In the Tax Cuts and Jobs Act it was made that the majority of legal fees will no longer be tax-deductible, however this rule does not include everything. This guide will help you work out when your attorney or legal fees could be tax-deductible. There is a good chance that at some point in your…
Do You Pay Taxes On Mutual Funds?
As many readers here will likely already know, mutual funds are an excellent way for you to manage the financial resources of you and your other investors. Whether it funds for stock, equity, bond or fixed income, or money market funds, they are great ways to invest in many different open-ended security funds. However,…
Are Gifts Tax Deductible?
If you have given money, assets, or property to someone as a gift, you may need to file a federal gift tax return. Gifts can be tax deductible but only for a very certain amount of things. Gifts are tax-deductible if they fall within the certain dollar limit determined yearly by the IRS. This limit…
Are PPP Loans Taxable?
If you were lucky enough to receive a Paycheck Protection Program (PPP) loan during the Covid-19 pandemic, you’re probably wondering what this means for your tax return. And that’s exactly what this article is going to address, and we’ll also tackle all of your most frequently asked questions on the subject along the way. Please…
Can You File A Tax Return If You Didn’t Work?
Across the Globe, the month of April means different things to different people. For some people, it will be their birth month, and for others it will be the anniversary of their marriage. But April doesn’t just mean different things to different people, it also means different things to different cultures. In England, they celebrate…
Is Net Before Or After Taxes?
If you are not a numbers person, it can be tricky to understand your accounts, especially when you take into account all the different jargon that comes with it. From assets to gross and net income, there are lots of new words that you need to learn, and this is part of what makes your…
Can You Buy A House If You Owe Taxes?
Many people will want to move onto the property market at some point in their lives. While renting can be a good way to live, it’s not something you want to do forever. Houses are the more long-term answer, though it can be very difficult for many people to get up to the point where…
What Is OASDI Tax?
The OASDI tax stands for the Old-Age, Survivors and Disability Insurance. This is a type of US tax which will be levied on your income that earned which will be used to fund the Social Security program. This type of tax is part of the Federal Insurance Contributions Act, alongside other programs like the Medicare…
What Is Tax Day?
Tax Day is an incredibly important date to remember, and one that can be somewhat confusing to understand if your knowledge of taxes isn’t the most solid. Taxes can be hard to process at the best of times, so there is no doubt that we have all been in that confused state at one time…
Is Life Insurance Taxable? (Best Guide!!)
Life insurance is designed to give you some reassurance that once you are gone the people who relied on you will be looked after. Those people are your dependents and can be your children or a partner. These dependents will be financially safe and there are several different things to think about when taking out…