news
Can a spouse be a sole proprietor of a business?
Such a spouse is also ordinarily treated as a sole proprietor if he or she forms a one-owner limited liability company (LLC) to run the business. The fact...
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news
How do you set up a sinking fund?
How to Create a Sinking Fund Step 1: Decide what you’re saving up for. Let’s pretend you’re starting a sinking fund for Christmas. Step 2: Decide where yo...
science and technology
What makes an S corporation A S corporation?
S Corporations. An S corporations structure also protects business owners’ personal assets from any corporate liability and passes through income, usually...
civics and society
Is being scammed tax deductible?
A personal casualty loss (including a theft) is deductible if you itemize deductions. The measure of a casualty loss is the fair market value before the c...
media and communication
Can you 1099 an employee bonus?
In short, employee bonuses are always taxable as employee benefits and are therefore subject to employment taxes. If the recipient is an employee, the emp...
civics and society
Is w4 different for 2020?
The IRS overhauled the process for determining how much federal income tax to withhold from an employee’s paycheck. As part of the fix, there’s a new Form...
health and wellbeing
What does it mean to claim your inheritance?
If you have no living relatives, your estate becomes state property. So, if you have a relative who passed away without a Last Will, you could be entitled...
data and analysis
Does my business have to file taxes if it made no money?
Corporation owners must file Form 1120, U.S. Corporation Income Tax Return. If you had no income, you must file the corporation income tax return, regardl...
media and communication
What is the difference between a trust and a grantor trust?
A grantor trust is a trust in which the individual who creates the trust is the owner of the assets and property for income and estate tax purposes. Grant...
global affairs
Why do some married couples file separate tax returns?
Separate returns may give you a higher tax. Some married couples file separate returns because each wants to be responsible only for his or her own tax. T...
education and learning
What percentage of income should you pay for quarterly taxes?
So to figure what percent you should pay each quarter, make a projection of a full year’s taxable income for all your activities, figure the taxes you wil...
environment and climate
Do you have to file taxes if your partnership has no income?
Many partnerships can avoid taxes if they make no money. If you are involved in a partnership that is just getting off the ground, it might not have any i...
health and wellbeing
Can a business make payments to the IRS?
The IRS offers several options, including extensions to pay and payment plans. Businesses that are in financial hardship should consider special IRS progr...