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Is IRA income taxable for Social Security?
Up to 85% of the Social Security benefits you get each year could be subject to tax, depending on your household income. What’s more, 100% of your withdra...
Category: General
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Can you deduct gambling losses if you take the standard deduction?
Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on y...
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What happens to time deposit after maturity?
If you close the term deposit once it matures, you can ask for the money to be transferred to your business account either with ING or another bank. You c...
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Do you have to report casino winnings as income?
Gambling income is almost always taxable income. This includes cash and the fair market value of any item you win. By law, gambling winners must report al...
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Do I have to pay depreciation recapture on a loss?
The additional $2,000 is treated as a capital gain, and it is taxed at the favorable capital gains rate. There is no depreciation to recapture if a loss w...
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Can you bonus depreciate improvements?
The Tax Cuts and Jobs Act of 2017 (TCJA) allowed 100% bonus depreciation on QLHI acquired after Sept. 27, 2017 and placed in service before Jan. 1, 2018 (...
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Can I file single if I am legally separated in California?
If they have a decree of legal separation, they are considered unmarried for tax purposes; they cannot file a joint return. Interestingly, there is no wai...
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How is franchise amortization calculated?
To determine the amortization amount, divide your franchise fee by the length of amortization. For example, if the franchise fee is $100,000 and the franc...
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When starting a business who do you hire first?
Key takeaway: The first positions to hire include CEO/COO, product manager, CTO, CMO, sales manager, CFO, business development manager and customer servic...
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Can a startup go bankrupt?
We believe that if the company’s bank account runs out, the company goes bankrupt and it’s game over. But that’s not always true. It’s often not until you...
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How do I report a question?
When we report questions, the subject comes before the verb. Direct speech: “Where are you going?” Reported speech: He asked me where I was going. Direct ...
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Are cabinets assets?
Desks, chairs, tables, couches, filing cabinets and movable partitions are part of your furniture fixed assets. Is retail store a fixed asset? Tangible fi...
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Can I rollover my IRA to my child?
You can’t transfer, or roll over, assets from your IRA into an IRA for your child. For example, if your adult child earned $30,000 for the tax year, but s...
