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When do you need to file a 1040 tax return?
Form 1040 is used by citizens or residents of the United States to file an annual income tax return. Form 1040 is used by U.S. taxpayers to file an annual...
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Can I take an unpaid leave of absence from work?
An unpaid leave of absence is used when the employee’s time off from work is not covered under an employer’s existing benefits such as sick leave, paid va...
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Can I use business credit card rewards for personal use?
It’s generally OK to spend rewards from a business credit card on personal trips as well as business trips, since rewards usually aren’t taxable. If your ...
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Which IRA offers the potential for a tax-deductible contribution?
Instead of contributing the nondeductible amount to a traditional IRA, in which earnings grow tax-deferred, you can contribute the amount to a Roth IRA, i...
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What is government assistance income?
Program income includes income from a variety of sources such as Social Security payments, Unemployment Compensation, and VA Benefits. Public assistance i...
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Do you issue a 1099 for dues?
If the company you paid is an S Corp, C Corp, or tax-exempt entity like a not-for-profit, a 1099-MISC would not be required. That said, legal fees and med...
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How can I get a copy of my W-2 from Walmart?
The best way to get your W-2 is to call your former employer Walmart if you have not received your W-2 by the second week in February (W-2’s are required ...
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Can your federal tax return be taken for restitution?
Tax refunds may be intercepted to repay debts that are owed to the DOR, child support debts, court ordered restitution debts, debts owed to state or local...
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Can I claim my inlaws as dependents?
No, if you do not provide any financial support and they do not live with you-you cannot claim them as dependents. In order to claim your inlaws as depend...
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How much do W-2 employees get taxed?
As a W2 employee, your employer pays 7.65% of your Medicare and Social Security taxes and you pay 7.65%. When you are paid by clients and file a form 1099...
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