global news
What is Box 6 on a 1098?
Box 6 of Form 1098-T reports adjustments made to scholarships or grants reported on a prior year Form 1098-T in Box 5. The amount reported in Box 6 repres...
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culture
Are marginal tax rates progressive?
Under a Progressive Tax System, Marginal Rates Rise With Income. The federal income tax system is progressive, meaning that it imposes a higher average ta...
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arts
Can my C Corp buy my house?
An S corporation, C corporation and a limited liability company (LLC) can all buy real estate, and these business entities shield your personal assets fro...
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arts
Does Wilmington Delaware have a city wage tax?
The City of Wilmington Earned Income Tax – commonly known as the City Wage Tax – is calculated at 1.25% of gross wages and must be collected by New Castle...
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science
How much money can you give to a child for a down payment?
As of 2018, parents can contribute a collective $30,000 per child to help with a down payment — anything after that would incur the gift tax. Other family...
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arts
Is it illegal to claim dependents on w4?
Fine. It is a misdemeanor federal offense to falsify withholding allowances. According to the IRS, a $500 fine can be applied to those who are caught know...
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business
Can I write off my new phone for taxes?
Your cellphone as a small business deduction If you’re self-employed and you use your cellphone for business, you can claim the business use of your phone...
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science
Why does Turbo Tax say I owe?
If you over estimate your dependents or choose a filing status that you are ineligible for, then your withholding will always be less then the amount of t...
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local updates
Can a tax preparer file electronically?
Those who are subject to the e-file requirement are referred to as “specified tax return preparers.” You must be an authorized e-file provider to use IRS ...
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education
When to contact the IRS for tax help?
Reach out to the IRS immediately if you owe a tax bill, and you’re not able to pay it in full. You should file your return promptly by the filing deadline...
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