Over-the-counter medications, like aspirin or ibuprofen, are generally not deductible medical expenses on your taxes. These expenses are considered personal expenses. However, there are some exceptions. If you have a prescription for an over-the-counter medication from your doctor, you may be able to deduct it. Additionally, if the over-the-counter medication is for a chronic condition, … Read more
If you receive combat pay, you may wonder if you need to pay taxes on it. The answer is no, combat pay is not taxable. This is because combat pay is considered a form of military pay, and military pay is not subject to federal income tax. However, you may need to pay state income … Read more
Inmates may be eligible for the second stimulus check under certain circumstances. The IRS has not specifically excluded inmates from receiving the payment, but eligibility depends on meeting the income and other requirements. Incarcerated individuals who meet the criteria, such as being U.S. citizens or residents, having a valid Social Security number, and falling within … Read more
Receiving a tax bill when you were expecting a refund can be perplexing and frustrating. Several factors might have influenced this unexpected turn of events. One possibility is that recent tax law revisions may have altered the applicable tax rates or deductions, resulting in a lower refund or even an outstanding balance. Another factor to … Read more
In insurance, “no fault” means that a person’s insurance company will pay for their damages, regardless of who caused the accident. This is different from “fault” insurance, where the person who caused the accident is responsible for paying for the damages. No-fault insurance is designed to make the process of filing and settling claims easier … Read more
The National Transportation Safety Board (NTSB) is responsible for investigating specific types of transportation accidents. These include aviation accidents involving civil aircraft, highway accidents involving commercial motor vehicles, railroad accidents, pipeline accidents, and marine accidents. The NTSB also investigates major transportation-related disasters, such as the sinking of the Titanic or the crash of the Space … Read more
Adjusted Gross Income (AGI) represents an individual’s total income before specific deductions and tax credits are applied. It’s calculated by starting with the gross income, which is the total amount earned from all sources such as wages, salaries, self-employment income, and investments. From there, certain adjustments are made, including deductions for contributions to tax-advantaged retirement … Read more
Taking your dog in a taxi can depend on various factors. Some taxi companies may have specific policies regarding pets, so it’s essential to inquire about their rules before booking a ride. Generally, if your dog is well-behaved and doesn’t pose a safety hazard, many taxi drivers may be willing to accommodate your request. However, … Read more
Hedge funds are large investment funds that use complex strategies to try to outperform the market. They have become increasingly powerful in recent years, and some people believe that they now control the stock market. However, there is no evidence to support this claim. Hedge funds are still subject to the same market forces as … Read more
The publishing industry is facing significant changes due to digitalization and the rise of self-publishing. Traditional publishing models, which involve publishers, agents, and booksellers, are being challenged by online platforms that allow authors to bypass traditional gatekeepers and connect directly with readers. This has led to concerns about the decline of traditional publishing and the … Read more