Sick pay is a type of wage received by the employee. So as per the rules all salaries and wages are taxable. Hence sick pay is taxable. So a person getting the sick pay must include this amount in the tax return before filing. It should not be left out. If left out then penalties [...]
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 [...]
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, [...]
The money paid to a spouse or person as per certain agreement is called alimony. The agreement can be a separation agreement or divorce agreement. These agreements are usually made with those people from whom you separate from rest of your life. It does not involve any kind of property settlement amounts. The alimony must [...]