Qualifying Medical Expenses There are several types of medical expenses that you can deduct on your taxes. These include: Doctor and dentist bills Hospital and nursing home costs Medical tests and treatments Transportation to and from medical appointments Long-term care premiums You can also deduct the cost of certain products and services that are used … Read more
Allocated pensions are retirement savings plans that allow employees to contribute a portion of their salary before taxes. These contributions are invested and grow tax-deferred. When the employee retires, they can withdraw the money from the plan tax-free. This can provide a significant tax savings compared to withdrawing money from a traditional retirement plan, which … Read more
The arm’s length principle is a fundamental concept in international taxation that aims to prevent tax avoidance and ensure fair tax treatment among related companies operating across borders. It requires companies to transact with each other as if they were independent entities, unrelated to each other. This means that the prices charged and the conditions … Read more
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Freelancers are independent contractors who are not employed by a specific company. They work on a project-by-project basis, providing services to clients. As such, they are responsible for paying their own taxes. Whether or not a freelancer charges tax to their clients depends on several factors, including the type of services they provide, the location … Read more
Your tax bracket is based on your taxable income, which is your total income after subtracting allowable deductions and exemptions. Different income levels are assigned to specific tax brackets, and each has a different tax rate. To calculate your bracket, you’ll need to determine your filing status (single, married filing jointly, etc.) and locate your … Read more
Escrow and property tax are both financial obligations associated with owning a home, but they serve different purposes. Escrow is a trust account held by a third party, typically a mortgage company, that collects and disburses funds for property taxes, homeowner’s insurance, and other expenses related to the property. Escrow payments are made as part … Read more
Governments impose taxes on businesses for several reasons. Firstly, to generate income to fund public services such as healthcare, education, and infrastructure. Taxes ensure that businesses contribute their fair share to the well-being of society. Secondly, taxes can regulate economic activity by influencing business decisions and encouraging desired outcomes. For instance, taxes on carbon emissions … Read more
There’s no limit on gift money you can receive tax-free from individuals. However, if you get a large gift, the giver may have to pay a gift tax. The annual gift tax exclusion in 2023 is $17,000 per person. This means that you can receive up to $17,000 from any one person each year without … Read more
In many jurisdictions, the responsibility for paying property taxes is determined by the terms of the lease agreement between the landlord and tenant. Generally, property taxes are considered a “cost of ownership” and are thus the responsibility of the landlord. However, there may be instances where the lease agreement specifically states that the tenant is … Read more