Taxi medallions in New York City are a limited-entry system operated under the Taxi and Limousine Commission. This means that a fixed number of medallions are issued by the city and they are required for any vehicle to operate as a taxi in the city. Due to the limited supply and high demand for medallions, … Read more
In New York, several strategies can be employed to minimize or even eliminate estate tax liability. One effective approach is making lifetime gifts, which can reduce the value of your taxable estate. Establishing a revocable living trust can also be beneficial as it allows you to transfer assets into the trust while maintaining control over … Read more
If you’re earning money on OnlyFans, it’s crucial to be aware of your tax obligations. In most countries, you’re required to pay taxes on any income you earn, including earnings from OnlyFans. The specific amount you need to make before you owe taxes varies depending on your location and income level. In general, however, you’ll … Read more
The Child Tax Credit is a tax credit that helps families with the cost of raising children. It is available to most families with children under the age of 17. The amount of the credit depends on the age of the child and the family’s income. Families can receive the credit even if they do … Read more
Nonprofits can also generate revenue from selling investments. This is known as capital gains. When a nonprofit sells an investment, such as a stock or bond, that generates income. Nonprofits are not exempt from paying capital gains taxes. However, they are taxed at a much lower rate than for-profit companies. For most nonprofits, the capital … Read more
HSA contributions are generally made on a pre-tax basis, meaning the amount contributed is deducted from your paycheck before taxes are calculated. This reduces your taxable income, potentially resulting in lower tax liability. However, some HSAs allow for post-tax contributions, where you contribute after-tax dollars. While these contributions do not reduce your current taxable income, … Read more
The first recorded instance of ataxia was described by the ancient Greek physician Hippocrates in the 4th century BCE. He observed a patient with “a staggering gait, difficulty with speech, and tremors of the hands.” The term “ataxia” was coined in the 19th century by the French neurologist Jean-Martin Charcot, who used it to describe … Read more
Gardening expenses may be tax deductible under certain circumstances. If you use a portion of your garden to grow produce for sale, or for use in a business, you may be able to deduct expenses related to the gardening activity. These expenses can include the cost of seeds, plants, soil, fertilizer, and other supplies. You … Read more
Tips are considered taxable income subject to taxation, regardless of the account type they are deposited into. They should be recorded as earnings and reported as income on an individual’s tax return. Taxable accounts, such as brokerage accounts or traditional IRAs, do not provide tax advantages for tips received. Any tips deposited into these accounts … Read more
Self-occupied property (SOP) refers to a residential unit owned and occupied by the taxpayer, either as a primary residence or for personal use. In the context of income tax, SOP is treated differently from rented properties. The rental income generated from rented properties is taxable, while the rental value of an SOP is not included … Read more