It may come as a surprise that awards and prizes are taxable. The prize is filed under income tax if a taxpayer receives an award from a competition. This is because the market value...
Posted by Pat Raskob on 11/30/2022
Alimony, also known as spousal support, is the money paid to a spouse to another after a divorce. The idea is to help the spouse with the lower income to take care of expenses and...
The rules for filing alimony income on your tax return changed with the 2019 fiscal year. Alimony income or payments are no longer tax-deductible, and the receipt of alimony is not...
Posted by KLSM CPA Firm PLLC on 07/09/2022
Alimony, also known as spousal maintenance or support, is the payment that one partner makes to the other after divorce. The idea is to help low-earning individuals take care of expenses...
State laws generally govern the gaming industry. These laws can be very or less strict, depending on how the state views the industry, and most laws are aimed at promoting responsible...
Alimony is regarded as court-ordered payments given to a spouse or former spouse in a separation or divorce agreements. The aim is to provide financial support to the spouse that earns...
Posted by Advanced Accounting & Tax Planning on 07/25/2019
One of the greatest advantages intra family loan has is that it can be a simple and effective wealth transfer strategy. It helps parents provide a financial resource to their children...
The reason why various types of spousal support were created is due to the increasing rate of divorce in America. Generally, whoever has the highest-earning income is required...
Posted by Advantage Tax Service on 07/23/2018
11.3.2[a] Article XI(1) – Residence – based Jurisdiction to TaxParagraph 1 of the Article preserves the right of a Contracting State to tax income earned by its residents,...
Posted by The Accounting and Tax on 06/25/2018