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: 7 minutes As the world changes, so do the tax codes that govern our finances. The tax code for 2022-2023 is no exception. This new tax code brings many changes, some of which will affect you directly. In this article, we will examine some of the most significant changes to the tax code for 2022-2023. 1. Higher
Reading Time: 9 minutes IRS Form 1116 is a tax form used by individuals and corporations to claim a credit for foreign taxes paid on income that is subject to both U.S. and foreign taxes. In other words, if you earn income from a foreign country that is subject to taxes in both the U.S. and the foreign country,
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: 4 minutes A tax is a legally established mandatory, individually executed monetary payment, which is periodically collected from legal entities and individuals to finance the activities of the state. It is collected and paid only in cash. This means that it is impossible to pay tax in goods, products and other tangible and intangible equivalents. All taxes
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
Reading Time: 7 minutes In Germany, every citizen of society pays taxes. Since residents are aware that this is the most important source of income for the state, thanks to which it performs its functions for citizens. The budget needs and much more are paid from the state treasury. Without tax revenues, the state would not be able to
Reading Time: 7 minutes A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and taxes compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers
