local updates
What is considered short term capital?
A short-term capital gain occurs when an investment is sold that’s been held for less than one year, such as a stock. These gains are taxed as ordinary in...
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arts
What line is Schedule 1 on 1040?
Part 1 of Schedule 1 covers a handful of additional income sources that the Form 1040 doesn’t directly ask about. Line 1 is where you write in the amount ...
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technology insights
How much do camera lenses depreciate?
bodies 25% a year; flashes and accessories 20% a year; lenses 10% a year. How do you calculate depreciation on a camera? A camera released 5 years ago at ...
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arts
Is a business tax ID number the same as an EIN?
If you operate a business the IRS may require you to obtain an Employee Identification Number (EIN), which is also referred to as your business tax ID num...
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culture
When to pay estimated taxes for estimated tax purposes?
When To Pay Estimated Taxes For estimated tax purposes, the year is divided into four payment periods. You may send estimated tax payments with Form 1040-...
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local updates
Can I use a vacation as a tax write off?
The IRS states that travel expenses are 100% deductible as long as your trip is business related, you are traveling away from your regular place of busine...
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arts
Which Form 1120 Schedule is used to report assets?
Schedule UTP (Form 1120) is used by certain corporations that issue or are included in audited financial statements and have assets that equal or exceed $...
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local updates
Are capital gains distributed in final year of trust?
Because all the assets of the trust, including all capital gains, will be actually distributed to the beneficiary at the termination of Trust, all capital...
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education
Can you file your taxes online with TurboTax?
Filing your taxes online couldn’t be easier. You can create an account with TurboTax and begin filing your tax return. First, TurboTax will ask you some b...
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global news
What expenses can a student claim on taxes?
I’m a student: What tax credits and deductions can I claim? Tuition, education, and textbook amounts. Interest paid on your student loans. Public transit ...
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