The concept of income tax originated in ancient times, with various forms of taxation based on income being implemented throughout history. In the modern era, the first comprehensive income tax system was introduced by the British Empire in 1799, primarily to fund the war effort against France. The tax, known as the Income Tax Act, … Read more
When you sell items on eBay and receive payments through PayPal, eBay collects and remits sales tax on behalf of the seller in certain states. This is to help ensure that sellers comply with their tax obligations and that buyers pay the correct amount of sales tax. The amount of tax collected varies depending on … Read more
Gwinnett County Tax Rate refers to the percentage of the assessed value of a property that is collected by the county to fund its operations. The tax rate is set by the Gwinnett County Board of Commissioners and is used to generate revenue for essential services such as schools, libraries, parks, roads, and public safety. … Read more
Student loan payments are typically made with post-tax dollars, meaning the money has already been taxed before it is used to repay the loan. However, there are certain circumstances in which student loan payments may be made with pre-tax dollars, which can result in significant tax savings. One such circumstance is when the student loan … Read more
When you retire from CalPERS, your pension payments are generally taxable as ordinary income. This means you’ll need to pay taxes on the amount of your pension that exceeds the tax-free portion, which is based on your years of service and your age at retirement. If you receive a lump sum payment from CalPERS, it … Read more
Reducing your tax bracket is possible by utilizing specific strategies. One way is to increase your itemized deductions. These include expenses such as mortgage interest, charitable contributions, and state income taxes. By claiming these deductions, your taxable income is lowered, potentially moving you into a lower tax bracket. Another option is to contribute to tax-advantaged … Read more
Typically, photography services are subject to sales tax. The rate varies depending on the location where the service is provided. In some areas, photography services are considered a luxury item and may be taxed at a higher rate. When determining if sales tax is applicable, it’s important to consider the specific services being provided. For … Read more
The amount of a tax refund is determined by a combination of factors, including how much tax you owe, how much tax you have already paid, and any tax credits or deductions you are eligible for. The amount you owe depends on your income and how much you have paid in taxes throughout the year. … Read more
In Iowa, property tax payment deadlines have been extended to accommodate challenges faced due to the COVID-19 pandemic. The new deadlines for both the first and second half payments are September 30th and April 30th, respectively. This extension provides property owners with additional time to make payments and avoid penalties associated with late payments. The … Read more
Tax Deducted at Source (TDS) is a system where a certain percentage of tax is deducted from payments made to certain entities before the payment is made to them. TDS is applicable on various types of payments such as salary, rent, professional fees, etc. The payer of the income, who is liable to deduct TDS, … Read more