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How do antique consignment shops work?
Consignment is when a shop sells goods for an owner. The owner keeps ownership of his item until it sells, if it sells. As the owner, you’d pay a small fe...
Category: General
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Does assignment of mortgage have to be recorded?
Assignments of mortgage are more commonly seen when lenders sell mortgages to other lenders. When someone has what is known as an assumable mortgage, it i...
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Can a wife live separately?
A separation isn’t the same as a divorce. Separation means that you are living apart from your spouse, but you’re still legally married until you get a ju...
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What is capital asset vs ordinary asset?
From the foregoing, capital assets are generally properties that are not used in trade or business of the taxpayer. On the other hand, ordinary assets are...
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Why are people moving to Colorado from California?
With its breathtaking Rocky Mountain beauty and high quality of life, Colorado has attracted many new residents. The combination of job opportunities, bea...
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Who pays the tax on a simple trust?
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income, rather than the trust itself paying the tax. Howev...
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What is the next position after customer service representative?
Once customer success managers master managing their customers, the next step in their career is to manage their fellow employees as a customer service ma...
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What is line 3 on W9 form?
Line 3 – Federal tax classification A sole proprietor business operates under the owner’s Social Security number and hasn’t been registered as another typ...
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Can you include a note with your tax return?
Notes for the IRS, including preparer notes, regulatory explanations, and elections, as well as preparer statements not for the IRS can be included with a...
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Does Virginia recognize S corporations?
S-corporations: Corporations that have elected S status for federal purposes are automatically treated as S-corporations for Virginia purposes, and must f...
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What is the maximum allowable depreciation charge accepted by the IRS?
If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year, $16,000 for the second yea...
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Why was the RCA formed?
Headquarters are in New York City. RCA was founded as Radio Corporation of America by the General Electric Company in 1919 to acquire Marconi Wireless Tel...
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Which taxpayer is not able to deduct NOLs?
Pass-through entities cannot claim NOLs, but partners, members of limited liability companies, and shareholders of S corporations can claim NOLs proportio...
