “active pay” status because TSP loan repayments will be deducted from your paycheck Not have had a taxable distribution on a loan within the past 12 months unless it is related to your separation from federal ...
A specific tax is a fixed dollar amount. It’s the same for every purchase of a particular taxable item. Think of fixed fees added to a gallon of car gas, an airline ticket, or a month of mobile network service. Ad valorem taxes. Ad valorem taxes are assessed as a purchase price per...
If the sale of a house between father and son is taxable, tax authorities may require the seller to pay taxes on the gain he would have realized had he been selling to a neutralthird party. They would disregard the actual price paid by the son. ...
What Is Intellectual Property? Intellectual property is a broad categorical description of a set ofintangible assetsthat are owned by a company or individual. It's legally protected from outside use or implementation without consent. An intangible asset is a non-physical asset. ...