What does it mean to be a sole proprietorship?
Having a sole proprietorship means you and your business have a shared identity, so the business isn’t a separate legal entity. As the owner, you take on ...
Category: Environment
Can you get tax forms at local IRS office?
A) Yes, you may visit a local IRS office or a post office or library that carries tax forms. You may also use computers that are often available for use i...
Do minors pay Social Security tax?
Under current law, wages paid to a child under age 18 are not subject to FICA taxes (Social Security and Medicare taxes). Both the FICA and FUTA tax exemp...
What is considered income for a trust?
Almost everything earned by the principal of the trust is income. Stock dividends, interest earned on bank accounts or bonds, rents from real estate owned...
Can I claim my 18 year old son on my taxes if he works?
Yes, a child under age 19 or a full time student under age 24 can still be claimed as a dependent regardless of the amount of income she has. Can you clai...
How can I get my tax file number for free?
If you already have a TFN and don’t remember the number, you can find it online in ATO online services via your myGov account. If you don’t have a myGov a...
Can you be retired and buy a house?
Unfortunately, qualifying for a home loan can be difficult for those on a fixed income. Still, it’s possible for creditworthy homebuyers to purchase a new...
Where do I deduct health insurance premiums on 1120S?
Page 16 of the Instructions for Form 1120S states: “Report amounts paid for health insurance coverage for a more than 2% shareholder (including that share...
Can a Realtor be self employed?
Most real estate agents and brokers receive income in the form of commissions from sales transactions. You’re generally not considered an employee under f...
Can you not claim yourself on taxes anymore?
No. You cannot claim yourself as a dependent on taxes. Dependency exemptions are applicable to your qualifying dependent children and qualifying dependent...
