Determining whether political donations qualify as charitable deductions for tax purposes is a complex issue. Generally, donations to candidates or political organizations are not considered charitable contributions. The IRS classifies political contributions differently than charitable donations, which must be made to qualified organizations such as charities or non-profits. Political donations are considered a form of … Read more
Tax debts can be a major source of stress, but there are ways to get them written off. The first step is to contact the Internal Revenue Service (IRS) and explain your situation. The IRS has a number of programs that can help you, such as the Offer in Compromise program. This program allows you … Read more
If you’re an Australian resident who is registered for GST, you are eligible to claim the Airtasker service fees you pay to contractors as a tax deduction. These fees are considered to be expenses incurred in the course of generating your income, and can be deducted from your assessable income. It’s important to have proper … Read more
Pretax benefits allow employees to save money on their taxes by deducting certain expenses from their paycheck before taxes are calculated. This means that employees pay less in taxes, which leaves them with more take-home pay. Common pretax benefits include health insurance premiums, dependent care expenses, and retirement contributions. By utilizing pretax benefits, employees can … Read more
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