updates
How do you record an installment sale?
You record the sales price in the asset account “installment accounts receivable” and in the temporary revenue account “installment sales.” At the same ti...
Category: Updates
updates
Can a company claim tax deduction for donation?
Can companies donate? Absolutely. Just as individuals can claim donations as a tax deduction, businesses can claim gifts to charity – as long as it is a c...
updates
Are health insurance premiums reimbursed by employer taxable income?
Taxability of Reimbursements to Employees If an employee pays the premiums on personally owned health insurance or incurs medical costs and is reimbursed ...
updates
Can appraisers be self employed?
Get Approved. After 2000 hours of experience, you can become a certified residential real estate appraiser. This is where you can work for yourself, contr...
updates
When Should stock be sold?
There are generally three good reasons to sell a stock. First, buying the stock was a mistake in the first place. Second, the stock price has risen dramat...
updates
What is joint ownership of a home?
Joint tenants means that both owners own the whole of the property and have equal rights to the property. If one owner dies the property will pass to the ...
updates
What is the limitation on business interest expense?
The TCJA imposed a limitation for business interest expense based on 30 percent of a taxpayer’s taxable income (with certain adjustments as discussed belo...
updates
Can you deduct 529 contributions from Pa taxes?
Pennsylvania taxpayers can deduct up to $15,000 in contributions to 529 plans per beneficiary per year, or $30,000 if married filing jointly, assuming eac...
updates
Am I self-employed if I am a subcontractor?
If you are a self-employed subcontractor, before you are first paid on a new job the contractor you are working for will ask you for your address and your...
updates
Where can I get IRS tax return forms?
You can access forms and publications on the IRS website 24 hours a day, seven days a week, at Taxpayer Assistance Centers. There are 401 TACs across the ...
updates
Does Healthcare Gov automatically renew?
If you enrolled through Healthcare.gov or your state exchange, you will be auto-enrolled in a plan that is similar to your 2020 selection. If you enrolled...
updates
What is SSA tax?
Social Security taxes fund the retirement, disability, and survivorship benefits that millions of Americans receive each year from the Social Security Adm...
updates
What happens to property owned before marriage in PA?
Assets acquired before marriage are separate property. For example, if one spouse owned a car before the marriage, the car belongs to that spouse separate...
