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Can you have a Keogh and a 401k?
Investing in a Keogh As with a 401(k), you can defer taxes on the money you invest in a Keogh until retirement. You can begin taking distributions at age ...
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Local Updates
local updates
Why did I get a letter from Eftps?
The EFTPS (Electronic Federal Tax Payment System®) is the IRS’s online system for paying estimated taxes. The notice you received is a standard letter rec...
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Do you have to pay taxes on inheritance money in Georgia?
Georgia has no inheritance tax, but some people refer to estate tax as inheritance tax. The tax is paid by the estate before any assets are distributed to...
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What can I write off as a self-employed hairstylist?
What can a hairdresser claim on tax write-offs? Common Hair Stylist Tax Write-Offs. Car mileage and travel expenses. Education. Licensing. Hair stylist in...
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What is spouse standard deduction?
The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and marri...
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How do you file Philadelphia city taxes?
How to file City taxes Filing returns online. Some, but not all, tax returns can be filed through the Department of Revenue’s eFile/ePay portal. Filing re...
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How do I report miscellaneous income on 1040?
If you’re not an employee of the payer, and you’re not in a self-employed trade or business, you should report the income on line 8 of Schedule 1 (Form 10...
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What do I need to know when buying a farm?
Keep reading for a few factors to consider for a first-time farm buyer. Have You Actually Thought About This? What’s Your Revenue Forecast? Where Are the ...
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Can I deduct tuition as a business expense?
The IRS allows including tuition expense as a business expense if you meet the requirements. IRS Publication 970 states “You can deduct the costs of quali...
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Can sole trader employ wife?
You can employ family members as employees of your business. However this does not mean they can be treated differently from other employees. You as the b...
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