When filing a joint tax return, the designation of the primary taxpayer is primarily for administrative purposes. It does not impact the tax liability or refund received. The IRS generally assigns the primary taxpayer role to the spouse with the higher adjusted gross income (AGI). However, the spouses can choose to designate either spouse as … Read more
When a local government body issues bonds to fund a specific project, like a new park or library, they often create a special assessment district to help pay off the debt. Property owners within this district are then subject to an annual Mello-Roos tax, which is a property tax assessment that goes toward paying off … Read more
An internal user of financial statements is an individual or department within an organization that uses the financial information for decision-making or operational purposes. These users include managers, employees, and internal auditors. Managers use financial statements to assess the financial performance of the organization and make informed decisions about operations, investments, and budgeting. Employees rely … Read more
In the United States, a significant portion of taxpayers’ money is allocated to prisons. The federal government, along with state and local governments, collectively spend billions of dollars annually on maintaining correctional facilities and incarcerating inmates. This funding supports infrastructure, staff salaries, and various programs within these institutions. While the exact percentage of taxpayer money … Read more
Agriculture, a vital sector that nourishes our societies, faces the question of whether it should be taxed. Proponents of agricultural taxation argue that it can generate revenue for crucial public services, potentially reducing the tax burden on other sectors. However, detractors contend that taxing agriculture could harm farmers and impede food production, negatively affecting consumers … Read more
The existence of a fourth stimulus check is uncertain. The American Rescue Plan Act of 2021 authorized only three rounds of payments. However, some legislators have proposed legislation for additional checks, but these proposals have not been passed. The Biden administration has not officially announced plans for a fourth stimulus check. Some experts believe that … Read more
Calculating pre-tax income involves determining your income before taxes are deducted. The formula is: Gross income – pre-tax deductions = pre-tax income. Gross income includes all earned and unearned income, such as wages, salaries, bonuses, interest, and dividends. Pre-tax deductions are expenses that can be subtracted from gross income before taxes are applied. These deductions … Read more
Saving money can bring numerous advantages to your financial well-being. It can provide you with a safety net for unexpected expenses, help you achieve financial goals, and build a comfortable future. By regularly setting aside money, you can reduce financial stress and increase your peace of mind. Saving also allows you to make larger purchases … Read more
The responsibility for collecting the taille, a direct tax levied on commoners in pre-revolutionary France, fell primarily upon royal officials known as “receveurs des tailles.” These individuals were appointed by the Crown and held the authority to assess, collect, and account for the tax within their respective jurisdictions. Receveurs des tailles operated under the supervision … Read more
A home may fail to qualify for USDA financing if it has certain disqualifying factors. These include structural issues, such as major foundation damage or roof leaks, that pose safety hazards or hinder the home’s functionality. Additionally, excessive debt on the property, including back taxes or outstanding liens, can prevent USDA approval. Homes that are … Read more