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How is goodwill taxed in a business sale?
A sale of personal goodwill, if respected by the IRS, creates long-term capital gain to the shareholder, taxable at up to 23.8% (maximum capital gain rate...
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What is a cash distribution in partnerships?
A distribution is a transfer of cash or property by a partnership to a partner with respect to the partner’s interest in partnership capital or income. In...
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Can you take someones house by paying taxes?
Paying someone’s taxes does not give you claim or ownership interest in a property, unless it’s through a tax deed sale. Heirs with rightful claim to the ...
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Can real estate agents provide legal advice?
You may not consider hiring a real estate lawyer when you’re buying a house, but they can provide legal protections as well as advice. Real estate agents ...
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Will 2021 tax payments be delayed?
The IRS announced earlier this month that the federal income tax filing due date for individuals is now May 17, 2021, postponed about month from its tradi...
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Can you write off food business expense?
Your business can deduct 100% of the cost of food, beverages, and entertainment sold to customers for full value, including the cost of related facilities...
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Can an LLC receive dividends?
A dividend is a payment made to a corporation’s owners, called shareholders, from the corporation’s profits. Limited liability companies (LLCs) do not pay...
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How do I report SEP-IRA contributions on 1040?
Plan contributions for a self-employed individual are deducted on Form 1040, Schedule 1 (on the line for self-employed SEP, SIMPLE, and qualified plans) a...
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Are business tax filing extended?
Companies have until April 15, 2021 to submit corporate tax returns for income received in 2020. Businesses may use Form 1120 or request a six-month exten...
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What causes a decrease in elevation?
In the earths atmosphere, pressure, which is related to the number of molecules per unit volume, decreases exponentially with altitude. Thus, if a parcel ...
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