education
What happens to my workplace pension when I retire?
Your workplace pension still belongs to you. If you do not carry on paying into the scheme, the money will remain invested and you’ll get a pension when y...
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Education
education
Can an LLC loan money to an individual?
Any member of an LLC can borrow money from it. However, if the LLC has other members, they must approve the loan and report their authorization in the LLC...
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education
What is the tax rate for short term capital gains in 2018?
Short-term capital gains are still taxed as ordinary income Marginal Tax Rate Single Married Filing Jointly 10% $0-$9,525 $0-$19,050 12% $9,525-$38,700 $1...
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education
Do they give student loans to international students?
Unless you’re an eligible noncitizen who can qualify for federal student loans, you may need to borrow from a private lender. Some banks, credit unions an...
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education
What is the threshold for deduction medical expenses for 2020?
7.5% In 2020, the IRS allows all taxpayers to deduct their total qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross inc...
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education
What is the Invest in Kids Act?
Public Act 100-0465 created the Invest in Kids Act (35 ILCS 40/1). This Act allows income tax credits for taxpayers who make authorized contributions to a...
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education
What happens if a previous employer overpaid you?
The employer has the right to reclaim overpaid wages even if the employee has left the company. However if the employee has already left, it can be more d...
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education
Can I pay my wife as a 1099 employee?
Or, it is perfectly acceptable for you to treat your wife as a subcontractor and issue her a 1099-NEC for the work she does. You can deduct it as a busine...
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education
How do you calculate federal tax withholding?
Subtract the total tax percentage from 100 percent to determine the net tax percentage. For example, assume that your employee must pay 31 percent on a $1...
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education
How to elect a LLC as a S corporation?
A timely filed Form 2553 will constitute a deemed entity classification election, as if Form 8832 were filed. However, this deemed entity classification e...
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