local updates
Can I carry forward my medical expenses?
Yes, you can claim any eligible medical expenses if they occurred in a 12-month period that ends in the current tax year. For example, if most of your med...
Read Journal Category
Local Updates
local updates
Can a amended MFJ return be changed to MFS?
Amending from MFJ to MFS Generally, a MFJ Return Cannot be Changed to MFS After the Return’s Due Date. An amended return filed after the due date of the o...
Read Journal
local updates
What do I need to fill out a 1099 for a contractor?
Once you know which contractors you paid over $600 to, you will need to fill out Form 1099-NEC. Starting at the upper left box, record your organization’s...
Read Journal
local updates
What does service cost consist of?
It includes all the costs directly involved in producing a product or delivering a service. These costs can include labor, material, and shipping. Why is ...
Read Journal
local updates
What happens to your social security if you get a pension?
Pensions are not counted toward the earnings test that can reduce your Social Security payments if you continue to work after claiming benefits. Pensions ...
Read Journal
local updates
What is a net win/loss statement?
A win/loss statement is an accounting provided by a single casino that states the player’s wins and losses while gambling there, according to Trib Total M...
Read Journal
local updates
How do I fill out the PPP loan forgiveness application?
Here’s how to tackle this form: Complete basic company information on the main Loan Forgiveness Calculation form. Complete Schedule A Worksheet to see if ...
Read Journal
local updates
Do franchise owners have to pay royalties?
Franchise royalties range from 4% of your revenue all the way up to 12% or more. The amount has to do with the type of franchise business. For example, a ...
Read Journal
local updates
Can you claim back gambling losses?
The big question is one of time. There is nothing in the laws from the Gambling Commission to say that those losses have to be paid back unless the victim...
Read Journal
local updates
How is a lump sum pension payout taxed?
Pension income is taxed as ordinary income. A lump sum amount can be rolled over to an Individual Retirement Account (IRA) and avoid taxation when you rec...
Read Journal