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Can I file taxes if I work for myself?
Do I need to file a 1040 if I’m self-employed? Yes, you will need to file Form 1040. You will also need to include Schedule 1 and Schedule C with your tax...
Category: News
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What documents are needed for an S Corp?
What Forms Do I Need to File for an S Corporation? S Corporation Benefits and Requirements. Election by a Small Business Corporation (Form 2553) U.S. Inco...
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Do you have to pay taxes on Long Term Capital Gains?
When you are selling you property, you are liable to pay tax on the gain earned on the sale of the property. Therefore it is important that you know if yo...
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Do I have to pay taxes on wash sale?
If you have a loss from a wash sale, you can’t deduct the loss on your return. However, a gain on a wash sale is taxable. Do wash sales matter to day trad...
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Can a minor be a beneficiary of a trust?
Generally any child who is under the age of 18 years can be the beneficiary of a Minor’s Trust. The trust can have multiple beneficiaries. Can child suppo...
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Who is the remitter on form 593?
During escrow, the remitter would be the REEP as they are the one submitting the payment and Form 593. The remitter is the person who will remit the tax w...
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What are typical attorney fees?
Most lawyers that we use cost around $300 to $400 an hour; with the average being approximately $350 an hour. This cost does ultimately depend on your per...
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Can the IRS take money from a trust account?
IRS and State Tax Levies The IRS and state taxing authorities can levy funds from nonexempt trust accounts that name you as an owner or beneficiary. Typic...
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What happens if a person named in a will is deceased in Texas?
Sometimes a beneficiary named in a will dies first. Most properly drafted wills name a contingent beneficiary in case the named beneficiary predeceases th...
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What is the due date of filing of return by non business Assessee?
“Extend the last date for income tax returns for (FY 18-19) from 31st March 2020 to 30th June 2020.” Note: CBDT department has revised the due date till 3...
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Can I still file my 2018 taxes after deadline?
The timely tax filing and efile deadlines for all previous tax years—2019, 2018, and beyond—have passed. At this point, you can only prepare and mail in t...
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How do I estimate my tax rate in retirement?
Calculating Your Tax Rate Your tax rate in retirement will depend on the total amount of your taxable income and your deductions. List each type of income...
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How to protect myself and others from COVID-19?
Protect yourself and others from COVID-19 Maintain at least a 1-metre distance between yourself and others to reduce your risk of infection when they coug...