States With No Income Tax
As of 2023, nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — do
Continue readingCategory: Tax
Form 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
When you take money out of your HSA (Health Saving Account) for any reason, the HSA trustee or custodian must
Continue readingHow soon can I file my 2023 tax return?
The 2024 tax season will begin on Jan. 29, the IRS announced. That means the agency will begin accepting and
Continue readingSection 199A dividend in Form 1099-DIV
Section 199A dividends are distributions from the profits of domestic real estate investment trusts (REITs) that qualify for a special
Continue readingForm 1099-S, Proceeds from Real Estate Transactions
When you sell your home, Federal tax law requires lenders or real estate agents to file a Form 1099-S, Proceeds
Continue readingWhen a Swimming Pool Turns Into a Tax Deduction – WSJ
A home elevator. Tuition for a special-needs school. Fees for assisted living. Even a swimming pool. When these and
Continue readingStandard Deduction: How Much It Is in 2022-2023 and When to Take It
The 2022 standard deduction is $12,950 for single filers, $25,900 for joint filers or $19,400 for heads of household. Those
Continue readingAlways get a Copy of Your Depreciation Schedule from your tax preparer.
Depreciation is the process of spreading the deduction of certain items you purchased for your business (or your rental properties)
Continue readingIf your sole proprietorship business has no profit or loss during the full year, it’s not necessary to file a Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) for that year.
If your sole proprietorship business has no profit or loss during the full year, it’s not necessary to file a Schedule
Continue readingOct 17 is the extended tax deadline for those who filed Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return).
Filing Form 4868 gives you until October 15 to file a return. If October 15 falls on a Saturday, Sunday,
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