If you have a unique situation, maybe is not so easy to determine your filing status. If, for example, you have been widowed during the tax year and not remarried, you may file as married with your deceased spouse, and then file as a widow with dependents qualify for the next two years, as long as you do not get married again. If you got married back in the tax year your spouse dies, you will file as married with spouse present, and files with your deceased spouse as married filing separately. View Full Article »
Category: Tax
Knowing how to determine your tax status and to know the difference between each group will help to make filing your income tax return went smooth. Here we will discuss ways in which you determine the status of the file below. There are five classifications from which you choose to file: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. If for some reason, more than one status applies to you, you must select a status that gives the biggest tax benefits. View Full Article »
As a sales representative, I am required to travel frequently in the course of my duties. My employer reimburses me $500 each month for the uses of my E-plated car for business purposes. Am I entitled to claim a deduction on the car expenses incurred by me? Are there any order income tax implications? Generally, in respect to salon cars only expenses incurred on Q-plated cars are deductible. The $500 payable by your employer can be viewed from two angles: Round sum allowance at $500 p.m. The amount would be taxable on you with no deduction for car expenses as the car in question is not a Q-plated car. However, the company would enjoy a tax deduction; the payment being additional remuneration payable without any reference to your transport expenses. View Full Article »
