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What is my unit type if I live in a house?
The term housing unit refers to a single unit within a larger structure that can be used by an individual or household to eat, sleep, and live. The unit c...
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Do I have to take an RMD from my 401k in 2020?
You must take your first required minimum distribution for the year in which you turn age 72 (70 ½ if you reach 70 ½ before January 1, 2020). If you reach...
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What kind of tax do you pay on lottery winnings?
Therefore, you won’t pay the same tax rate on the entire amount. The tax brackets are progressive, which means portions of your winnings are taxed at diff...
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What does a debit balance in allowance for uncollectible accounts mean?
Allowance For Doubtful Accounts have debit balance (which is An Unfavorable or A Negative Balance) because the amount of Actual Bad Debts Written Off is g...
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Who files an 1120S tax return?
S corporations Form 1120-S is filed by S corporations. This business structure allows a corporation to pass corporate income, losses, deductions, and cred...
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When can you file taxes 2021 in PA?
May 17, 2021 The PA Department of Revenue and the IRS announced that the income tax filing deadline for the final annual return (2020) is extended to May ...
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When is the last day to file 2016 tax return?
For example, the last day to claim your tax refund for the 2016 tax year is April 15, 2020. The original tax deadline was April 15, 2017, therefore, you h...
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What is included in partnership capital account?
The partnership capital account is an equity account in the accounting records of a partnership. It contains the following types of transactions: Initial ...
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What is the most profitable franchise to open?
10 of the most profitable franchises in 2021 McDonald’s. Dunkin’ The UPS Store. Dream Vacations. The Maids. Anytime Fitness. Pearle Vision. JAN-PRO. What ...
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Can a partnership contribute to a SEP-IRA?
Yes. A SEP-IRA plan can’t be set up for just one partner, because the partnership is considered the employer of each partner. This means that all partners...
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