media and communication
Does TurboTax do C Corp?
This will be the first year of filing taxes for the business. For a C-Corp, you must use TurboTax Business (different from Home & Business). You can p...
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media and communication
How do I get a refund from American Opportunity Credit?
To claim the full credit, your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly). You receive a ...
news
How do I remove failure to file penalty?
Relief from IRS penalties Taxpayers can request relief from penalties. For the failure to file or pay penalty, taxpayers can request that the IRS “abate” ...
culture and society
Do you have to pay tax on rental income?
Generally, the payments you get from renting out property are income. You need to pay tax on rental income in the year it’s earned. It’s also important to...
education and learning
Can the IRS seize your 401K?
The general answer is no, a creditor cannot seize or garnish your 401(k) assets. 401(k) plans are governed by a federal law known as ERISA (Employee Retir...
civics and society
When do divorced parents alternate claiming dependents on tax?
The cycle continues until the child leaves the nest and is no longer dependent on his parents for support. If you have an even number of children, such as...
education and learning
How can NJ tax income earned by a NJ nonresident?
If you were a resident of New Jersey for part of the tax year, earned income here, and also received income from a New Jersey source while a nonresident o...
education and learning
Where can I get Form 1099-HC Ma?
This form is provided by your health insurance carrier and not the GIC. To download an electronic copy of your Form 1099-HC, you may sign into your medica...
science and technology
Does a close corporation pay tax?
CLOSE CORPORATIONS AND TAX A Close Corporation is a seperate legal entity and must register for Income Tax and can register for VAT. Do C corps get tax re...
global affairs
Should I live in Maryland or Delaware?
Delaware is a better state to retire compared to Maryland. Delaware is more tax-friendly, less heavily populated, and surrounded by peaceful retreats (inc...
health and wellbeing
How do you calculate Unrecaptured Section 1250 Gain?
Since the property has sold for more than the basis that had been adjusted for depreciation, the unrecaptured section 1250 gains are based on the differen...
media and communication
Do you have to live in California to work for the state of California?
The “simple” answer to the question is, yes, you can work in California without being considered a resident. However, generally, you are still required to...
health and wellbeing
Why is my tax refund different than my return?
Why is my refund different than the amount on the tax return I filed? All or part of your refund may have been used (offset) to pay off past-due federal t...