Progressive taxation is a system in which higher earners pay a greater percentage of their income in taxes compared to lower earners. This type of tax structure is often advocated for because it is considered to be fairer than a proportional tax system, in which everyone pays the same percentage of their income in taxes. … Read more
Luxury car tax is a type of tax imposed on the purchase of high-end vehicles with a value exceeding a certain threshold. The purpose of this tax is to reduce the affordability of luxury items and generate revenue for the government. However, there are several methods to potentially avoid paying luxury car tax. One approach … Read more
To check your rectification status, first, visit the New Tax Portal. Once there, log in to your account and click on the ‘Rectification’ tab in the top menu. Here, you’ll find a list of your rectification requests, including the current status of each one. You can also track the progress of your requests and ask … Read more
The timing of when you can receive a tax refund advance depends on several factors. Typically, you must file your tax return and have it accepted by the IRS before you can get an advance. The IRS usually starts accepting tax returns in late January or early February, but you can file yours earlier if … Read more
In Australia, pensioners can earn a certain amount of income each year before they have to start paying income tax. This is known as the ‘tax-free threshold’. For the 2023-24 financial year, the tax-free threshold for pensioners is $19,445. This means that pensioners can earn up to $19,445 in income before they have to pay … Read more
Payroll tax deferral allows employees to temporarily postpone paying a portion of their Social Security taxes. This can increase take-home pay in the short term. However, this deferral may have future consequences. The taxes will need to be repaid at a later date, which may result in smaller paychecks or a tax liability when filing … Read more
The Child Tax Credit (CTC) is a tax credit that helps families with the cost of raising children. The CTC is available to families with eligible children under the age of 17. The amount of the credit depends on the child’s age and the family’s income. The CTC can be claimed on tax returns or … Read more
You might have two supplemental tax bills because you didn’t pay enough taxes initially, which could be due to several reasons. Perhaps your income was higher than expected, or you claimed too many deductions. Alternatively, it’s possible that you didn’t withhold enough taxes from your paychecks throughout the year. Additionally, if you received a tax … Read more
The amount of money you can win gambling without paying taxes varies depending on the type of gambling, the jurisdiction, and the rules of the casino or gambling establishment. In some cases, you may be required to pay taxes on any winnings over a certain threshold, while in other cases, you may not have to … Read more
As a subcontractor, you’re responsible for paying self-employment taxes, which include Social Security and Medicare. You can do this by making estimated tax payments throughout the year or using the services of a tax professional. Estimated tax payments can be made online or by mail, and you’ll need to use Form 1040-ES to calculate and … Read more