Workers compensation disability settlements cover lost income, medical bills, and other expenses related to a workplace injury. Settlements may cover present or future lost earning capacity. Taxes may apply to certain portions of a settlement, depending on the specific circumstances. Generally, the portion allocated to medical expenses is tax-free, while compensation for lost wages may … Read more
After an income tax assessment, a revised return can be filed under certain conditions. If additional income was earned that was not included in the original return, a revised form should be submitted to correct the discrepancy. Similarly, if excessive deductions or exemptions were claimed, filing a revised return allows for adjustments. Additionally, if new … Read more
Time spent volunteering cannot be deducted from your taxes. However, you may be able to deduct expenses incurred while volunteering, such as transportation, meals, and uniforms, if you itemize your deductions and meet certain requirements. To qualify, the expenses must be directly related to the volunteer service and must benefit a qualified organization. Additionally, the … Read more
Religious institutions generally receive tax-exempt status because they’re considered charitable organizations dedicated to promoting spiritual well-being, providing social services, and fostering community involvement. They utilize their funds for religious activities, education, outreach programs, and supporting the underprivileged, which aligns with society’s goal of providing for the common good. Taxing religious institutions could hinder their ability … Read more
Auditors play a crucial role in providing assurance on the reliability of financial statements. Their primary responsibility is to assess whether the financial statements fairly present the financial position and performance of a company. Auditors achieve this by objectively examining accounting records, supporting documents, and system controls. They evaluate the adequacy of internal controls to … Read more
EconomicsWith an economics degree, graduates have a wide range of career options in both the public and private sectors. Some popular choices include roles as economists in government agencies or consulting firms, financial analysts in banks or investment firms, market researchers in marketing or advertising agencies, or policy analysts in think tanks or nonprofits. Additionally, … Read more
College athletes have long been prohibited from earning money from their athletic abilities, but this is changing. In 2021, the NCAA allowed college athletes to profit from their name, image, and likeness (NIL). This means that athletes can now sign endorsement deals, sell merchandise, and appear in commercials. The NIL rules vary from state to … Read more
Multilateral investment treaties (MITs) are agreements between three or more countries that aim to regulate and protect foreign investments. They serve two main purposes: protecting foreign investors and promoting investment. By establishing clear rules and standards, MITs provide foreign investors with legal certainty and safeguards against unfair treatment. Additionally, by promoting investment and economic integration, … Read more
Joining a superannuation fund, also known as a super fund, involves several simple steps. First, research and compare different funds to find one that aligns with your financial goals and investment preferences. You can join a fund online, through your employer, or via a financial adviser. You’ll need to provide personal and financial information, including … Read more
College athletes can generate income through various means. Some participate in paid endorsements, where they promote products or services of companies. They may also receive prize money for their athletic achievements, such as winning tournaments or competitions. Additionally, athletes may receive compensation for their participation in media appearances, such as interviews or commercials. They also … Read more