education and learning
What is EIN number for self employed?
An Employer Identification Number, or EIN, is a nine-digit number issued by the IRS and used by self-employed individuals for certain tax or business purp...
Category: Education And Learning
education and learning
Can a disabled person be a power of attorney?
The person who is appointed to make financial decisions is called the attorney. A person (adult or a child) with intellectual disability may appoint an at...
education and learning
Can children collect parents SSI?
When you start receiving Social Security retirement or disability benefits, your family members also may be eligible for payments. If you are a parent, ca...
education and learning
Do you have to pay tax on exercised stock options?
There are two types of taxes you need to keep in mind when exercising options: ordinary income tax and capital gains tax. You’ll pay capital gains tax on ...
education and learning
How does a LLC get taxed as a corporation?
To elect Corporation status, the LLC must file IRS Form 8832 – Entity Classification Election. An S corporation is a type of corporation, not a separate t...
education and learning
When should you impute interest on a loan?
Every month, the IRS publishes a list of current Applicable Federal Rates, which reflect market conditions. For example, in June 2018, the AFR for loans o...
education and learning
Who can deem a person incapacitated?
The decision to declare someone as legally incapacitated is determined by a court. A medical team will submit opinions on the individual in question after...
education and learning
What does needs review mean in TurboTax?
Usually it means that there is a question that needs to be answered, such as in the ‘Carryovers, limitations, at risk information, etc. ‘ or in ‘inventory...
education and learning
Why would a K-1 visa be denied?
Common Reasons for K-1 Fiancé Visa Rejections or Denials Reasons for U.S. Citizenship and Immigration Services (USCIS) to deny or reject K-1 visa applicat...
education and learning
Do officer wages count for 199A?
For purposes of Sec. 199A, this includes officers of an S corporation and common law employees. Wages paid to statutory employees (on Forms W-2, Wage and ...
education and learning
What is W-2 Box 14 RSU?
w2 box 14 The company paid tax for RSU restricted stock units. It is important that Turbotax allows to enter RSU and the amount in box 14. RSU must appear...
education and learning
How can I change my phone number in TurboTax?
How do you change your phone number Sign in to your TurboTax Online account. Select Intuit Account in the lower-left corner. Click Edit at the right of th...
education and learning
Are s corp owner draws taxable?
Owner’s draw in an S corp A shareholder distribution is a non-taxable event, and if you try to replace your regular, taxed, W-2 income with non-taxable di...