50-State Guide to Business Income Tax
Most states tax at least some types of business income derived from the state. In most states, corporations are subject to a corporate income tax while income from “pass-through entities” such as S corporations, limited liability companies (LLCs), partnerships, and sole proprietorships is subject to a state’s tax on personal income.
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50-State Guide to Forming an LLC
While its not difficult to form a limited liability company ("LLC"), the rules for how it must be done vary state by state. To find out the requirements for forming an LLC in your state, choose your state from the list below.
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Avoiding Capital Gains Tax When Selling Your Home: Read the Fine Print
If you sell your home, you may exclude up to $250,000 of your capital gain from tax or up to $500,000 for married couples.You probably know that, if you sell your home, you may exclude up to $250,000 of your capital gain from tax.
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Can a Tax Refund Affect SSI Eligibility?
I think I may get a tax refund this year because I had to quit working last year due to my disability. Is this going to cause my SSI payments to stop?
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Can employers accept a receipt for a replacement document for I-9 purposes?
Do I have to terminate her employment and rehire her once she gets the documents, or can she work while she waits for the documents?
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Can my husbands ex and I share the same last name without problems?
I am getting married; my first time, his second. I will be taking his name when we marry. Will there be any problems if his ex keeps her married name, too? We dont have the same first name.
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Canceled Mortgage Debt: What Happens at Tax Time?
The Mortgage Forgiveness Debt Relief Act gives some taxpayers a break.
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Choosing a Fiscal Year for Your Business
All businesses are required to pay taxes and keep accounting records year by year. You automatically choose your tax year when you file your tax year when you file the first tax return for your business. After that, you have to get IRS permission to change.
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Claiming an Unmarried Partner as a Dependent on Your Tax Return
To claim tax benefits for your dependent partner, there are fivetests your partner must pass.
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Current vs. Capital Expenses
Tax rules cover not only what expenses can be deducted but also when in what year they can be deducted. Some types of expenditures are deductible in the year they are incurred but others must be taken over a number of future years.
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Deducting Medical Home Improvements
Ordinarily, you cannot deduct the cost of permanent improvements to your home. But these is an important exception: such improvements can be deductible as a medical expense. However, changes brought about by the Tax Cuts and Jobs Act (TCJA) make it harder for most taxpayers to deduct these expenses than in the past.
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Deducting Organizational Costs for Single-Member LLCs
Many people who start one-owner businesses form single member limited liability companies (LLCs) to own and operate the business. Single-member LLCs are legal in every state. However, for tax purposes they are “disregarded entities”—this means that a single-member LLC is treated the same as a sole proprietorship unless the LLC owner elects to have the LLC treated as a corporation (which is rare).
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Deducting Repairs to Your Home Office
If you have an office in your home that qualifies for the home office deduction, you’ll be able to deduct a variety of home expenses. These include not only a portion of your rent or mortgage payments and utilities, but some home repairs as well.
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Deducting Your Property Taxes
If youre a homeowner, you almost certainly have to pay property taxes. These are local taxes based upon the assessed value of your home. The more your home is worth, the more youll have to pay. Fortunately, property taxes are deductible from your federal income taxes. However, the Tax Cuts and Jobs Act imposed new limitations on this deduction.
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