education and learning
Does a 20 year old dependent have to file taxes?
Beginning in 2018, a minor who may be claimed as a dependent has to file a return once their income exceeds their standard deduction. For tax year 2020 th...
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science and technology
Are there any tax penalty relief for 2018?
The IRS provided penalty relief for certain taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax l...
culture and society
Can you set up an IRA by yourself?
You can set up an IRA at almost any bank, brokerage, or other financial institution. All it takes is your signature on the paperwork and a check for your ...
data and analysis
Can pension distributions be rolled over?
Yes! According to IRS publication 575, if faced with a lump-sum distribution, you are able to roll over into a Traditional IRA or 401(k) and face no tax o...
civics and society
Can you have a Schedule C with no income?
During a year with no income and no expenses, you generally don’t need to file Schedule C. If you have no income but did have expenses, you may be eligibl...
science and technology
What should I do if I owe money to the IRS?
Taxpayers in this situation should pay what they can and consider a payment plan for the remaining balance. Taxpayers who owe taxes can choose among the f...
environment and climate
Does marital status affect w2?
The W-4 status and the filing status on your tax return are not related. On your tax return just file with the proper status, Married Filing Jointly, sinc...
news
When would you use a general partnership?
A general partnership is an unincorporated business, which means that you don’t need to register your business with the state in order to legally operate....
news
Is it too late to enter information for stimulus check?
The federal tax filing deadline has been extended to May 17 this year. If you miss that date, you can still claim any missing stimulus check money by fili...
global affairs
How to register a business name in Wyoming?
Anyone wishing to form or register a business entity that has not previously been registered with the Wyoming Secretary of State. How do I choose a compan...
science and technology
Can you deduct mortgage interest on Schedule A and Form 8829?
You can still claim allowable home-related deductions (like mortgage interest and real estate taxes) on Schedule A. However, you can not deduct for home d...
global affairs
What is the due date for 2019 taxes with extension?
Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15. The IRS reminds taxpayers filing F...
civics and society
Do I have to report short term disability income on my taxes?
No, your short-term disability insurance is not tax-deductible. Because the IRS doesn’t consider your short-term disability insurance premiums as a medica...