general
What are the chances of getting audited?
The overall individual audit rate may only be about one in 250 returns, but the odds increase as your income goes up (especially if you have business inco...
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General
Expert insights and detailed technical documentation about General.
general
Do I have to file a 1099 NEC in California?
Yes, the California Employment Development Department mandates the filing of the 1099 Forms only if there is a state tax withholding. You need to file an ...
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general
What does it mean by inheritance?
An inheritance is a financial term describing the assets passed down to individuals after someone dies. Most inheritances consist of cash that’s parked in...
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general
Are multi year guaranteed annuities safe?
MYGAs offer a potentially safer way to grow your money, and you won’t owe taxes on the growth until you start taking payments. They are also known as CD-t...
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general
Can an inheritance be put in a trust?
The Inheritance Trust is created by you, today, as grantor, naming your child as trustee and beneficiary when you die. So, for example, if your daughter w...
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general
Are ministry donations tax-deductible?
When you prepare your federal tax return, the IRS allows you to deduct the donations you make to churches. If your church operates solely for religious an...
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general
How are Social Security benefits taxed on taxes?
How is Social Security taxed? 1 If your child receives Social Security dependentor survivor benefits, those payments do not count toward your taxable… 2 ...
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general
How much federal tax Should I deduct from my CPP?
We will automatically deduct the non-resident tax from your payments at a rate of 25% or less, depending on whether Canada has a tax treaty with the count...
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general
What do you need to know about IRS Form 1041?
Updated for Tax Year 2018. Form 1041 is used to report income taxes for both trusts and estates. That is different than the estate tax return which is For...
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general
Can I deduct health insurance premiums if self-employed?
Most self-employed taxpayers can deduct health insurance premiums, including age-based premiums for long-term care coverage. If you are self-employed, you...
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general
What does discharge of qualified principal residence indebtedness?
Qualified principal residence indebtedness. This indebtedness is a mortgage you took out to buy, build, or substantially improve your main home. It also m...
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general
How do I determine the value of my rental property?
To calculate its GRM, we divide the sale price by the annual rental income: $500,000 ÷ $90,000 = 5.56. You can compare this figure to the one you’re looki...
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