The special credit applicable to the lower income workers who can deduct on their tax return is called as the earned income credit. In most of the cases this earned income credit can be claimed by worker people with certain number of children. But under special circumstances this facility can also be utilised by the [...]
Nowadays almost every credit card out there gives you cash back, airline miles, or some other form of rewards. For some people, they may only earn a few dollars a year. Meanwhile big spenders may rake up thousands of dollars annually in cash back. Whether you’re getting $10 or $10,000, is this money taxable? What [...]
If a person receives advance commission then he must include the commission amount while calculating the tax. In other words it is a taxable income. In most of the cases, agents are given advance commissions even before the customer pays the premium amount. Such advance payments should be reported. If any repayment of advance commission [...]
For a duly ordained minister, there will not be any report on tax return for the provided housing allowance. Housing allowance does not form the part of the taxable income if the person is a duly ordained minister. But the allowance allowed should be used as housing allowance only. If the allowance is used for [...]