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How do I fill out a 1099-MISC for an independent contractor?
How to Fill Out a 1099-MISC Form Enter your information in the ‘payer’ section. Fill in your tax ID number. As a business owner, enter the contractor’s ta...
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Why is there a need for audited financial statements?
An audit increases the value and credibility of the financial statements produced by management, thus increasing user confidence in the financial statemen...
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Can you buy a house with a business account?
The first rule of business purchases is that it must serve your business. If you do not work in your home or operate out of it in any way, then you should...
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Who is eligible for a spousal IRA?
For 2020 and 2021, the use of a spousal IRA strategy allows couples who are married filing jointly to contribute $12,000 to IRAs per year—or $14,000 if th...
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How long does a company have to fund 401k contributions?
The plan expressly provides that the employer must deposit deferrals within five days after each payday. Can my company contribute to my 401k? The short a...
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Does a partnership get a step-up in basis?
When a step-up occurs, the basis in the partnership’s assets are adjusted according to relative unrealized/built-in gain of the assets. Step-ups associate...
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Can I live in a house owned by my IRA?
The IRS prohibits benefiting personally from any asset owned by your IRA (i.e., self-dealing). None of you can live in or lease or vacation in real estate...
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How long can a US citizen stay in Central America?
90 days Americans do not need a visa for stays of up to 90 days, though foreign visitors who stay for more than 60 days must pay a departure airport fee o...
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Do sole proprietors need a business license in Indiana?
Indiana does not require a general business license for a sole proprietor to operate a business. However, depending on your business activities, you may n...
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How long do finance records need to be kept?
You must keep records for 6 years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more t...
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