Arizona Families Tax Rebate Program and Eligibility
310 days ago
The Arizona Families Tax Rebate Program provides tax rebates of up to $750 to eligible residents as a measure to alleviate the effects of rising inflation and is set to be ....
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Federal Tax Credit for Electric Cars 2023
311 days ago
In 2023, the federal tax credit for electric cars offers a maximum benefit of up to $7,500 for new electric vehicle (EV) purchases and up to $4,000 for qualified used EVs.
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How to Avoid Capital Gains Tax on Real Estate?
312 days ago
To avoid capital gains tax on real estate, consider waiting at least a year before selling to qualify for long-term capital gains, utilize primary residence exclusions if a....
When is the Last Day to File Taxes in October?
338 days ago
For most taxpayers, the last day to file taxes in October is Monday, October 16, especially if they requested an extension for their 2022 tax return, where individuals affe....
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What Taxes are Deducted from Your Paycheck?
351 days ago
Paycheck deductions typically include federal income tax, state income tax (if applicable), Social Security, and Medicare taxes, ensuring proper tax contributions throughou....
How to Avoid Mutual Fund Capital Gains Distributions? Do You Pay Taxes on Mutual Funds?
354 days ago
As you sell investments and earn profits, capital gains taxes typically come into play, however, active investors should know that the IRS provides options to defer Capital....
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What is Property Tax and How They Are Calculated?
358 days ago
Property tax is a local levy on property value, calculated by mill rates and assessed value, funding essential services and projects.
IRS Standard Mileage Rate 2023, How to Calculate IRS Standard Mileage Rate?
361 days ago
The 2023 IRS mileage rates, with a 65.5 cents per mile business rate increase, impact businesses' reimbursement expenses and budget planning for employee vehicle use.
How Much Are Property Taxes in Texas? How to Reduce Property Taxes in Texas? When Will Texas Property Taxes Go Down?
374 days ago
Texas property taxes fluctuate due to local factors, averaging around 1.60%, and efforts to decrease them involve actions like protests, hearings, and appeals, with reducti....
Why Do Property Taxes Go Up? Where Do Property Taxes Go? Are Property Taxes Deductible?
374 days ago
Property taxes rise from changing rates, property values, and local spending. They fund counties, districts, cities, and schools, and can be partially deductible if itemize....
What is the State Income Tax Rate in Virginia? Does Virginia Have a State Income Tax? How Much is Virginia State Income Tax?
374 days ago
Virginia's State Income Tax Rate ranges from 2% to 5.75% based on income and filing status for the 2022-2023 tax year, with residents' tax liability determined by V....
What is Schedule A of IRS Form 1040? What Items Can Be Deducted on Schedule A?
375 days ago
Schedule A of IRS Form 1040 is an attachment that allows taxpayers to itemize deductible expenses rather than taking the standard deduction, potentially reducing their taxa....
What Is Adjusted Gross Income? How is Adjusted Gross Income Calculated?
375 days ago
Adjusted Gross Income (AGI) is the income an individual earns in a year after deducting eligible expenses such as student loan interest and retirement contributions from th....
What is Self Employment Tax? How Much is Self Employment Tax?
375 days ago
Self-employment tax is a contribution to Medicare and Social Security by self-employed individuals, calculated at 15.3% of net earnings, with components for both programs.
Venmo Tax, How Does Venmo Tax Work?
376 days ago
"Venmo Tax" refers to the tax implications associated with using Venmo, where personal transactions are usually non-taxable, but business transactions exceeding $....
Standard Deduction Vs. Itemized Deductions, What Are the Advantages and Disadvantages of Itemized Deductions?
376 days ago
Standard deduction offers a fixed reduction in taxable income for all taxpayers, while itemized deductions require detailing eligible expenses, potentially leading to large....
Does Ohio Have State Income Tax? What is the State Income Tax Rate in Ohio?
376 days ago
Does Ohio Have State Income Tax? Yes, Ohio does have a state income tax with rates varying from 0% to 3.99%, where individuals earning between $....
What is an Itemized Deduction? Who Should Itemize Deductions?
377 days ago
Itemized deductions enable eligible expenses to lower taxable income and minimize taxes, while taxpayers can alternatively opt for the standard deduction based on their fil....
What is Capital Gains Tax Rate? How Much is Capital Gains Tax?
377 days ago
Capital gains tax rates range from 0% to 20% for long-term gains in 2022-2023, influenced by holding period and income, while strategies involve holding assets over a ....
Child and Dependent Care Credit, Is Child and Dependent Care Credit Refundable?
377 days ago
The Child and Dependent Care Credit (CDCC) supports caregivers by reducing qualified care costs through nonrefundable credits, while the child tax credit for 2023 offers up....
What is EV Tax Credit 2023? How Does the EV Tax Credit Work?
377 days ago
The EV Tax Credit 2023 provides nonrefundable tax benefits of up to $7,500 for new electric or plug-in hybrid vehicles, including a potential $4,000 credit for pre-owned EV....
What are the US Tax Brackets? What are the US Tax Brackets for 2023?
377 days ago
Tax brackets drive gradual tax increases with higher incomes in the US, determining annual payments based on fairness and overlapping income ranges, while also presenting c....
Where's My Amended Return? What’s the Status of My Amended Return?
379 days ago
Track the progress of your amended tax return by providing essential details such as your Social Security number, date of birth, and ZIP code through the user-friendly onli....
When Are Taxes Due 2023? When Are Corporate Taxes Due 2023?
380 days ago
In 2023, taxes were due by April 18, extendable to October 16 with Form 4868, while corporate taxes had an April 18 deadline for most businesses and a March 15 deadline for....
What is New York State Income Tax? How Much is New York State Income Tax?
382 days ago
New York State Income Tax is imposed on earnings with rates from 4% to 10.9%, including added complexity for high earners due to a 2021 tax change, and residents, part-year....
Are Home Improvement Expenses Tax Deductible? What Home Improvements Are Tax Deductible 2023?
384 days ago
In general, home improvement expenses are not tax deductible, except for specific cases such as energy-efficient upgrades or medical-related modifications.
Does Virginia Tax Social Security? When is No Tax Day in Virginia?
389 days ago
Virginia does not tax Social Security benefits. No specific "No Tax Day" exists as traditional tax-free weekends have ended as of July 1, 2023.
What is Tax-Free Weekend in Massachusetts? When is Tax-Free Weekend in Massachusetts?
389 days ago
Tax-Free Weekend in Massachusetts allows shoppers to make certain purchases without paying sales tax, and it occurred on August 12th and 13th in 2023.
Does Maryland Have State Income Tax? When is Maryland Tax-Free Week 2023?
389 days ago
Maryland imposes income taxes from 2% to 5.75% on residents and in-state earners, and during Tax-Free Week 2023, which occurs from August 13 to August 19, purchases under $....