Maintenance costs related to rental properties can be deducted from your taxes, reducing your taxable income. These include expenses such as repairs, cleaning, and upkeep necessary to keep the property in good condition. However, it’s important to note that only expenses directly related to maintaining the property are deductible. For instance, landscaping expenses are not … Read more
If you receive disability benefits, you may be eligible for a tax refund. The amount of the refund will depend on your income and filing status. If you are single and your income is below a certain level, you may qualify for the Earned Income Tax Credit (EITC). This credit can reduce your tax bill … Read more
Withholding tax is a levy imposed by the government on certain types of income before it reaches the recipient. This tax is intended to ensure that individuals and businesses pay their fair share of taxes. Withholding tax can have both positive and negative effects on the economy. On the one hand, it can help to … Read more
If you’re a parent, you can deduct the cost of child care from your taxes, which can save you a significant amount of money. To claim this deduction, you’ll need to have paid for the care of your child under the age of 13 so you can work or look for work. The amount you … Read more
If your taxable income is negative, it means you have more deductions and credits than income. This can happen for various reasons, like having high business expenses, claiming large itemized deductions, or having a lot of tax credits. When your taxable income is negative, you have no tax liability. However, the excess negative amount, known … Read more
When a government decides to impose a tax, it is said to have levied a tax. This means that the government has created a new obligation for its citizens or residents to pay a certain amount of money. The tax can be levied on various activities, such as earning income, owning property, or purchasing goods … Read more
Deductions play a crucial role in reducing the taxable income, which in turn, lowers the amount of taxes owed to the government. When you have eligible deductions, such as mortgage interest, charitable contributions, or medical expenses, you can subtract them from your gross income before calculating taxes. This reduces your taxable income, bringing it down … Read more
Contributions to qualified retirement plans, such as 401(k)s and IRAs, can help reduce your current taxable income and increase your potential for future financial security. 401(k) contributions are automatically deducted from your paycheck before taxes are calculated, lowering your taxable income. While IRA contributions are made after taxes, they can be deducted from your taxable … Read more
Cerebellar ataxia, a condition that affects balance and coordination, can be challenging to manage. However, with the right approach, it’s possible to improve symptoms and enhance daily functioning. Physical therapy plays a crucial role in strengthening muscles, improving gait, and enhancing overall movement control. Speech therapy can address difficulties with speaking and swallowing, while occupational … Read more
If you received unemployment benefits in New York, your tax refund may be affected. Unemployment benefits are generally taxable as income, both on the federal and state level. This means that you may owe taxes on the unemployment benefits you received, and your refund may be reduced as a result. However, there are some circumstances … Read more