When you inherit property, whether it’s a house, land, or other real estate, you don’t automatically have to pay taxes on it. However, there are certain situations where you may be liable for taxes, such as if you sell the property or make a profit from it. Inherited property is generally not subject to income … Read more
TurboTax Deluxe is a popular tax software that offers a range of features to help you file your taxes. It includes tools to import your W-2 and other tax documents, calculate deductions and credits, and e-file your return. However, it’s important to consider whether the additional features in Deluxe are worth the extra cost compared … Read more
Corporate taxes are levied on the profits of businesses, and when these taxes are increased, companies have less money available to reinvest or distribute to shareholders. In order to maintain their profit margins, businesses may choose to raise prices on their goods or services. This can lead to inflation, as consumers pay more for the … Read more
The incidence of tax refers to the ultimate burden of a tax, which may not be borne by the person or entity legally obligated to pay it. When a tax is imposed on a business, the business may pass on the cost to consumers in the form of higher prices. Alternatively, the business may reduce … Read more
The National Science Foundation Graduate Research Fellowship (NSF GRFP) is a prestigious award given to exceptional graduate students in STEM fields. As a form of financial assistance, the NSF GRFP provides a stipend and tuition support for three years. Since it is considered a fellowship, the NSF GRFP is generally not subject to federal income … Read more
A tax re-levy is a legal process by which a taxing authority, typically a government agency, takes steps to collect unpaid taxes after other collection efforts have failed. This process involves issuing a new notice and demand for payment, known as a tax levy, to the taxpayer, and seizing and selling the taxpayer’s property to … Read more
If you borrow money from a friend, it is generally not considered taxable income. This is because the money is not considered to be a gift, and you are not obligated to repay it. However, if you agree to pay interest on the loan, the interest payments may be taxable. Additionally, if you use the … Read more
Welfare is a government program that provides financial assistance to individuals and families in need. It is typically considered a form of social welfare, as it is intended to help people who are struggling to meet their basic needs. Welfare is not taxable income, which means that it is not subject to income tax. This … Read more
California has its own income tax laws that differ from federal tax laws. One of these differences is how Social Security benefits are taxed. On the federal income tax return, up to 85% of Social Security benefits may be subject to income tax. However, California has a more generous exclusion for Social Security benefits. In … Read more
FICA taxes are a combination of two federal taxes, the Federal Insurance Contributions Act (FICA) tax and the Medicare tax. FICA tax is used to fund Social Security benefits for retired, disabled, and survivor beneficiaries, while Medicare tax is used to fund Medicare benefits for elderly and disabled beneficiaries. Both of these taxes are withheld … Read more