Taxes are a concurrent power, meaning both the federal government and state governments have the authority to impose and collect taxes. This power is established by the Constitution, which gives Congress the power to “lay and collect taxes, duties, imposts, and excises” and also allows states to “levy taxes” within their own borders. As a … Read more
Both traditional and Roth IRA distributions are normally taxed differently. Traditional IRA distributions are taxed as ordinary income in the year they are taken. This means that they are taxed at the same rate as your other income, such as wages or salaries. Roth IRA distributions, on the other hand, are tax-free if certain requirements … Read more
If you earn money babysitting, you need to report it on your tax return. The Internal Revenue Service (IRS) considers babysitting income to be self-employment income. This means you’ll need to file Schedule C, Profit or Loss from Business, with your tax return. On Schedule C, you’ll report your babysitting income and expenses. Your babysitting … Read more
Universal Basic Income (UBI) is a government program that provides regular cash payments to all citizens, regardless of their employment status. One of the main concerns about UBI is how it might affect taxes. Some people argue that UBI would lead to higher taxes, while others argue that it would actually lead to lower taxes. … Read more
The Speculation and Vacancy Tax (SVT) applies to residential properties in certain areas of British Columbia, Canada. If you own a property in one of these areas, you may be required to pay the SVT. You will receive a letter from the BC Assessment Authority (BCA) if you are required to pay the SVT. The … Read more
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Gratuities, also known as tips, are generally taxable and should be reported as income. In most cases, employers are required to withhold taxes from gratuities that are reported to them. However, there are some exceptions to this rule. For example, employers are not required to withhold taxes from gratuities that are received directly by the … Read more
When it comes to taxing your car in the UK, you’ll need a valid MOT certificate. An MOT (Ministry of Transport) test checks that your vehicle meets certain safety and environmental standards. It’s a legal requirement to have an MOT if your car is over three years old, and you can’t tax it without one. … Read more
Over-the-counter medications, like aspirin or ibuprofen, are generally not deductible medical expenses on your taxes. These expenses are considered personal expenses. However, there are some exceptions. If you have a prescription for an over-the-counter medication from your doctor, you may be able to deduct it. Additionally, if the over-the-counter medication is for a chronic condition, … Read more
If you receive combat pay, you may wonder if you need to pay taxes on it. The answer is no, combat pay is not taxable. This is because combat pay is considered a form of military pay, and military pay is not subject to federal income tax. However, you may need to pay state income … Read more