Who is likely to receive a K-1 form?
A K-1 is a tax form distributed by many partnerships, S-Corps, estates, and trusts. If you are a general or limited partner of a partnership, a shareholde...
Category: General
How do I deduct dependent care expenses?
How it works Take 20 to 35 percent of qualifying dependent care costs as a credit on your tax return (up to a limit). The credit is available regardless o...
Does S Corp pay unemployment tax?
Every S corporation must pay the federal unemployment insurance (FUTA) for you, its employee. This is a maximum $420 tax. Some states require payment of s...
What is the minimum amount required to report in 1099-MISC form?
$600 1099-MISC. The “general rule” is that business owners must issue a Form 1099-NEC to each person to whom they have paid at least $600 in rents, servic...
Is there penalty for filing late on 2016 tax return?
The IRS reminds taxpayers that there is no penalty for filing late when a refund is involved. Taxpayers seeking a 2016 tax refund should know that their c...
How old do you have to be to file Social Security taxes?
For tax year 2019, you will need to file a return if you are unmarried and at least 65 years of age, and your gross income is $13,850 or more. However, if...
What age is considered as senior citizen?
sixty years Who is called a Senior citizen? According to the law, a “senior citizen” means any person being a citizen of India, who has attained the age o...
What if there is a typo on my W-2?
If you find an error or discrepancy, contact the employer, who will issue a corrected W-3c and W-2c to the Social Security Administration (just so you kno...
Are graduate students eligible for federal?
Graduate and professional students are considered independent students for FAFSA® purposes, so when you fill out your FAFSA form to apply for grad school ...
How far back can the IRS audit you?
How Far Back can the IRS Audit You: A very common question amongst taxpayers is: “How far back can the IRS audit me?” In other words, how long before a ta...
