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Can a LLC get a salary if it is a sole proprietorship?
IRS also views an LLC similar to a sole-proprietorship or partnership firm. Therefore, the owner of an LLC can receive the owner’s draw instead of a salar...
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What are the categories of teacher?
5 transformative types of teachers Elementary school teachers. Elementary school teachers play a critical role in establishing the foundation for learning...
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Can a mortgage company call your work?
Mortgage lenders verify employment by contacting employers directly and requesting income information and related documentation. Most lenders only require...
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Who are the owners of the rental properties?
Individual investors own most rentals. In 1991, individual investors owned 92 percent of the Nation’s rental properties. These investors may be one person...
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How do I file taxes if my spouse is unemployed?
A joint return works by combining you and your spouse’s income and deductions on a single return. Usually, filing jointly reduces the tax liability for co...
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Does gift tax apply to foreigners?
Foreign citizens generally don’t have liability for U.S. gift tax and therefore don’t need to report gifts for those purposes. However, separate IRS regul...
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Do trusts need to lodge tax returns?
If a trust has derived income, irrespective of the amount of income derived, a trust will have to lodge a return unless exempted by the Commissioner. the ...
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Should I get paid for working extra hours?
Employers do not have to pay workers for overtime. However, your average pay for the total hours you work must not fall below the National Minimum Wage. Y...
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How do I file taxes as an alien?
Nonresident aliens who are required to file an income tax return must use: Form 1040-NR, U.S. Nonresident Alien Income Tax Return or, Form 1040-NR-EZ, U.S...
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How is equity taxed in the US?
Stock Options When you sell the shares, any gain is subject to the favorable long-term capital gains tax rate. The spread—the difference between the strik...
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