news
When can you take suspended losses?
Deducting Suspended Losses When You Sell Property The tax rules provide that you may deduct your suspended passive losses from the profit you earn when yo...
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data and analysis
What expenses can you claim as a contractor?
If you’re in business, including self employed or working as a contractor, you may be able to claim expenses like your home office, your car, depreciation...
culture and society
When to file an amended state tax return?
But if you think you will need to file an amended state tax return due to the unemployment tax break, you might be better off waiting until you receive co...
culture and society
What happens if my husband files a fraudulent tax return?
If convicted, he faces fines and, possibly, incarceration. If the fraudulent return causes you to owe money or lose your refund, you can file Form 8857 to...
science and technology
What happens to a 529 account when the owner dies?
If the owner of a 529 account dies, the value of the 529 account will not usually be included in his or her estate. Instead, the value of the account will...
data and analysis
Do I have to include my husbands income for student loan repayment?
Your spouse’s income is included in calculating monthly payments even if you file separate tax returns. However, a borrower may request that only his/her ...
education and learning
How much does a car depreciate per year?
Your car’s value decreases around 20% to 30% by the end of the first year. From years two to six, depreciation ranges from 15% to 18% per year, according ...
media and communication
Can I open LLC in USA from India?
Any Indian or foreign national can set up either C-Corporation (Company) or LLC (similar to that of LLP) in USA. There is no restriction on the number of ...
news
Are there annual fees for an S Corp?
The annual tax for S corporations is the greater of 1.5% of the corporation’s net income or $800. Note: As of January 1, 2000, newly incorporated or quali...
culture and society
When do you start receiving distributions from your 401k?
Calendar year in which you reach age 72 (70 ½ if you reach age 70 ½ before January 1, 2020) Calendar year in which you retire. However, a plan may require...
global affairs
How to get a copy of your prior year tax information?
If the return was filed and accepted, log into the account and click on the Prior Years tab. Select the tax year you wish to access and click on Access Re...
education and learning
How do I change my waiting call settings?
Find and tap Phone. Tap the menu button (three vertical dots), then tap Settings. Tap Calls > Additional settings. Tap the switch beside Call waiting t...
media and communication
When do you have to file as Head of Household?
The IRS will consider you married and require you to file as married if you only divorced for tax purposes and remarried your spouse in the following tax ...