Personal Taxes

Your property number can be found on your property tax bill or tax assessment notice. You must write the number exactly as it appears on the bill or notice. It’s sometimes called a property index number, parcel number, or permanent index number. How do I find my property ID number…

A higher tax rate increases the burden on taxpayers. In the short term, it may increase revenues by a small amount but carries a larger effect in the long term. It reduces the disposable income of taxpayers, which in turn, reduces their consumption expenditure. What happens when there is an…

The allowance will be a subtraction from the total contract price. So if you sign up to purchase your house for $325,000 and the builder gives you a $10,000 allowance because you bought your own set of appliances, the final price will be $315,000. What are allowances in a budget?…

Schedule DForm 1040, Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040, U.S. Individual Income Tax Return. Are capital gains on 1040? Where to Report. Report most sales and other capital transactions and calculate capital gain or loss on Form 8949, Sales and Other…

Tax liens and judgements are automatic disqualifiers when it comes to SBA loan approval from banks and traditional lenders. Even those with the incredible FICO scores, stellar sales and many years in business get turned away fast at the mere mention of them. Can SBA loan be used for anything?…

“The Perfect Score” is a 2004 American teen comedy-heist film directed by Brian Robbins. The film follows a group of six New Jersey high school students who conspire to break into a regional office of the Educational Testing Service (ETS) to steal the answers to the SAT exam. The film…

Capital gains tax is a tax levied on the profit earned from the sale of an asset, such as stocks, bonds, or real estate. The tax treatment of capital gains depends on the holding period of the asset, with long-term capital gains receiving more favorable tax rates compared to short-term…

Pass-Through Taxation Key Facts Pass-through taxation: S corporations do not pay federal income tax on their business income. Instead, the income, deductions, losses, and other tax items pass through to the shareholders. Shareholder reporting: S corp shareholders report the income, gains, and losses from the corporation on their individual tax…

The Internal Revenue Service (IRS) offers the Fresh Start initiative, a collection of tax relief programs designed to assist taxpayers who are struggling to pay their tax debts. This article explores the eligibility criteria and potential benefits of the Fresh Start initiative, drawing upon information from reputable sources such as…

The mortgage interest deduction is a tax deduction that allows homeowners to reduce their taxable income by the amount of mortgage interest they paid during the year. The deduction is available for both primary residences and second homes. Key Facts The maximum amount of debt eligible for mortgage interest deduction…

Exceptions to IRA Early Withdrawal Penalty The Internal Revenue Service (IRS) imposes a 10% early withdrawal penalty on distributions from traditional and Roth IRAs before the account holder reaches age 59½. However, there are several exceptions to this penalty. Age Once you reach age 59½, you can make withdrawals from…

Sales Tax in Orlando, Florida The sales tax rate in Orlando, Florida, is a combination of the state sales tax rate, county sales tax rate, and city sales tax rate. State Sales Tax Rate The general state sales tax rate in Florida is 6%. This rate applies to most taxable…

Taxable Gain The gain on the sale of a timeshare is generally subject to federal income tax [2]. This gain is reported on Schedule D Capital Gains or Losses. Key Facts Taxable Gain: The gain on the sale of a timeshare is generally considered taxable for federal income tax purposes[2].…

QuickBooks Online offers various subscription plans tailored to the needs of businesses of different sizes and complexities. These plans include Simple Start, Essentials, and Plus. QuickBooks Payroll is a separate service provided by Intuit that assists businesses with payroll management tasks. Key Facts QuickBooks Online offers different subscription plans, including…

Double Taxation of Dividends: A Comprehensive Overview Double taxation of dividends refers to the taxation of corporate earnings and dividends at both the corporate and individual levels. This occurs when corporations pay taxes on their earnings and then distribute dividends to shareholders, who are then taxed on those dividends as…

Sales Tax Rate in Folsom, California The sales tax rate in Folsom, California, is 7.75% for 2024. This rate is a combination of the state sales tax rate of 6.25%, the Sacramento County sales tax rate of 0.75%, and the Folsom city sales tax rate of 0.75%. Key Facts Sales…

What is a Trust Payment? A trust payment is a distribution of funds from a trust to a beneficiary. The purpose of trust payments is to fulfill the intentions and wishes of the grantor, the person who established the trust. Trust payments can provide financial support, cover educational expenses, or…

Funding Sources for the British Royal Family The British royal family’s income comes from a combination of public and private sources. The main sources of funding include the Sovereign Grant, the Duchy of Lancaster, and the Duchy of Cornwall. Sovereign Grant The Sovereign Grant is a government-administered annual lump sum…

Section 1231 Recapture: Definition, Treatment, and Impact Definition of Section 1231 Property Section 1231 property encompasses real or depreciable business assets held for more than one year. Examples include buildings, machinery, land, timber, unharvested crops, and leaseholds of at least one year (CCH AnswerConnect, 2023; Investopedia, 2023). Tax Treatment of…

An income statement, also known as a profit and loss account, is a financial statement that provides a summary of a company’s revenues, expenses, and profits over a specific period (StudySmarter, 2023). It offers a comprehensive overview of the company’s financial performance and profitability during that time frame (Inform Direct,…