business
What is a deduction on 1040?
All deductions work by cutting your taxable income, and lower taxable income means less taxes owed for you. Deductions are intentional loopholes, written ...
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local updates
What does D 19 mean on my W-2?
Elective deferrals You will have to ask your employer why the 19 is shown on box 12 with a D code. D—Elective deferrals to a section 401(k) cash or deferr...
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technology insights
How are taxable gains taxed?
Capital gains are generally included in taxable income, but in most cases, are taxed at a lower rate. Short-term capital gains are taxed as ordinary incom...
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business
Why do I have to keep activating TurboTax?
Resolution. This error is caused by the internet connection being unable to establish a connection to our server for license activation. If they’re succes...
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local updates
What happens if I claim my child on another tax return?
You would then need to file a return on paper, claiming the child as appropriate. The IRS will process your return and send you your refund, in the normal...
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health
Do I have to file a business tax return in Texas?
Unlike most states, Texas does not require LLCs to file annual reports with the Secretary of State. Is there corporate income tax in Texas? Texas does not...
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health
Does the owner of a business count as an employee?
Generally, an LLC’s owners cannot be considered employees of their company nor can they receive compensation in the form of wages and salaries. Are you co...
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technology insights
Who fills out Form 706?
executor of Form 706 must be filed by the executor of the estate of every U.S. citizen or resident: Whose gross estate, adjusted taxable gifts, and specif...
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education
What determines a dependent child?
To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child...
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global news
What is the process of doing taxes?
How to File Your Taxes in 5 Simple Steps Step 1: Gather Your Tax Documents. Step 2: Choose Between the Standard Deduction or Itemizing. Step 3: Pick a Fil...
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