opinion
How do I know if I should incorporate my business?
Basically, if your business is earning more than you need to match your lifestyle, you’ll be able to take advantage of tax deferral. For some people, if y...
Read Journal Category
Opinion
opinion
Can you deduct losses in Roth IRA?
The Internal Revenue Service does not permit you to deduct losses from your Roth IRA on a year-to-year basis, so the only way to deduct your losses is to ...
Read Journal
opinion
Can S corps be holding companies?
Holding Companies The owners of an LLC, called members, can be either individuals or legal entities, such as S-corporations, C-corporations, trusts, and e...
Read Journal
opinion
What to do with w2 if employee died?
If you make the final payment to the deceased employee’s estate, list the estate’s tax identification number instead. At the end of the year, file Form W-...
Read Journal
opinion
Can a child still be claimed as a dependent?
Your child can still be claimed as your dependent as long you are still supporting them financially. To be a qualifying child, your dependent must: In add...
Read Journal
opinion
Why would IRS charge me money?
If the IRS sent you a “notice of tax due” letter, it means that the IRS thinks you have not paid the total amount of taxes that you owe. Whether or not yo...
Read Journal
opinion
Does Schedule L have to be tax basis?
If the partnership’s balance sheet (Schedule L) is reported on the tax basis and if the aggregate of the partners’ beginning and ending capital accounts d...
Read Journal
opinion
Does a tax extension delay payment?
An extension gives you extra time to file, but not extra time to pay. After you file an extension, if you owe taxes when you file your return, you might a...
Read Journal
opinion
Does NC have a W 4?
Keep the top portion for your records. an NC-4 to your employer, your employer is required to withhold based on the filing status, “Single” with zero allo...
Read Journal
opinion
How does Medicaid pay for nursing home care?
In almost all situations, Medicaid will pay for the complete cost of nursing home care including all care and room and board. Furthermore, Medicaid will p...
Read Journal