local updates
How do I report mileage reimbursement on taxes?
Self-employed individuals will report their mileage on the Schedule C form. In addition to providing the number of miles driven during the tax year, you’l...
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technology insights
Do I have to file Schedule C if no income?
During a year with no income and no expenses, you generally don’t need to file Schedule C. If you have no income but did have expenses, you may be eligibl...
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culture
How long must stock be held for capital gains?
one year You must own a stock for over one year for it to be considered a long-term capital gain. If you buy a stock on March 3, 2009, and sell it on Marc...
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arts
What time do direct deposits post in the morning?
When does a direct deposit hit your account? Direct deposits typically post to accounts early in the morning, between 4:30 a.m. and 6 a.m. (CST). How do I...
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education
How do I set up an e-file with the IRS?
Step 1: Create an IRS e-Services Account. Before you begin the online e-file application, you must have an IRS e-Services account, which facilitates elect...
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culture
Can nonprofits sell assets?
A nonprofit corporation can buy and sell assets, similar to a profit-oriented entity. However, the organization must sell its assets in accordance with IR...
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global news
How is wash sale rule calculated?
Identify losses applied to new purchases. If shares of the same company are purchased within 30-days after the sale, the loss becomes a wash to the extent...
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business
Does Fidelity keep track of cost basis?
Unless otherwise instructed, Fidelity uses the Average Cost method, which calculates cost basis by averaging the share price for each purchase into one pr...
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global news
How long does it take for IRS payment?
Setting up the payment by direct debit/payroll deduction takes 15-30 minutes for the initial agreement by phone, plus 4-6 weeks to finalize the direct deb...
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business
How much do accountants charge for LLC?
The filing fee for Articles of Organization is $70. The Statement of Information form can be submitted online , by mail, or in person, with a $20 filing f...
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