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Is an annuity a life insurance policy?
Annuities are not life insurance policies. They are, in fact, designed to serve the exact opposite purpose. Whereas life insurance guarantees income in th...
Category: Media And Communication
media and communication
How does Restricted Stock get taxed?
RSUs are taxed as income to you when they vest. If you sell your shares immediately, there is no capital gain tax, and the only tax you owe is on the inco...
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How does having an EIN affect taxes?
When you take on a client, you’ll have to provide either a Social Security number or EIN to them, so they can furnish you a 1099 tax form. Having an EIN a...
media and communication
When did the IRS start mailing out Form 1040?
For 1916, Form 1040 was converted to an annual form (i.e., updated each year with the new tax year printed on the form). Initially, the IRS mailed tax boo...
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Can a trust switch between simple and complex?
The rules for a complex trust (see Explanation: §661, Deduction et seq.) will apply for the tax year in which amounts other than income are distributed. T...
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Can physicians be independent contractors in California?
Because dentists and doctors are exempt from the ABC Test, they must meet the “common law” requirements to be classified as independent contractors in Cal...
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Is South Dakota a good state to start a business?
† Index of state’s average revenue/kilowatt hour. How’s this for being business friendly: South Dakota doesn’t tax personal income, capital gains, corpora...
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When did annuity start?
1812 — The first time commercial annuities became available to the public began with the founding of The Pennsylvania Company for the Granting of Annuitie...
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How much do spouses get when they retire?
For our illustration, we have used a $1,000 primary insurance amount. With this primary insurance amount and both primary and spouse retiring at their res...
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How to claim Stimulus money on your tax return?
If the IRS owes you money from the first two stimulus checks, you can get it by filing a recovery Rebate Credit. The IRS has now sent out more than 161 mi...
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How do I qualify as a trader for tax status?
The IRS has laid out general guidelines in Publication 550 regarding the requirements for trader status. To qualify as a trader, you must at the very leas...
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Can single-member LLC have EIN?
Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. A single-member LLC that is a disregarded entity that does not ...
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What affects a partners capital account?
Initial and subsequent contributions by partners to the partnership, in the form of either cash or the market value of other types of assets. Profits and ...