Tag Archives: taxable income

Real Estate Sales

Real Estate Sales

At tax time, you have to be cognizant of any sales of houses or other real estate that you made during the past year, as they can have tax implications. You’ll need to report the sale of your home or other structures, including land (with added improvements or not) and interest in condos and cooperative […]

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Three T’s to Know at Tax Time

Taxable Income Taxable income is any earnings such as wages, interest and dividends that are subject to taxation. When filling out a tax return, taxable income refers to the amount of earnings after subtracting adjustments, deductions and exemptions. This amount will be used to calculate your taxes owed. Tax Bracket There are seven different tax […]

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If you’ve never had to pay the Alternative Minimum Tax before, it doesn’t mean that you may not have to pay it in the future. If your income is above a set threshold, this may be your year to pay. The point of the tax is to ensure that taxpayers are responsible for a minimum […]

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Understanding the tax laws isn’t always an easy task. However, there are certain parts of the tax code that are relatively straightforward and simple to comprehend – for tax code that is. Exemptions are one of the few great parts of filing your taxes, because they help taxpayers get back more of their hard earned […]

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As a military service person, you will receive a Form W-2, Wage and Tax statement, like other employees. This form will document your military pay that is subject to taxable income. In cases where you were paid for military service in a combat zone, those wages may be excluded from taxation. Additionally, any commissioned officers’ […]

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Individuals who have a gross income of more than $2,500 while living in the state of Idaho, or nonresidents who gross more than that amount from sources within the state, are required to file an Idaho income tax return. Nonresidents are required to file when they have earned over $2,500 in taxable income within the […]

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Determining the Taxation of Settlements

If you’ve been awarded money or damages through a court of law, it’s important to note whether the funds are subject to taxation as income. In order to determine if settlements or judgments need to be included in your income, you have to look at the individual item that the money is taking the place […]

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