Page 19 181 - 190 of 258
What Is Inheritance Tax and How Much Is It?
Back in the early 18th century, Christopher Bullock published his one-act play, “The Cobbler of Preston.” Based somewhat loosely on another, famed playwright’s “Taming of the Shrew,” Bullock introduced a somewhat innocuous phrase for its time: “’Tis impossible to be sure of any thing but Death and Taxes.”
What Is Federal Income Tax Liability?
Federal income tax is the largest source of revenue for the U.S. government, totaling $2 trillion in 2021, and is paid on a yearly or quarterly basis by individual taxpayers and organizations. Federal income tax applies to all forms of earnings that make up your taxable income, including wages, salaries, commissions, bonuses, tips, investment income, and types of unearned income.
Can You Deduct Property Taxes with a Standard Deduction?
Rental property ownership provides many tax advantages since there are a number of deductions that property owners can claim. The standard deduction is a simple, flat deduction that can be used in place of the itemized deduction. But if you use the standard deduction, can you still deduct property taxes?
How to Calculate Net Income Investment Tax (NIIT)
The NIIT, or Net Income Investment Tax, is levied on passive income and is intended to help support the Affordable Care Act (although the revenue it produces is not earmarked for that purpose). The tax applies to income earned by individuals, estates, and trusts above specified amounts.
What Happens to Your Tax Liability with Proper Financial Planning?
Proper financial planning can help reduce your tax liability. But what exactly is proper financial planning? It looks at the buying and selling of assets with an eye towards tax liability reduction. This involves the timing of selling and buying, and the types of accounts assets may be held in. Let's dig into the details.
How Does Depreciation Affect Tax Shields?
Tax shields are named so because they help to shield income from taxes. By taking various forms of tax deductions, income can be offset (i.e., reduced), resulting in a lower tax bill. The type of tax shield depends on the individual, business, and country they are living in.
Are Charitable Donations Tax Deductible?
The short answer is yes; charitable donations to qualified organizations can be tax deductible. However, there are some stipulations and reporting requirements.
How Do Tax Deductions Work?
Tax deductions are important for individual taxpayers because they can reduce your overall taxable income, which in turn can lower your tax liability, or the amount of money you’ll owe to the Internal Revenue Service when you complete your annual tax return.
Are Distributions From a Charitable Remainder Trust Taxable?
Charitable remainder trusts offer donors several benefits. The trust takes ownership of your assets, including properties, stocks, and savings. Your CRT donates the income your assets generate to beneficiaries of your choosing.
Are Property Taxes on Vacant Land Tax Deductible?
Previous Realized blogs have dealt with the issue of real estate investments, taxes, and deductions. Specifically, if you own income-producing real estate property as an investment, you also have the ability to take various deductions and expenses on that property when it comes to tax-filing time.
Page 19 181 - 190 of 258
