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Do shareholders pay corporate tax?
Corporations pay taxes on their earnings and then pay shareholders dividends out of the after-tax earnings. Shareholders receiving dividend payments from ...
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Can my spouse claim mortgage interest?
The IRS limits each spouse to claim only the interest on $500,000 of mortgage debt. Can you claim interest on a mortgage not in your name? The short answe...
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Do you get a W-2 if you only worked a week?
No matter how short a period you worked at a job, you still will need to include a W-2 from that employer to properly file your income taxes. The Internal...
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What is a good asset mix for retirement?
A good asset mix for retirement should include a handful of portfolio staples like stocks, bonds, and investment funds, but it should also make room for l...
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Why is TurboTax charging me for state and federal?
TurboTax does not charge a service fee to have the TurboTax account fees paid from a federal tax refund. That is the service charge of the third party pro...
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What is the state tax rate for a C corporation in California?
You should use the below guidelines to file your state income taxes: The California income tax rate for C corporations, other than banks and financial ins...
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Do I need to report my traditional IRA on taxes?
Traditional IRA contributions should appear on your taxes in one form or another. If you’re eligible to deduct them, report the amount as a traditional IR...
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Do 529 contributions count as gifts?
Annual gift tax exclusion One of the many benefits of saving for a child’s future college education with a 529 plan is that contributions are considered g...
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What percent of tax revenue comes from corporations?
The United States collects fewer revenues from corporations, relative to the size of the economy, than most other advanced countries. In 2019, the latest ...
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Can I file my LLC on my 1040?
To submit taxes as a single-member LLC you’ll file Schedule C with your personal income tax return. On Schedule C you’ll report the income and expenses fr...
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