data and analysis
How do you separate FICA taxes?
Employers and employees split the tax. For both of them, the current Social Security and Medicare tax rates are 6.2% and 1.45%, respectively. So each part...
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education and learning
How much can I claim back for braces?
20% You can claim tax relief for dental expenses you have paid for. It doesn’t matter whether you paid for the expenses for yourself or another individual...
education and learning
How do I keep books for my small business?
13 Accounting Tips for Small Businesses to Keep the Books Balanced Pay Close Attention to Receivables. Keep a Pulse on Your Cash Flow. Log Expense Receipt...
data and analysis
What is allowed as deduction from the annual value?
30% of net annual value of the house property is allowed as deduction if property is let-out during the previous year. b) In respect of self-occupied resi...
science and technology
Is tax paid on inheritance?
You will not pay tax if you inherit cash, shares, property or gifts unless you are advised by the executor. It is the responsibility of the executor to fi...
news
Can a Uber driver apply for SBA loan?
Can Uber Drivers Apply for SBA Loans During COVID-19? Under the CARES Act, the Small Business Administration (SBA) created new programs to support small b...
environment and climate
What are the income tax thresholds for 2018 and 2019?
The income thresholds for both 2018 and 2019 are as follows: Alternative Minimum Tax (AMT). The AMT was created in the 1960s to impose taxes on taxpayers ...
science and technology
How can I get old k1s?
You can get a copy from the IRS. Go to and request a copy of your K1. How do I get a signed copy of my tax return? To get a transcript, taxpayers can: Ord...
news
How does non-filers get stimulus check?
Non-filers will be able to obtain their stimulus checks the same way other recipients could: via direct deposit, mailed physical check or debit card. Once...
global affairs
What causes a B12 deficiency in older adults?
Common risk factors for low vitamin B12 levels in older adults include: Low levels of stomach acid. This can be due to weakening of the stomach lining, or...
media and communication
How can I prepare my income tax return?
Download the ITR preparation software for the relevant assessment year to your PC / Laptop from the “Downloads” page. Prepare the Return using the downloa...
civics and society
When does a married couple have to file their taxes separately?
Eligibility requirements for married filing separately. If you’re considered married on Dec. 31 of the tax year, then you may choose the married filing se...
global affairs
What does it mean to struggle to make ends meet?
phrase. If you find it difficult to make ends meet, you cannot manage very well financially because you hardly have enough money for the things you need. ...