local updates
When should a W-2 be completed?
January 31st January 31st is the deadline to file W-2s using Business Services Online or to submit paper Form W-2. If this date falls on a Saturday, Sunda...
Read Journal Category
Local Updates
local updates
When to use long term capital gain or loss?
Long-term capital gains or losses apply to the sale of an investment made after owning it 12 months or longer. Long-term capital gains are often taxed at ...
Read Journal
local updates
Does annual exclusion apply to charitable gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts...
Read Journal
local updates
Do authors get royalties from eBooks?
Under standard royalties, an author gets roughly 20 to 30% of the publisher’s revenue for a hardcover, 15% for a trade paperback, and 25% for an eBook. Ob...
Read Journal
local updates
Where do I enter Form 5498 in TurboTax?
TurboTax will include the entire amount on Form 1040 line 4a but will exclude the amount rolled over from the taxable amount that would otherwise be repor...
Read Journal
local updates
Can I upgrade my version of TurboTax?
You can upgrade or switch to a higher version of TurboTax after you’ve started your 2020 return. To upgrade your version of TurboTax: Make sure you’re sig...
Read Journal
local updates
What is a 503 c status?
§ 501(c)) and is one of over 29 types of nonprofit organizations exempt from some federal income taxes. Sections 503 through 505 set out the requirements ...
Read Journal
local updates
How long does it take to get a non-filing letter?
Non-filers can expect to receive a paper IRS Verification of Non-filing Letter at the address provided in their telephone request within 5 to 10 days from...
Read Journal
local updates
Which W2 do I use for 2018?
You must file Form(s) W-2 if you have one or more employees to whom you made payments (including noncash payments) for the employees’ services in your tra...
Read Journal
local updates
Why dont I get a 1098 form?
No, you don’t have to actually file Form 1098—that is, submit it with your tax return. You only have to indicate the amount of interest reported by the fo...
Read Journal