updates
Can a creditor write anything on a 1099-C?
Creditors, not the IRS, send 1099-Cs. They can write whatever they want on that form. Therefore, if you do not agree with the amount listed on the form, y...
Category: Updates
updates
Who is the employer of a company?
More specifically, an employer is an organization, institution, government entity, agency, company, professional services firm, nonprofit association, sma...
updates
What is not included on income statement?
The operating section of an income statement includes revenue and expenses. The non-operating section includes revenues and gains from non-primary busines...
updates
Can you draw Social Security and widows benefits at the same time?
Social Security allows you to claim both a retirement and a survivor benefit at the same time, but the two won’t be added together to produce a bigger pay...
updates
How do I gift my children tax-free?
Annual Gift Tax Limit As of 2018, you may give each of your children (or other recipients) a tax-free gift of money up to $15,000 during the tax year. You...
updates
Can a retired person open an IRA account?
You are eligible to open an IRA if you are retired. That being said, you can no longer contribute to a traditional IRA once you reach the age of 70 1/2. D...
updates
What is the inclusion rate for capital gains?
The inclusion rate for capital gains is 40% for individuals. This means that 40% of the gain (i.e. R 60 000 x 40% = R 24 000) is added to Sarah’s taxable ...
updates
Can I keep my HELOC if I refinance?
Once you take out a HELOC, you may have to get approval from your HELOC lender in order to refinance your first mortgage loan. HELOC lenders can refuse to...
updates
How to report a RMD failure to the IRS?
VCP Forms – To report an RMD failure, you may complete IRS Form 14568-H, Model VCP Compliance Statement PDF – Schedule 8: Failure to Pay Required Minimum ...
updates
Does 1098-t include scholarships?
BOX 5 of IRS Form 1098-T reports the total of scholarships or grants administered or processed by the Office of Student Accounts and/or the Office of Stud...
updates
Can I intern in the US with a F-1 visa?
You must show that you are able to support yourself while in the US and that you are enrolled in school. After a full school year (typically 9 months), an...
updates
Does PA have a reciprocal agreement with NJ?
NJ Income Tax – PA/NJ Reciprocal Income Tax Agreement Compensation paid to Pennsylvania residents employed in New Jersey is not subject to New Jersey Inco...
updates
Do clergy have to pay federal taxes?
Regardless of whether you’re a minister performing ministerial services as an employee or a self-employed person, all of your earnings, including wages, o...
