Nonrecourse debt, such as a mortgage that’s secured by the property, doesn’t usually increase the tax basis of the property. This is in contrast to recourse debt, where the lender can seek repayment from the borrower’s other assets if they default on the loan. However, there are exceptions to this rule. For example, if the … Read more
If you received your stimulus payments through TurboTax, you may be wondering if your upcoming stimulus money will also be sent to your TurboTax card. The answer is yes. The IRS will send your stimulus payment to the same bank account or prepaid debit card that was used to receive your previous stimulus payments. This … Read more
Recurring deposits in India offer tax benefits under Section 80C of the Income Tax Act. The principal amount deposited in a recurring deposit account, up to a maximum of Rs. 1.5 lakhs, is eligible for tax deduction. The interest earned on the recurring deposit is also tax-free, provided the account is held for at least … Read more
When you submit an amended tax return to make changes to your original tax filing, you generally won’t face a penalty. However, this is only applicable if you file your amended return by the deadline for filing the original return, which is usually April 15th for individual tax returns. If you file after the deadline, … Read more
Pastors, as religious leaders, are generally not exempt from paying federal income taxes. The Internal Revenue Service (IRS) considers their compensation as taxable income, regardless of whether it is paid in cash, benefits, or other forms. However, specific rules apply to housing allowances for clergy members, allowing them to exclude a portion of their housing … Read more
Deferring payroll taxes means postponing the payment of taxes withheld from employees’ paychecks. This can provide businesses with temporary cash flow relief, but it comes with potential consequences. The deferred taxes still need to be paid, and they may incur interest and penalties if not paid by the due date. Additionally, employees may experience a … Read more
Motility is the ability of a cell or organism to move. Chemotaxis is a specific type of motility in which cells move towards or away from a chemical attractant or repellent. This movement can be guided by a variety of chemical cues, including nutrients, waste products, hormones, and toxins. Chemotaxis is an important mechanism for … Read more
If you’re enrolled in full-time postgraduate courses, you usually won’t have to pay council tax. This is because you’re considered a student, not a resident. To qualify, you must be enrolled in a degree program that lasts for at least one academic year and requires you to study for at least 21 hours per week. … Read more
When you sell an asset, such as a stock or property, for more than you originally paid for it, you have a capital gain. This gain is typically taxed at a lower rate than ordinary income, but it can still affect your overall tax liability. If the capital gains are substantial, it may push you … Read more
Tax-exempt status is a classification granted by the government to certain organizations that are deemed to be operating for charitable, religious, educational, or other public-benefit purposes. These organizations are exempt from paying taxes on their income, and in some cases, property taxes as well. The purpose of tax exemption is to encourage charitable giving and … Read more