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Can you deduct tuition for a grandchild?
The tuition and fees deduction allows you to deduct from your taxable income the amount of qualified costs you paid for a dependent. You cannot claim any ...
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Can an S Corp without payroll apply for PPP?
Businesses that are structured as C corporations or S corporations must be using payroll to pay their owners, because the corporation is taxed separately ...
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How are capital gains calculated when selling farmland?
Q – Regarding capital gain rates and selling farmland – Am I correct to use the difference between a stepped up ( appraisal / time of death ) value of inh...
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Which is correct, I have been paid or I have not been paid?
“I have not yet been paid” or “I have not been paid yet”. The position of ‘yet’ is optional. Note that in British English it is not standard to use the Pa...
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How much can you make from income property?
With mortgage payments to contend with and a tough competition, you may only be able to profit $200 to $400 per month on a property. That’s $4,800 a year,...
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How is the depreciation of a rental property calculated?
The IRS considers a rental property to have an expected life of 27.5 years. To calculate your annual depreciation percentage, divide one by the life of yo...
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Do you pay New York City tax if you live in Queens?
The #1 thing that came to mind – if you live in any of New York City’s five boroughs – and Brooklyn, Queens and Bronx are among them – you will have to pa...
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Can I call the IRS to give them my direct deposit information?
The IRS will not change the account for a direct deposit, but you may be able to ask them to cancel the deposit and to mail a check instead if you reach t...
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What is the IRS number for Form 1040?
Form 1040 Department of the Treasury—Internal Revenue Service (99) U.S. Individual Income Tax Return . 2019. OMB No. 1545-0074. IRS Use Only—Do not write ...
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How do you calculate taxable total?
To calculate Income tax, include income from all sources. Include: Income from Salary (salary paid by your employer) Income from house property (add any r...
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