Reading Time: 8 minutes Welcome to our tax blog, where we delve deep into the intricacies of the United States tax system. In this article, we will demystify one particular aspect of taxation: excise tax. Often overlooked amidst discussions of income and property taxes, the excise tax is an essential component of the US tax framework. Join us as […]
Reading Time: 8 minutes As citizens, we have a shared responsibility to support the welfare of our society, especially during times of financial need. One way this responsibility is upheld is through the implementation of the Social Security system, which provides a safety net for retirees, disabled individuals, and survivors. Funding this crucial program relies on the Social Security
Reading Time: 7 minutes Taxation is an essential aspect of any society, funding vital government programs and services. Among the various taxes levied, Medicare tax holds significant importance as it directly contributes to the healthcare system in the United States. In this comprehensive guide, we will delve into the intricacies of Medicare tax, its purpose, calculation, and implications for
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Reading Time: 7 minutes Taxes are integral to our society, fueling public infrastructure, healthcare, and social welfare programs. One type of tax that directly impacts both employers and employees is the payroll tax. Payroll taxes play a vital role in funding government initiatives and social security systems. In this article, we will delve into the intricacies of payroll tax,
Reading Time: 8 minutes Welcome to our tax blog, where we strive to unravel the complexities of the tax world and provide valuable insights to our readers. In this article, we delve into the realm of Goods and Services Tax (GST), a significant tax reform implemented in many countries across the globe. Join us as we demystify the intricacies
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Reading Time: 8 minutes In today’s world, where social responsibility and philanthropy are gaining more prominence, charitable donations have become an integral part of many people’s lives. Not only do these acts of generosity help those in need, but they also come with several tax benefits. Understanding the intricacies of taxation and charitable donations can empower individuals to make
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Reading Time: 9 minutes If you are an investor, you may have heard of the term “capital gains tax.” But what is it exactly, and how does it work? In this article, we will explore the basics of capital gains tax, including what it is, how it is calculated, and how it can impact your investments. What is Capital
Reading Time: 7 minutes Digital currencies, also known as cryptocurrencies, have been gaining popularity in recent years due to their decentralized nature and potential for anonymity. However, their tax implications are often misunderstood or overlooked. In this article, we will explore the tax implications of digital currency and what you need to know. Digital currency is treated as property
Reading Time: 8 minutes As the gig economy continues to thrive, more and more individuals are becoming self-employed. While this can be a great way to work on your terms and pursue your passions, it also comes with its own set of financial responsibilities. One such responsibility is paying self-employment tax. Self-employment tax is a tax that individuals who
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Reading Time: 9 minutes The world of international taxation is about to experience a major shift. After years of debate, the Organisation for Economic Co-operation and Development (OECD) announced in July 2021 that 130 countries agreed on a global minimum tax rate framework. This is a significant milestone, as it represents a united effort to prevent multinational corporations from
Reading Time: 8 minutes Instagram is one of the most popular social media platforms, and its popularity has skyrocketed over the years. With the rise of influencers, many people are now making a considerable amount of money from Instagram. However, the question is, how do you tax income from Instagram? In this article, we will provide you with a
Reading Time: 7 minutes As YouTube has become a popular platform for content creators to share their videos, many have sought to monetize their channels to generate income. However, with monetization comes taxation, and YouTube monetization taxation is a topic that many creators may not fully understand. In this article, we’ll provide an overview of YouTube monetization taxation and
Reading Time: 7 minutes As a tax professional, the most common question I get asked is about the child tax credit. The Child Tax Credit is a credit available to families with children under the age of 17. This is an opportunity to significantly reduce your tax bill or guarantee a refund for you. In this article, we will
Reading Time: 8 minutes One of the most frequently asked questions to the IRS is whether a gift received by someone is taxable. The answer is not always straightforward, as it depends on several factors, including the value of the gift, the relationship between the giver and recipient, and the purpose of the gift. In this article, I’ll talk
Reading Time: 8 minutes One of the most common questions we get is, “What income is taxed, and how?” It’s a great question and one that has a lot of nuance to it. So, in this article, we’ll break down the types of income that are taxable and provide an overview of how the tax process works. First things
Reading Time: 6 minutes Income tax in China is considered a necessary moment for individuals and legal entities working in the country. Any employee is required to understand the rates and features of income tax. In this article, I will talk about the income tax in China and all the significant indicators for this tax. Income tax in China
Reading Time: 10 minutes Import and trade in goods from China attract many who want to do their own business. But before you start, it’s worth figuring out if it’s worth it. After all, trade in goods from China is not only income but also specific taxes. In this article, I will provide you with a comprehensive overview of
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Reading Time: 7 minutes Do not be surprised! Yes, China has a carbon tax. This is very important because today the inhabitants of all countries have to worry about the nature around them. Because we need to save nature for future generations. And China is one of those countries that are primarily concerned about this. In this article, I
Reading Time: 7 minutes What is vehicle taxation? A vehicle taxation is a form of indirect tax levied on the ownership or use of vehicles. The purpose of vehicle taxation is to generate revenue for the government and encourage the use of more environmentally friendly modes of transport. In most countries, vehicle taxation depends on a variety of factors
Reading Time: 7 minutes What are M&A deals? Mergers and acquisitions (M&A) transactions refer to the process of combining two or more companies into one enterprise. This process may involve the merger of two equal companies, the acquisition of one company by another, or a combination of both. Mergers and acquisitions are common methods used by companies to achieve
Reading Time: 7 minutes Is sports betting legal in the US? Sports betting has been a hot topic in the United States in recent years, and many states now offer legal sports betting options either online or in brick-and-mortar locations. However, the legality of sports betting can be confusing as the laws and regulations regarding taxes on sports betting
Do I have to pay taxes on sports betting in the US? Read More »
Reading Time: 5 minutes A digital nomad is a person who travels freely around the world without interrupting his work. He may have customers from two or three states, and live in the fourth, be an employee or business owner. That is why it is so important for them to know about taxes for digital nomads. A digital nomad
Reading Time: 5 minutes The essence of US taxation Basic taxes in the USA is three-tiered. Taxation operates at the federal, state, and local levels. Taxes are levied on income, wages, sales, property, dividends, imports, etc., as well as various fees. In the US, there is a high degree of decentralization of government, so federal and state taxes are
Reading Time: 5 minutes The essence of US income tax An US personal income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by
