education
Is a deductible like a down payment?
A down payment is only tax deductible if the funds came from a deductible source, such as another home loan refinance, second mortgage or home equity line...
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Education
education
Can a disabled person be a power of attorney?
The person who is appointed to make financial decisions is called the attorney. A person (adult or a child) with intellectual disability may appoint an at...
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education
Do I need to file an FBAR every year?
The FBAR deadline is April 15 following the calendar year you’re reporting. If you’re required to file, you must file one every year. What does reporting ...
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education
Can you extend it-204-LL?
There is no extension of time to file Form IT-204-LL or pay the annual fee. If you fail to timely file Form IT-204-LL, or fail to pay the full amount of t...
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education
What does needs review mean in TurboTax?
Usually it means that there is a question that needs to be answered, such as in the ‘Carryovers, limitations, at risk information, etc. ‘ or in ‘inventory...
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education
How does gift tax exclusion work?
The annual federal gift tax exclusion allows you to give away up to $15,000 in 2020 to as many people as you wish without those gifts counting against you...
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education
How can I change my phone number in TurboTax?
How do you change your phone number Sign in to your TurboTax Online account. Select Intuit Account in the lower-left corner. Click Edit at the right of th...
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education
Why is my Social Security amount less?
Your Social Security check will decrease if you owe certain debts like back taxes or student loans. Taking your Social Security benefits early can reduce ...
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education
Are s corp owner draws taxable?
Owner’s draw in an S corp A shareholder distribution is a non-taxable event, and if you try to replace your regular, taxed, W-2 income with non-taxable di...
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education
Do you have to take an RMD in year of death?
According to the SECURE Act, there is no annual RMD in each of those 10 years, just a requirement that at the end of the 10th year after the original owne...
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