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An investment normally counts as a cash equivalent when it has a short maturity period of 90 days or less, and can be included in the cash and cash equivalents balance from the date of acquisition when it carries an insignificant risk of changes in the asset value. If it has a maturity of more than 90 days, it is not considered a cash equivalent.
Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of property. Income taxes are now the largest source of revenue for the State government, accounting for approximately 38% of total state revenue - 32% from individuals and 6% from corporations.
Jurisdictions imposing property tax uniformly charge some official with determining value of property subject to tax by the jurisdiction. [37] This official may be an employee or contractor to the taxing government, and is generally referred to as the tax assessor in most jurisdictions. Some taxing jurisdictions may share a common tax assessor ...
Here's what to know about the homestead exemption in Oklahoma including manufactured housing. What you need to know to file for a homestead exemption to save on property taxes in Oklahoma Skip to ...
Tax benefits: If you itemize deductions your tax returns, you might be able to deduct the interest on home equity loans or lines of credit, provided the money is used to “buy, build or ...
The most common ways to tap your equity are via a home equity loan or home equity line of credit (HELOC). Purchasing property with home equity can be cost-effective and make you a more competitive ...
The Doctrine of Cash Equivalence states that the U.S. Federal income tax law treats certain non-cash payment transactions like cash payment transactions for federal income tax purposes. [1] The doctrine is used most often for deciding when cash method (as opposed to accrual method ) taxpayers are to include certain non-cash income items.
Myth #2: You can access 100% of your home’s equity with a home equity loan or a HELOC. Unfortunately, very few lenders will finance a loan for 100% of your home equity.