science and technology
Who is classified as a non resident alien?
Students and teachers are often classified as non-resident aliens in the early years of their U.S. stay. For more details on these definitions, see IRS Pu...
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health and wellbeing
Can you remarry in the year of your spouses death?
Remarriage If you remarry in the year of your spouse’s death, you can’t file jointly with your deceased spouse. However, you can use married filing jointl...
media and communication
What does lived abroad mean?
Use abroad when you are talking about going to or from a place across an ocean. Abroad really just means in a different country, but it is almost always u...
media and communication
How much is mortgage for every 100k?
In most instances, for every $100,000 of purchasing power your total principal interest taxes and insurance payment changes by $600 per month. Simply put ...
culture and society
Do you pay tax on company dividends?
You do not pay tax on any dividend income that falls within your Personal Allowance (the amount of income you can earn each year without paying tax). You ...
science and technology
How do you record a capital dividend?
Accounting for Cash Dividends When Only Common Stock Is Issued. The journal entry to record the declaration of the cash dividends involves a decrease (deb...
science and technology
How many employees does an S Corp have?
It is taxed on a pass-through basis, meaning it doesn’t pay taxes in its own right. In principle, an S corporation can have no employees. However, in prac...
environment and climate
Where does 1099-R income go on 1040?
You’ll most likely report amounts from Form 1099-R as ordinary income on line 4b and 5b of the Form 1040. The 1099-R form is an informational return, whic...
culture and society
Which is a correct sentence?
Subject-Verb Agreement. In order for a sentence to be grammatically correct, the subject and verb must both be singular or plural. In other words, the sub...
science and technology
What is an ESOP allocation?
ESOPs are a highly-tax-favored way for employees to share ownership in their company through a trust fund. ESOPs allocate shares to each eligible employee...
news
How do I file taxes when married and spouse is not working?
Don’t claim the nonworking spouse as a dependent of the working spouse. Simply put, the IRS doesn’t allow this. Nice try, though. File your taxes as you n...
media and communication
How do I opt out of TurboTax Deluxe?
Is there a way to remove TurboTax Deluxe without starting over? From the menu on the left, click Tax Tools. Choose Clear & Start Over. Confirm. You ma...
global affairs
Is 5K 5km?
The 5K run is a long-distance road running competition over a distance of five kilometres (3.107 mi). Also referred to as the 5K road race, 5 km, or simpl...