updates
Can You claim your elderly parents on your taxes?
Their gross income does include, however, dividends, capital gains from the sale of stock, interest earned in a bank account and other passive investments...
Category: Updates
updates
Are investment advisory fees deductible for partnerships?
212, the advisory fees and other investment expenses of the fund are now no longer deductible to fund investors that are individuals or similarly taxed en...
updates
What does total payment deductions mean?
Total Deductions: The total of both your before-tax deductions and after-tax deductions withheld from your pay. Net Pay: Your gross earnings minus your to...
updates
Is starting a podcast a business?
Or you can start a podcast as a home business. The challenge for many who are interested in starting a profitable podcast is that technical know-how and l...
updates
What does it mean to invest in a restaurant?
A restaurant investor is a person or business that puts money into a restaurant concept, helping to start or maintain a business. Restaurant investors giv...
updates
Do dual citizens have to file FBAR?
Dual citizens, along with all other “United States persons”, must file a Report of Foreign Bank Accounts, also known as an FBAR, if the aggregate value of...
updates
How to report royalty income on 1099-MISC?
Select New and who the 1099-MISC belongs to (taxpayer or spouse). Complete the appropriate information for the Payer such as Name, Address and EIN. Enter ...
updates
Why did so many Polish move to Chicago?
These Polish immigrants came to Chicago as a result of the imposition of martial law in Poland (1981) and the decade-long struggle to bring democracy to t...
updates
Can you take an RMD while still working?
Yes, even if you continue working past age 72,* you have to take an RMD from your IRA. However, you may qualify for an exception from taking RMDs from you...
updates
What kind of income is reported on 1099-R?
A 1099-R form, called the “Distributions From Pensions, Annuities, Retirement, or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.” There are a numbe...
updates
Can you claim your dog as a dependent on your taxes?
Even though pet parenting might feel like a full-time job, sadly, the IRS doesn’t allow you to claim pets as dependents on your tax returns. How do I writ...
updates
Is deferred compensation reported on 1099?
Under the new reporting forms, the nonqualified deferred compensation plan distributions in tax year 2020 should be reported on Form 1099-NEC, Box 1, as t...
updates
What if I worked in New York state but live in another state?
If I live in New York but work in another state, am I taxed twice? A person who lives in one state but works in another may have tax liability in both sta...
