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When can I file my Virginia state taxes?
The 2020 Virginia State Income Tax Return for Tax Year 2020 (Jan. 1 – Dec. 31, 2020) can be e-Filed together with the IRS Income Tax Return by April 15, 2...
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media and communication
Are tax credits still available for solar panels?
The federal residential solar energy credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of a solar photovolta...
global affairs
How are Schedule K-1 partnership withdrawals and distributions taxable?
Are Schedule K-1 Partnership Withdrawals & Distributions Taxable Income? Schedule K-1 is a tax form that a partnership generates to report a partner’s...
media and communication
How do I apologize for sending a document late?
Dear Sir/Madam, I would like to formally apologize for the late submission of documents for [enter purpose of submission]. I failed to submit them on the ...
global affairs
What happens when you take a loan from your 401k?
When you borrow money from your 401(k), you are taking out a loan. Just like an auto loan or a home loan, this means you promise to pay back what you borr...
science and technology
Where do I report rental income on Form 1040?
If you rent real estate such as buildings, rooms or apartments, you normally report your rental income and expenses on Form 1040 or 1040-SR, Schedule E, P...
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Are options taxed like stocks?
When you sell stock you’ve acquired via the exercise of any type of option, you might face additional taxes. Just as if you bought a stock in the open mar...
environment and climate
Can you amortize purchased goodwill?
Goodwill can be amortized over 10 years or less, in which case the impairment test is simplified in addition to being trigger-based. In 2016 the FASB laun...
science and technology
Can you have a Keogh and a 401k?
Investing in a Keogh As with a 401(k), you can defer taxes on the money you invest in a Keogh until retirement. You can begin taking distributions at age ...
data and analysis
Should you sell stock before or after earnings?
Earnings Season and How to Handle It Earnings season: It happens every quarter, like clockwork, yet many investors still get surprised by it. Option 1: Ig...
education and learning
What is the Cares Act for small businesses?
The CARES Act provided $10 billion to fund cash grants for small businesses and nonprofits. The Coronavirus Relief Bill provides an additional $20 billion...
news
What type of business organization is personal chef?
Form an LLC: instead of going the sole proprietor route, personal chefs should form an official business entity and submit articles of organization to the...
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How do I fill out a W-2 for my employee?
How to fill out Form W-2 Box A: Employee’s Social Security number. Box B: Employer Identification Number (EIN) Box C: Employer’s name, address, and ZIP co...