Land tax, an annual charge levied on landowners, is generally not deductible for income tax purposes. This means that individuals and businesses cannot reduce their taxable income by the amount of land tax they pay. However, there are a few exceptions to this rule, such as when the land is used for business or investment … Read more
An honorarium is a payment given for services rendered, but it is not considered wages or salary. In Canada, honorariums are generally taxable as income. This means that the recipient of an honorarium must report it on their tax return and pay taxes on it. However, there are some exceptions to this rule. For example, … Read more
Mileage allowance is a tax-free reimbursement employers give to employees who use their personal vehicles for business purposes. This reimbursement covers the costs of fuel, maintenance, and depreciation. Employees who receive a mileage allowance do not have to pay taxes on it, as long as the allowance is reasonable and does not exceed the actual … Read more
Sponsorships can qualify as tax-deductible expenses under certain conditions. If the sponsorship primarily benefits a qualified charitable organization and is not considered advertising or promotion, it may be eligible for a tax deduction. To be considered charitable, the sponsorship must be made to an organization recognized as a 501(c)(3) non-profit and must be used for … Read more
Retrenchment benefit is a lump sum payment provided to an employee who is terminated due to redundancy. It is intended to compensate the employee for the loss of income and the expenses incurred as a result of job loss. In some jurisdictions, retrenchment benefits are subject to income tax, while in others they are exempt. … Read more
If you need your tax transcripts quickly, there are a few options available. You can request a transcript online through the IRS website, by mail, or by fax. If you request your transcript online, you can usually receive it within 24 hours. If you request your transcript by mail, it will typically take 10-15 days … Read more
Whether churches are exempt from taxes in other countries varies widely. In many European countries, such as Germany and the United Kingdom, churches are generally exempt from property taxes and other local taxes. In some countries, such as France and Spain, churches are exempt from income taxes as well. In the United States, churches are … Read more
A per diem is a set amount of money employers provide employees for travel-related expenses. It’s often given to cover daily costs like meals, lodging, and transportation. Per diems are typically tax-free, meaning you don’t have to pay taxes on the money. However, if you spend less than the per diem amount, the unused portion … Read more
Patronage dividends are refunds that a cooperative may distribute to its members. These dividends are not considered taxable income and are not included in your gross income. Therefore, you do not need to report them on your tax return. Patronage dividends are typically distributed in the form of cash, stock, or other property. They are … Read more
Tax relief on an individual savings account (ISA) means you can save money without paying tax on any interest or dividends you make. You can put up to £20,000 into a cash ISA each tax year, or £40,000 into a stocks and shares ISA. If you withdraw any money from your ISA before the end … Read more