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
In Georgia, property taxes are due twice a year, on February 1st and August 1st. If you fail to pay your property taxes by the due date, you will incur a penalty of 1.5% per month, or 18% per year. You will also be subject to a late payment fee of $25. If you have … Read more
Disgorgement payments, court-ordered remedies that require wrongdoers to give up ill-gotten gains, raise a tax question: are they deductible? Generally, legal fees and fines are not deductible. However, the IRS has ruled that disgorgement payments can be deductible if they are not considered a penalty. To qualify as a deduction, disgorgements must be related to … Read more
Filing a tax return involves gathering your income and expense information, such as wages, investments, and deductions. You can gather this information from pay stubs, bank statements, and other financial documents. Once you have gathered your information, you need to choose a method for filing your return. You can file online, by mail, or with … Read more