business
How are loans to S corporation shareholders accounted for?
Loans to S Corporation Shareholder. Often times a payment or payments to S corporation shareholders will be booked or accounted for as a loan to sharehold...
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business
How can I get my W-2 from Lyft?
Since drivers classify as independent contractors, you won’t get a W-2 from Lyft. All drivers get an Annual Summary, as long as they have earnings in 2020...
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education
Can I still make a 2019 IRA contribution?
Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution must then be made by t...
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health
Does an S-Corp file a Schedule C?
Under no circumstances and with no exceptions will an S-Corp ever file a SCH C. The SCH C is for a sole proprietorship or single member LLC, which are con...
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arts
Is installation labor taxable in Texas?
Labor to repair, remodel, or restore residential real property is not taxable. Do consultants charge sales tax in Texas? Yes, Consulting Services are taxa...
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global news
Where do I report 1099-OID on my tax return?
On Form 1099-OID, report the qualified stated interest in box 2 and the OID in box 1, 8, or 11, as applicable. You may choose to report the interest on Fo...
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local updates
Can a amended MFJ return be changed to MFS?
Amending from MFJ to MFS Generally, a MFJ Return Cannot be Changed to MFS After the Return’s Due Date. An amended return filed after the due date of the o...
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culture
How do I report Turo income?
Tax Tips for Turo, Getaround, and Car Sharing These deductions are reported on Schedule C, which is a form that is added on to your regular Form 1040 that...
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local updates
What do I need to fill out a 1099 for a contractor?
Once you know which contractors you paid over $600 to, you will need to fill out Form 1099-NEC. Starting at the upper left box, record your organization’s...
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culture
What do you need to know about the W2 form?
1 W-2 forms reflect income earned from the prior year. 2 Employers use W-2s to report FICA taxes for employees. 3 The IRS uses W-2 forms to track the empl...
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