If you’re a foster parent, you may be able to claim your foster child as a dependent on your federal taxes. To qualify, the child must have lived with you for more than half the year, and you must have provided more than half of their support. You can also claim the child if they’re … Read more
Contemporary governance systems are increasingly leveraging advanced natural language processing (NLP) capabilities to augment their functionalities and enhance citizen engagement. NLP empowers governments to analyze vast quantities of unstructured text data, such as citizen feedback, social media posts, and legislative documents, with a level of granularity that was previously unattainable. Through sentiment analysis and topic … Read more
When you purchase a new vehicle, depending on local laws, it may be subject to taxation. This taxation is typically referred to as registration fees, sales tax, or a luxury tax. These taxes vary based on the vehicle’s value, its environmental impact, and the state or country in which it is registered. Understanding these taxes … Read more
Voluntary Provident Fund (VPF) contributions are deductions from an employee’s salary that are made over and above the mandatory Employee Provident Fund (EPF) contributions. These contributions are made on a voluntary basis and are not mandatory by law. VPF contributions are eligible for tax deductions under Section 80C of the Income Tax Act. However, it’s … Read more
In the United States, gifts are generally not taxable to the donee (the person receiving the gift). However, there are a few exceptions to this rule. One exception is if the gift is considered a “taxable gift.” A taxable gift is any gift that is over a certain amount. The amount that is over the … Read more
. Mortgage Interest Deduction Homeowners can deduct mortgage interest on their federal income taxes. The mortgage interest deduction helps reduce the cost of homeownership and can save you thousands of dollars in taxes over the life of your loan. To qualify for the mortgage interest deduction, you must itemize your deductions on your tax return. … Read more
To calculate your marginal tax rate, you need to know how much your taxes will increase if you earn an additional dollar. To do this, find the tax bracket you currently fall into based on your income. Your marginal tax rate will be the percentage listed for that bracket. For example, if you are in … Read more
Phoenix property taxes are determined by multiplying the assessed value of the property by the property tax rate. The assessed value is determined by the Maricopa County Assessor’s Office and is based on the property’s market value. The property tax rate is set by the city of Phoenix and is used to fund city services … Read more
For non-residents, capital gains tax obligations vary depending on the country’s specific tax laws and the nature of the asset sold. In general, non-residents may be subject to capital gains tax on the sale of real estate located within the country, even if they do not reside there permanently. However, the tax treatment of other … Read more
Converting traditional IRAs to Roth IRAs can provide tax benefits in the long run, but it’s crucial to avoid potential tax traps. To avoid taxes on a Roth IRA conversion, ensure you meet specific criteria set by the IRS. Firstly, you must be at least 59½ years old or have a qualifying event, such as … Read more