education and learning
How is a multi member LLC different from a partnership?
While a multi-member LLC is taxed like a partnership, it is not technically a partnership in regard to its classification or structure. An LLC is a comple...
Category: Education And Learning
education and learning
Do you pay taxes on a backdoor Roth?
The main advantage of a backdoor Roth IRA—as with Roths in general—is that you pay taxes upfront on your contributions, and everything after that is tax-f...
education and learning
What payroll taxes are employers responsible for?
An employer’s federal payroll tax responsibilities include withholding from an employee’s compensation and paying an employer’s contribution for Social Se...
education and learning
What can I deduct as a member of a LLC?
Common LLC Expenses. Some of the most common deductible LLC expenses include the following: Startup costs. You can deduct qualified expenses related to st...
education and learning
Did I file taxes if my parents claim me?
Even if your parents claim you as a dependent on their tax return, you can still file your own return and, in some instances, you may be legally required ...
education and learning
What are moving related expenses?
You can deduct certain expenses associated with moving your household goods and personal effects. Examples of these expenses include the cost of packing, ...
education and learning
Can I download form 8962?
Form 8962 is available on the IRS website and is free to download. 4 If you’re filing taxes using electronic tax filing software, this form should be gene...
education and learning
Can EDD see your tax return?
Why did the EDD take my federal income tax refund? EDD records show you have an Unemployment Insurance (UI) benefit fraud overpayment based on a Californi...
education and learning
How can I borrow money in my PayPal account?
The process is easy: Select your loan amount. Choose the percentage of your PayPal sales that will go toward repaying your loan and fee. If approved, rece...
education and learning
Do you have to enter AGI for 2019 tax return?
If you did not efile or file a tax return last year, answer No. We will automatically enter 0 as the number to verify your identity with the IRS (0 is you...
education and learning
How does a taxpayer determine their taxable income?
Taxable income is calculated by starting with gross income, subtracting excluded income and personal exemptions (which are suspended beginning 2018), and ...
education and learning
Is Cash us a situs property?
Cash in a U.S. bank account is not a U.S. situs asset for estate tax purposes. In contrast, for gift tax purposes, U.S. situs assets include only real est...
education and learning
Can you still receive a refund for 2017 taxes?
May 17, 2021 is the last day to file your original 2017 tax return to claim a refund. If you received an extension for the 2017 return then your deadline ...