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How do I qualify as a trader for tax status?
The IRS has laid out general guidelines in Publication 550 regarding the requirements for trader status. To qualify as a trader, you must at the very leas...
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Culture
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Can you still take money out of your 401k without penalty 2021?
Coronavirus-related 401k and IRA Withdrawal Rules As a response to COVID-19 economic hardships, the CARES Act provided special withdrawal allowances for r...
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How long does it take to get IRS activation code by mail?
Receive an activation code by mail Allow 10 business days for the code to arrive by mail. The code is valid for 30 days. Follow the instructions included ...
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Do I file form 8832 or 2553?
Businesses that want to change their tax classification to an S Corporation do not need to file Form 8832. Instead, they should file Form 2553. When a sin...
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Can non US residents be members of an LLC?
There are no citizenship or residence requirements for ownership of a C Corporation or an LLC. The S Corporation however does not allow nonresident aliens...
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What if I missed a deduction on my taxes?
Claim Missed Deductions or Credits If you discover a deduction or credit that you qualify for after filing your original return, simply file an amended re...
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Are concerts tax deductible?
Theater or sporting event tickets purchased for business associates are treated as an entertainment expense provided you accompany your associates to the ...
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Is seller a non resident subject to SC withholding tax?
South Carolina Code Section 12-8-580 mandates that anyone purchasing real property in South Carolina from a nonresident Seller must withhold seven percent...
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Is interest considered business income?
Income such as interest and dividends from bank accounts, stocks, and bonds are generally not considered business income for a sole proprietor, even if yo...
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Why is my Michigan tax refund taking so long?
A number of things can cause a delay in your Michigan refund, including the following: If the department needs to verify information reported on your retu...
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