culture and society
Can I deduct child care expenses paid to a friend?
The IRS offers a child care tax credit to those who pay child care costs, which enable taxable income to be earned. You don’t need to pay a child care fac...
Category: Culture And Society
culture and society
Do both spouses need long term care insurance?
It is unlikely, although not impossible, that both spouses will need extended long term care coverage. By purchasing a joint policy, couples can reduce th...
culture and society
Do you have to pay the 10% penalty on withdrawals?
There are some exceptions to the 10% additional tax penalty. If you qualify for one of the exceptions, you still have to report your withdrawal as income,...
culture and society
Can a self employed person have a health savings account?
Since an HSA isn’t a type of insurance, it comes down to you as a self-employed individual needing to have an HSA-compatible health plan. According to HSA...
culture and society
Are closing costs tax deductible on rental property?
Only loan interest and real estate taxes are deductible closing costs for a rental property. Other settlement fees and closing costs for buying the proper...
culture and society
Do energy-efficient windows increase home value?
Replacement windows bring value by increasing your home’s resale value, increasing energy efficiency and increase your home’s overall aesthetics. Installi...
culture and society
How is Illinois replacement calculated?
What are the rates? Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percen...
culture and society
What type of asset is a rental property?
Depreciable property used in your trade or business or used as rental property, even if the property is fully depreciated (or amortized), is not a capital...
culture and society
What is medical premium payment?
Medi-Cal monthly premium payments may be required of some children who have transitioned from the Healthy Families Program or have applied for Medi-Cal. P...
culture and society
How to be rich when you retire?
10 Guaranteed Ways to Retire Rich Spend less than you earn. Syda Productions / Shutterstock.com. Start saving early. If you start late, make up for lost t...
culture and society
Is foreign property taxable in India?
An individual qualifying as a resident and ordinarily resident (ROR) is taxable on his worldwide income in India and is required to report all foreign ass...
culture and society
Is surrendering a whole life policy taxable?
You Surrender the Policy You can take the surrender value of the policy, and the insurer will terminate the coverage. The amount you receive is your cash ...
culture and society
What do I do if I have two W-2 forms?
If you receive multiple W-2 forms, add those amounts and include the total on your IRS Form 1040. In general, if you receive duplicate W-2 forms for the s...