data and analysis
How much money can you make in a year without reporting it?
Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments. Do you repo...
Category: Data And Analysis
data and analysis
Can you be carried forwarded for set off even though the return of loss has not been filed before the due date?
Although the loss of the current year cannot be carried forward unless the return of loss is submitted before the due date but the loss of earlier years c...
data and analysis
Do I file taxes if I had no income?
If you didn’t earn any income in the last tax year, you’re not obligated to file a tax return. If you had very low or no income last year and are not requ...
data and analysis
Can you switch MFS to MFJ?
After the filing deadline, you CANNOT amend your filing status from MFJ to MFS. When changing from MFS to MFJ, select the taxpayer you’d like to be the pr...
data and analysis
Is TurboTax considered self prepared?
No, you do not sign as a paid tax preparer. Your return prepared on TurboTax software is “Self-Prepared.” Where do I put my self-employment income on Turb...
data and analysis
Can retired military live in another country?
Did you know that as a military retiree you are eligible to live anywhere in the world? In fact, the government may even pay you to retire overseas! There...
data and analysis
Is everyone subject to backup withholding?
Most people are not subject to federal backup withholding. The IRS notifies taxpayers if they are subject to backup withholding. Any of the following reas...
data and analysis
What is the ownership of a partnership?
Business partnerships – an arrangement where two or more individuals share the ownership of a business. There are two main types of partnership: general p...
data and analysis
Can you use a business truck for personal use?
Should I Buy an Automobile Out of My Personal Budget or as a Business Expense? If you have decided to have your business purchase a car or truck, ensure t...
data and analysis
What happens at tax time when you sell a house?
Typically, when you sell an asset you must pay capital gains tax (CGT) on any profit made on the sale. The tax law provides an automatic exemption for any...
data and analysis
Is my IRA contribution deductible on my tax return?
Deducting your IRA contribution Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by...
data and analysis
Do you need a tax calculator for your 2019 tax return?
This 2019 Tax Calculator will help you to complete your 2019 Tax Return. You can no longer eFile your 2019 Tax Return. You can load the tax forms you need...
data and analysis
What is the benefit of claiming a dependent in 2020?
The child tax credit is worth up to $2,000 for the 2020 tax year, for those who meet its requirements. Having dependent children may also allow you to cla...