Do you get taxed on a settlement agreement?
Settlement agreements (or compromise agreements as they used to be called), usually involve a payment from the employer to the employee. Such payments can...
Category: Updates
Does spousal support end in retirement?
When a payor retires, his or her income may be significantly reduced. If the payor reaches full retirement age, or retires involuntarily, such as for medi...
Can I still use form 2106 in 2018?
This form was discontinued after 2018 after the Tax Cuts and Jobs Act (TCJA) went into effect. Taxpayers used to have two options for claiming job-related...
Is nonqualified deferred compensation taxable?
Distributions to employees from nonqualified deferred compensation plans are considered wages subject to income tax upon distribution. Since nonqualified ...
Do additions increase home value?
Aside from adding to your home’s market value and usability, room additions can also add to your home’s personal and emotional value. There are certainly ...
What counts as dependent care expenses?
Dependent care FSA-eligible expenses include: Licensed nursery schools. Qualified childcare centers. Adult day care facilities. Does FSA dependent care co...
What year did working tax credit start?
2003 It was introduced in April 2003 and is a means-tested benefit. Despite their name, tax credits are not to be confused with tax credits linked to a pe...
What software do tax firms use?
Only for tax professionals TaxSlayer Pro is the professional version of the commercial product TaxSlayer. It is a great option for independent professiona...
Do military spouses pay state taxes in North Carolina?
Yes. Income received by a servicemember from non-military employment is subject to North Carolina income tax. Do military members pay state taxes in NC? I...
How do I calculate depreciation on a new car?
What’s the formula for depreciation? To estimate how much value your car has lost, simply subtract the car’s current fair market value from its purchase p...
