Westchester County, a suburban area just north of New York City, has its own local tax system. This means that residents of Westchester County do not pay New York City taxes. However, there are some exceptions to this rule. For example, if you work in New York City and live in Westchester County, you may … Read more
Taxis often charge based on the time spent in the vehicle. This is because the amount of time spent in the taxi is a good indicator of the distance traveled. The longer the trip, the more time the taxi is in use, and the more the driver is entitled to charge. The time-based fare structure … Read more
Whether you need to report settlement money on your taxes depends on the type of settlement and how you received the funds. Generally, settlements for personal injuries or physical sickness aren’t taxable. If you receive a settlement for lost wages, back pay, or emotional distress, the money may be taxed as income. If you received … Read more
Unvested stock options are not immediately taxable because they do not represent a realized gain. Instead, they are taxed as ordinary income when they become vested, which is typically when certain performance targets are met or a specified period of time has passed. The value of the stock options at the time of vesting is … Read more
Tax amnesty on delinquencies is a limited-time opportunity offered by tax authorities for taxpayers to pay their overdue taxes without facing penalties or interest. It allows taxpayers to come into compliance with their tax obligations and avoid the consequences of tax evasion, such as legal action or property seizure. Tax amnesty programs typically have a … Read more
Due to the Stamp Act, various items required a special tax stamp before they could be legally used or traded. This affected an array of materials, including newspapers, playing cards, and documents like wills, contracts, and mortgages. Even official seals on legal papers carried a cost. Ships’ clearances and commercial goods were not exempt either, … Read more
In the United States, you can inherit money tax-free up to the federal estate tax exclusion amount. This exclusion amount varies from year to year and is adjusted for inflation. For 2023, the exclusion amount is $12.92 million per person. This means that if you inherit less than this amount, you will not have to … Read more
**Types of Tax Evasion** **1. Concealment of Income:** * Hiding income from tax authorities by not declaring it on tax returns * Using offshore accounts or shell companies to conceal assets and income * Fabricating expenses or deductions to reduce taxable income **2. Underreporting of Income:** * Failing to report all sources of income, such … Read more
Politicians are subject to the same income tax laws as all other citizens. They must file annual tax returns and pay taxes on their income. The amount of tax they owe is based on their taxable income, which is their total income minus certain deductions and exemptions. Politicians’ income can come from a variety of … Read more
In Tennessee, there are various types of taxes individuals may encounter. State income tax is imposed on earned income, with different brackets determining the tax rate. Sales tax is applied to most purchases of goods and certain services, varying by county. Property tax is levied on real estate and personal property, with assessments and rates … Read more