global news
How do I withdraw 529 funds?
How to report a taxable 529 plan distribution on federal income tax returns Divide the AQEE by the total 529 plan distribution (Form 1099-Q, Box 1) Multip...
Read Journal Category
Global News
global news
Can a family member contribute to my Roth IRA?
The IRS is fine with parents and grandparents (and anyone else) giving someone the money to contribute to a Roth IRA. In 2019 the maximum contribution ris...
Read Journal
global news
Why is NJ state Refund taking so long?
A number of things could cause a delay in your New Jersey refund, including the following: If the department needs to verify information reported on your ...
Read Journal
global news
When was the first tree farm?
June 12, 1941 On June 12, 1941, the nation’s first tree farm was dedicated near Montesano, Washington. Owned by the Weyerhaeuser Timber Company, the 120,0...
Read Journal
global news
How do you account for demolition costs?
GAAP determines if demolition costs are capitalized or expensed depending on the following situations: If land and building are purchased with the initial...
Read Journal
global news
Can I sell my house without paying taxes?
Generally, you don’t pay capital gains tax if you sell your home (under the main residence exemption). You also can’t claim income tax deductions for cost...
Read Journal
global news
When must I deposit the contributions into the SEP IRAs?
You must deposit contributions for a year by the due date (including extensions) for filing your federal income tax return for the year. If you obtain an ...
Read Journal
global news
What is 1099-MISC income?
Form 1099-MISC: Miscellaneous Income (or Miscellaneous Information, as it’s called starting in 2021) is an Internal Revenue Service (IRS) form used to rep...
Read Journal
global news
How to sell a house after a parent dies?
After the death of a parent, selling real estate can be a stressful event. Use these tips on selling an estate sale to make your experience a smoother one...
Read Journal
global news
Do Cpas keep copies of tax returns?
A tax preparer is expected to keep tax records for at least three years. According to Internal Revenue Service Bulletin 2012-11, the tax preparer must kee...
Read Journal