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What does negative income before taxes mean?
When a small business has a bad year and has very little profit and has overpaid its estimated taxes, it results in a negative total on the year’s final i...
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Can you amend a tax return you never filed?
If you didn’t include a required form or schedule, the IRS will send you a notice via U.S. mail about the missing item. Form 1040X. Use Form 1040X to amen...
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Can you subpoena IRS for tax records?
You can use a subpoena duces tecum – a subpoena that requires someone to produce something – to request tax records for a court case. After completing the...
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Where do I enter my HSA contribution in TurboTax?
Enter your own HSA contribution as a personal HSA contribution in the 1099-SA, HSA, MSA section of TurboTax. The contribution will appear on Form 8889 lin...
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When did you have to be in business for PPP?
February 15, 2020 If you’re applying for a PPP loan for the first time, here’s what you need to know: To qualify, your business must have been in operatio...
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How do you know if you are eligible for US citizenship?
To be eligible for naturalization based on being a lawful permanent resident for at least five years, you must: Be at least 18 years old when you submit F...
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Do pass through entities pay taxes?
Pass-Through Entities Both default tax structures (disregarded entity and partnership) undergo pass-through taxation, which means that rather than paying ...
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Can a minor be a beneficiary of a trust?
Generally any child who is under the age of 18 years can be the beneficiary of a Minor’s Trust. The trust can have multiple beneficiaries. Can child suppo...
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Is it bad to give out the last 4 digits of your SSN?
The last 4 digits of an SSNare important because if they’re in the wrong hands, they might lead to identity theft and you might get in trouble due to some...
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What is Superfunding a 529 plan?
“Superfunding” is a term sometimes used to describe large 529 plan contributions using 5-year gift tax averaging described in section 529(c)(2)(B) of the ...
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