4 Answered Questions for the topic Income Tax

04/12/19

Deducting interest on a loan to repair a rental property?

I own and rent out an apartment in a building that needs extensive repairs. The body corporate has broken the levy for the repairs into six payments. For the first three payments, last tax year,... more

04/02/19

Consider Paypal fees in accounting?

I'm a freelancer. I sent an invoice to my client (using InvoiceBubble.com), which he decided to pay via Paypal. Paypal took a fee. How do I take this fee in consideration for my accounting? I... more

03/19/19

What tax year does my income get assigned to if my client sends the payment in December but I receive it in January?

Suppose I did some contracting in December, my client puts a check in the mail in December, and I receive it and cash it in January. Does my income count for December or January?

01/16/17

How to calculate how much to add to a number, then subtract 20% to get to the original number

I get an allowance for travel at my work. New rules says it is now taxable. My work says they will increase my allowance by 20%, I don't agree. Example, current allowance is $1000.00. The tax is... more

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