Self-employment profits refer to the net income earned by an individual who operates their own business. Determining whether these profits are calculated before or after tax depends on the context and purpose of the calculation. For tax purposes, self-employment profits are typically reported before taxes. This means that the calculation includes all income from the … Read more
The minimum income threshold for filing taxes varies depending on your filing status and age. For single filers under age 65, the minimum income to file in 2019 is $12,200. For married couples filing jointly, the minimum is $24,400. For heads of household, the minimum is $18,350. Individuals who are 65 or older have higher … Read more
When receiving long-term disability benefits, whether you have to pay Federal Insurance Contributions Act (FICA) taxes depends on the source of the benefits. If the benefits come from a private disability insurance policy you purchased, they’re generally not subject to FICA taxes. This is because private insurance policies are considered taxable income and have already … Read more
When gifting money, individuals generally don’t have to pay taxes on the amount received, thanks to the annual gift tax exclusion. This exclusion allows you to give a certain amount of money each year to as many people as you like without triggering any tax consequences. The exclusion amount varies from year to year and … Read more
Interest paid on certain types of financing can be deducted from your taxable income, reducing your tax liability. This includes interest on home mortgages and home equity loans, as well as interest on student loans and business loans. However, it’s important to note that not all interest payments are tax deductible. For example, interest paid … Read more
Kolkata Property Tax can be conveniently paid online through the Kolkata Municipal Corporation (KMC) website. To make the payment, taxpayers need to visit the KMC website, select the ‘Property Tax’ tab, and enter their assessment number or Holding Number. The website will display the property tax due amount, which can be paid using various online … Read more
Entities responsible for collecting toll tax in India vary depending on the specific toll plaza or road section. These entities can include: – National Highways Authority of India (NHAI): A government agency responsible for developing, maintaining, and managing national highways. – State Public Works Departments (PWDs): State government agencies responsible for constructing and maintaining roads … Read more
Paclitaxel, also known by the brand name Taxol, is a chemotherapy drug used to treat various types of cancer, including ovarian, breast, lung, and Kaposi’s sarcoma. It was originally derived from the bark of the Pacific yew tree and has been shown to be effective in shrinking tumors and improving survival rates. Paclitaxel received approval … Read more
Fees paid for tax preparation, legal advice, or other professional services related to the production of income can generally be Itemized deductions on an individual’s tax return. This means these fees can reduce the amount of taxable income, potentially leading to lower taxes owed. However, it’s important to consult with a tax professional to determine … Read more
State Income Tax Laws for Residents vs Non-Residents When it comes to filing taxes, the state you live in and the state you work in can impact your tax liability. Missouri and Kansas have different income tax laws for residents and non-residents. Here’s a breakdown of the key differences: Residents Missouri: Residents of Missouri pay … Read more