Churches in the United States are generally exempt from paying income tax on their revenue. This exemption is granted by the Internal Revenue Service (IRS) under Section 501(c)(3) of the Internal Revenue Code, which applies to religious organizations and other nonprofit groups. The exemption is intended to support the charitable and religious activities of these … Read more
Understanding the impact of a 1099-G form on your taxes is important. This document reports unemployment compensation benefits received from the government. These benefits are generally taxable as income. When completing your tax return, include the 1099-G in your taxable income, which may also affect your eligibility for tax credits or deductions. It’s crucial to … Read more
Perennial Nature of Moneywort Moneywort (Lysimachia nummularia) is a creeping, groundcover plant that is known for its hardiness and adaptability. One of the most notable characteristics of moneywort is its perennial nature, meaning that it comes back year after year. Key Points Moneywort is a perennial plant that typically returns in the spring after the … Read more
Scrip dividends are payments made by corporations to their shareholders in the form of additional shares of stock instead of cash. In the US, scrip dividends are taxable. The shareholder’s cost basis in the newly received shares is the same as the fair market value of the shares on the date they were received. The … Read more
Golfers may wonder if they need insurance. There are several types of golf insurance available, each with its own set of coverage options. Golfers can choose the type of insurance that best meets their needs. Golfers who play frequently or who participate in tournaments may want to consider getting insurance. Golf insurance can provide coverage … Read more
Progressive taxation is a system in which higher earners pay a greater percentage of their income in taxes compared to lower earners. This type of tax structure is often advocated for because it is considered to be fairer than a proportional tax system, in which everyone pays the same percentage of their income in taxes. … Read more
Luxury car tax is a type of tax imposed on the purchase of high-end vehicles with a value exceeding a certain threshold. The purpose of this tax is to reduce the affordability of luxury items and generate revenue for the government. However, there are several methods to potentially avoid paying luxury car tax. One approach … Read more
Living comfortably in Hawaii requires a higher income compared to many other states. The cost of living, including housing, transportation, and food, can be significantly higher. A comfortable lifestyle typically involves a spacious home, reliable transportation, healthy eating habits, and the ability to enjoy leisure activities. To achieve this level of comfort, an individual or … Read more
Pre-sentencing investigations (PSI) are conducted by probation officers who gather information about the defendant’s background, criminal history, and social circumstances. This information helps the judge make an informed decision about the appropriate sentence. Probation officers may interview the defendant, family members, friends, and employers. They may also review any relevant records, such as school transcripts, … Read more
To check your rectification status, first, visit the New Tax Portal. Once there, log in to your account and click on the ‘Rectification’ tab in the top menu. Here, you’ll find a list of your rectification requests, including the current status of each one. You can also track the progress of your requests and ask … Read more