news
Can I carryback a 2017 NOL?
Most taxpayers no longer have the option to carryback a net operating loss (NOL). For most taxpayers, NOLs arising in tax years ending after 2017 can only...
Category: News
news
What happens to the 1099 income after death?
This doesn’t make the 1099 invalid, it just makes more work for the executor. As discussed in the article Track the Estate Income, the executor will have ...
news
Is income from farming considered earned income?
Earned income includes all the taxable income and wages you get from working for someone else, yourself or from a business or farm you own. How do you dep...
news
Do election workers receive a w2?
Government entities must file a Form W-2 for election workers who receive payments of $600 or more, even if no FICA and income tax were withheld. If an el...
news
Can a 100 disabled veteran file taxes?
The 525 Law allows 100% VA Disabled veterans from having to pay federal income taxes on Military Retirement Pay and the VA Pension. Are Disabled Veterans ...
news
Are marginal tax rates progressive?
Under a Progressive Tax System, Marginal Rates Rise With Income. The federal income tax system is progressive, meaning that it imposes a higher average ta...
news
Can you switch TurboTax Online?
You have to use TurboTax Online on your computer to do this transfer (it won’t work from a mobile device/mobile web, or in the mobile app). Sign in to Tur...
news
When do you have to file a 1041 for an estate?
The Form 1041 return is similar to the personal income tax return, Form 1040, that we all file every April 15. There’s a “Decedent’s estate” box at the to...
news
Do 1031 exchange stocks work?
In Short, No. Unfortunately, stocks, bonds, or other evidence of indebtedness are all excluded from the definition of real property and thus do not qualif...
news
Are investment advisory fees tax deductible in 2019?
Investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your invest- ments that produce taxable income are mi...
news
Do landlords need to file 1099-NEC?
Most rental property owners and maintenance vendors are limited liability companies (LLCs), and a 1099-NEC will still need to be filed for those. Pro Tip:...
news
Can you buy shares in USA as foreigner?
There is no citizenship requirement for owning stocks of American companies. While U.S. investment securities are regulated by U.S. law, there are no spec...
news
What can I deduct on my closing statement?
Closing Costs You Can Deduct on a Home Sale Title search and abstract of title fees. Utility service installation fees. Legal fees. Recording fees. Survey...