data and analysis
Are unreimbursed employee expenses still allowed?
The Tax Cut and Jobs Act (TCJA) eliminated unreimbursed employee expense deductions for all but a handful of protected groups. The TCJA restriction lasts ...
Category: Data And Analysis
data and analysis
Do businesses have to withhold taxes?
Employers generally must withhold federal income tax from employees’ wages. You must deposit your withholdings. The requirements for depositing, as explai...
data and analysis
How is the rent decided?
The rent is mostly determined on the value of the lease, which is again determined by location, property type, size, fixtures and condition of the propert...
data and analysis
Which is the charge paid on borrowed money?
Interest is the price you pay to borrow money from someone else. If you take out a $20,000 personal loan, you may wind up paying the lender a total of alm...
data and analysis
Who can claim Qbi on their tax return?
Who can claim the QBI deduction? Let’s start out easy. If your 2020 taxable income is less than $329,800 as a married filing jointly (MFJ) taxpayer or $16...
data and analysis
Who Must File IL 990?
If the organization has more than $25,000 in gross revenue and assets, they must file Form AG990-IL with a copy of their IRS Return or Report (IRS 990, 99...
data and analysis
Do I need to file an injured spouse form this year?
The form will be filed with your 2020 Tax Return, due April 15, 2021. Only the injured spouse needs to sign the form and be sure you include your tax form...
data and analysis
How does social security work if you have earned income?
For every $2 above the earned income limit, Social Security will hold back $1 in benefits. This benefit reduction is collected by the Social Security Admi...
data and analysis
What kinds of taxes are included in the retail prices of the goods and services?
Understanding a Consumption Tax Examples of consumption taxes include retail sales taxes, excise taxes, value-added taxes, use taxes, taxes on gross busin...
data and analysis
What are the numbered lines on form 4562?
Many of the numbered lines on Form 4562 are self-explanatory. However, we’ll pick apart any lines that are likely to trip you up. You can clear up any fur...
data and analysis
How much does an employee have to make before issuing a W-2?
If you made more than $600, your employer should send you a W-2 form. Employers have to issue each employee who earned at least $600 a W-2 form each year....
data and analysis
What kind of taxes do you do as an accountant?
Preparation of monthly or quarterly sales tax, gross receipts tax, premiums tax, and other returns. Preparation of US federal, state, and Canadian income ...
data and analysis
How do I report babysitting income?
Any self-employed income you receive from babysitting – in excess of a net $400 per tax year – must be reported at tax time on Form 1040, Schedule C or Sc...