The Tax Implications Of Supporting Adult Children
If you are supporting adult children, or even give them a helping hand now and then, you’re not alone. In today’s tough job market, getting a good career started can take a little longer than planned. The last thing you need when you’re trying to be helpful, however, is to beworried about paying gift tax.
How Tax Brackets Examples and Myth Busting
We have tax brackets in the U.S. because we have a progressive income tax system. That means the more money you make, the higher a tax rate you pay. Your tax bracket becomes progressively higher. Progressive rates are based on the concept that high-income taxpayers.
Rules To Deduct Your Home Office Tax
Starting and running your business from home can bring tremendous benefits besides the pay. Without a long commute, you can have more time for family and since you probably have lower expenses (no rent and utilities for an off-site office space), you have a few more options with the money saved.
Political Contributions Tax Deductible
Most political contributions, whether local, regional or national, are not tax deductible and haven’t been for years. So, if you happen to be one of the many people donating to political candidates’ campaign funds, don’t expect to deduct any of those contributions on your next tax return.
