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Will a bank forgive overdraft fees?
“Most financial institutions will refund the fee – as long as it is not a normal occurrence. We all make mistakes.” That said, it’s not a guarantee. To ge...
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media and communication
Will I get a bigger refund with the new standard deduction?
Although more taxpayers will claim the standard deduction as a result of the changes, and the standard deduction will help lower your taxes, you may find ...
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What does the IRS consider a partnership?
A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares ...
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Where do I enter penalties on 1120?
Any penalty calculated flows to line 34 (Line 33 in Drake17 and prior) of the 1120 return. What information returns Penalty? We may assess a penalty if yo...
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When is a person disabled due to a medical condition?
A person is disabled under the Act if they can’t work due to a severe medical condition that has lasted, or is expected to last, at least one year or resu...
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Can a teenager choose their guardian?
It’s legal to choose a different guardian for each child. You can even create more than one guardian for one child, though this has the potential to creat...
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How to correct 1099s forms already submitted to the IRS?
How to Correct 1099s Forms Already Submitted to the IRS. If you accidentally submitted a form that reported wrong dollar amounts, and the IRS has accepted...
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Are miles driven for medical tax deductible?
The IRS allows you to deduct mileage for medical care if the transportation costs are mainly for — and essential to — the medical care. Actual expenses yo...
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How long does it take to Get tax transcripts from IRS?
If you filed your tax return electronically, IRS’s return processing takes from 2 to 4 weeks before a transcript becomes available. If you mailed your tax...
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How to file taxes for a Partnership LLC?
Before you begin to form a hybrid business structure, such as an LLC, you must first understand how to file taxes for a partnership LLC. First, you’ll nee...
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How do I calculate my pension withholding?
How to Calculate the Tax Withholding Rate. Take the $2,587 of total taxes owed divided by the $50,000 pension amount, and you get 5.2%. Is there withholdi...
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How do I file 8868 electronically?
How to file Form 8868 Electronically? Step 1 : Enter organization details such as Name, EIN. Step 2 : Choose the IRS form to extend. Step 3 : Choose the o...
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Can a single-member LLC be taxed as an S corporation?
Learn how you can have your single-member LLC be taxed as an S corporation. The default federal tax status for a single-member limited liability company (...