State disability income is generally taxable by the IRS. This means that any money you receive from your state’s disability insurance program will be included in your taxable income. This is regardless of whether you receive benefits from Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). If you receive disability income from both … Read more
When an option is not exercised, it expires worthless. The loss on the option is treated as a capital loss and can be used to offset capital gains. The tax treatment of unexercised options depends on whether they are held as short-term or long-term assets. Short-term options are held for less than a year and … Read more
Métis are entitled to certain rights and exemptions under the Indian Act, including the exemption from paying income tax on income earned from sources on their reserve. This exemption is based on the principle of aboriginal title, which recognizes the Métis’ inherent right to self-government and economic autonomy on their traditional lands. In addition, Métis … Read more
Income tax withheld is the amount of income tax that your employer deducts from your paycheck and sends to the government on your behalf. It is based on your income and withholding allowances. Withholding allowances are a way to let the government know how many dependents you have, which can affect how much income tax … Read more
When it comes to gift tax, it’s important to know who is responsible for paying it. In the United States, the donor is the person who gives the gift and is usually the one who pays the gift tax. However, there are some exceptions to this rule. For example, if the gift is a present … Read more
**Ataxia and Spasticity** **Ataxia** is a neurological disorder characterized by impaired coordination and balance. It arises from damage to the cerebellum, which is responsible for motor coordination and precision. Ataxia can manifest as difficulty with fine motor skills, such as writing or buttoning clothing, as well as impairments in gait, balance, and speech. **Spasticity** is … Read more
Churches in Australia are generally exempt from paying taxes due to their charitable status. The government recognizes the important role religious institutions play in providing spiritual and social services to communities. As a result, they are not required to pay income tax, land tax, or fringe benefits tax. This exemption allows churches to use more … Read more
Renewing road tax after its expiry is generally allowed, but it may vary depending on the location and specific regulations. In many jurisdictions, there is a grace period after the expiration date, during which you can renew without penalty. However, if the renewal is significantly delayed, there may be additional fees or penalties imposed. It’s … Read more
Unearned income, such as interest, dividends, and capital gains, is taxed differently than earned income like wages and salaries. The tax rate for unearned income depends on your filing status, the amount of unearned income you have, and other factors. Generally, the tax rate for unearned income is lower than the tax rate for earned … Read more
Tax-free bonds, also known as municipal bonds, offer investors the opportunity to earn interest that is exempt from federal income tax. This can make them an attractive option for investors in high tax brackets. However, it is important to remember that tax-free bonds are not without risks. Like any investment, they can lose value. Additionally, … Read more