Is any portion of rent tax deductible?
No, there are no circumstances where you can deduct rent payments on your tax return. Deducting rent on taxes is not permitted by the IRS. However, if you...
Category: Updates
How do you convert an LLC to an S Corp in California?
If you want to convert to an S Corporation, you will also need to file IRS Form 2553….The statement of conversion need not be complicated; according to CA...
What are the rules for opening an HSA?
Open an HSA You must be covered under a qualifying high-deductible health plan (HDHP) on the first day of the month. You have no other health coverage exc...
Where can Personal loans used?
Situations in which a personal loan can be your saviour Medical emergency. Medical emergencies can take a serious toll on your finances. Wedding. Weddings...
Do auditors have to be accountants?
Accountants and auditors typically need at least a bachelor’s degree in accounting or a related field to enter the occupation. Completing certification in...
How do I file an extension with 1120-s?
Tax extension for S-Corporation can be obtained using Form 7004. Applying for an extension will give you an additional 6 months of time to file your S-cor...
Does a simple trust have to distribute income?
By definition, a simple trust is a trust: That requires all income must be distributed currently. That doesn’t provide any amounts to be paid, permanently...
Are investment advisory fees deductible for partnerships?
212, the advisory fees and other investment expenses of the fund are now no longer deductible to fund investors that are individuals or similarly taxed en...
What is the procedure to take divorce from wife?
STEP 1: First Motion involves joint filing of divorce petition. STEP 2: Husband & wife appear before court to record statements after filing of petiti...
What can you tell from retained earnings?
By definition, retained earnings are the cumulative net earnings or profits of a company after accounting for dividend payments. It is also called earning...
