When you make a profit from cryptocurrency investments, you may be responsible for taxes. These gains are generally taxed as capital gains, meaning the tax rate you pay depends on how long you held the asset before selling it. Short-term capital gains, from assets held for one year or less, are taxed as ordinary income. … Read more
When filing a joint tax return, the designation of the primary taxpayer is primarily for administrative purposes. It does not impact the tax liability or refund received. The IRS generally assigns the primary taxpayer role to the spouse with the higher adjusted gross income (AGI). However, the spouses can choose to designate either spouse as … Read more
When a local government body issues bonds to fund a specific project, like a new park or library, they often create a special assessment district to help pay off the debt. Property owners within this district are then subject to an annual Mello-Roos tax, which is a property tax assessment that goes toward paying off … Read more
In the United States, a significant portion of taxpayers’ money is allocated to prisons. The federal government, along with state and local governments, collectively spend billions of dollars annually on maintaining correctional facilities and incarcerating inmates. This funding supports infrastructure, staff salaries, and various programs within these institutions. While the exact percentage of taxpayer money … Read more
Agriculture, a vital sector that nourishes our societies, faces the question of whether it should be taxed. Proponents of agricultural taxation argue that it can generate revenue for crucial public services, potentially reducing the tax burden on other sectors. However, detractors contend that taxing agriculture could harm farmers and impede food production, negatively affecting consumers … Read more
Calculating pre-tax income involves determining your income before taxes are deducted. The formula is: Gross income – pre-tax deductions = pre-tax income. Gross income includes all earned and unearned income, such as wages, salaries, bonuses, interest, and dividends. Pre-tax deductions are expenses that can be subtracted from gross income before taxes are applied. These deductions … Read more
The responsibility for collecting the taille, a direct tax levied on commoners in pre-revolutionary France, fell primarily upon royal officials known as “receveurs des tailles.” These individuals were appointed by the Crown and held the authority to assess, collect, and account for the tax within their respective jurisdictions. Receveurs des tailles operated under the supervision … Read more
To locate a tax lien, you can utilize various methods. A convenient option is to visit the website of the county recorder’s office. In many jurisdictions, these offices maintain online databases that provide access to lien records. Alternatively, you can visit the physical office and conduct an in-person search. Another option is to contact the … Read more
A tax reassessment is a process undertaken by local governments to re-evaluate the taxable value of properties within their jurisdiction. This can be triggered by various factors, such as fluctuations in the real estate market or complaints from property owners who believe their taxes are too high. During a reassessment, the local assessor examines property … Read more
Both federal and state taxes follow a similar yearly cycle, coinciding around specific deadlines. Generally, the tax return filing period for federal and state taxes commences in late January and concludes in mid-April. During this time frame, individuals and businesses are obligated to calculate and submit their annual tax returns to the Internal Revenue Service … Read more