Understanding tax filing obligations for housewives can be confusing. Generally, housewives who do not earn any income are not required to file taxes. However, if they have income from sources such as investments, dividends, or self-employment, they may need to file. Additionally, if they are self-employed or have business income, they need to file taxes … Read more
Underwriter fees are generally not tax deductible for individuals. These fees, which are paid to a mortgage lender to guarantee a loan, are considered closing costs associated with obtaining a loan. However, there are exceptions to this rule for certain types of loans, such as VA or FHA loans. In these instances, a portion of … Read more
A tax stamp for a gun is a federal excise tax that is imposed on the transfer of ownership of certain types of firearms, such as machine guns, silencers, and short-barreled rifles. The tax is typically paid by the person who is acquiring the firearm, and it is evidenced by a tax stamp that is … Read more
Unrealized gains and losses, which occur when the value of assets like stocks or property increases or decreases, are generally not taxed until they are realized. This means that you don’t have to pay taxes on the potential profit you’ve made on an investment until you sell it and actually make a profit. However, there … Read more
New Jersey has a reputation for having high taxes, and there are several reasons for this. One reason is that the state has a large population and a relatively small land area, which means that it has to raise more revenue per square mile to fund its public services. Another reason is that New Jersey … Read more
The Child Tax Credit (CTC) is a tax credit that helps families with the cost of raising children. In July 2021, the CTC was expanded and made fully refundable, meaning that families who don’t owe any taxes can still receive the full amount of the credit. The CTC is paid in monthly installments from July … Read more
An individual is a natural person who is not a company or other legal entity. Individuals are subject to income tax on their worldwide income, regardless of where they reside. The amount of tax they owe is calculated based on their taxable income, which is their total income minus certain deductions and exemptions. Individuals can … Read more
The time it takes to receive your tax refund after the Internal Revenue Service (IRS) accepts it varies. Generally, most refunds are issued within 21 days of the IRS accepting your return. However, there are several factors that can affect the processing time, including the method you used to file, the complexity of your return, … Read more
Bonuses are considered income and, like all income, are subject to federal income tax. The amount of tax withheld from a bonus depends on factors such as the employee’s tax bracket, withholding allowances, and state tax laws. In some cases, bonuses may be taxed at a higher rate, particularly if they are considered a performance-based … Read more
Interest paid on underpayment of state taxes may be deductible on your federal income tax return. However, the deduction is limited to the amount of interest paid on taxes from a tax return that you filed before the due date, including extensions. Additionally, interest paid on late payments of estimated taxes and interest related to … Read more