It is possible to deduct the elderly credit on the tax return if the person’s age is 65 years or more. Disabled credit on tax return is applicable to people who have got some genuine disabilities. In the case of the elderly credit, the person should be having the age 65 or above before January [...]
All the dividends you receive from mutual funds should be reported on tax returns. In the case of a mutual fund the dividend will be paid in several ways. So the receiver must show the received dividend amount which is taxable in the tax returns. Failure in doing so will result in tax penalties for [...]
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 [...]
One can deduct taxes in case of casualty losses. But this is applicable for the particular year in which the casualty has occurred. Tax deductions can be obtained for that particular tax year only. But in certain cases like disasters which have got approval from higher authorities like one from the president of United States, [...]