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Can I claim my 15 year old as a dependent?
Can I claim him as a dependent? Answer: No, because your child would not meet the age test, which says your “qualifying child” must be under age 19 or 24 ...
Category: News
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What happens to my teachers pension when I get my State Pension?
When you start claiming your state pension, the Government may pay some of the increase on your teacher’s pension with your state pension. This is because...
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Which TurboTax option is best?
TurboTax Deluxe TurboTax’s most popular filing option is TurboTax Deluxe. Most filers who do not qualify for free filing will likely use Deluxe. This opti...
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How does unemployment insurance work in Massachusetts?
If you are eligible to receive Unemployment Insurance (UI) benefits, you will receive a weekly benefit amount of approximately 50% of your average weekly ...
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Can you offset capital gains with losses from previous years?
You can use capital losses to offset capital gains during a taxable year, allowing you to remove some income from your tax return. To deduct your stock ma...
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What are some problems that can happen when you lend money to your friends?
If you need some convincing, here are six reasons why lending money to friends or family is a bad idea. 1) You’re a last resort. 2) You’ll probably never ...
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Is Cancellation of Debt taxable to estate?
The credit card companies report the forgiveness of deceased debt to the IRS by using a 1099-C – Cancellation of Debt form. Even if the credit card compan...
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Can I get life insurance if I had cancer in the past?
In fact, you likely won’t be able to get a traditional life insurance policy if you’ve just been diagnosed with cancer or are receiving treatment, he says...
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Is death distribution taxable?
This gross distribution is usually fully taxable to the beneficiary/taxpayer unless the deceased owner had made non-deductible contributions to the IRA. …...
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How do shareholders get paid in S corp?
An S Corporation’s income, losses, deductions, and credits pass through to its shareholders’ personal federal income tax returns. An S Corp’s remaining pr...
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What is small manufacturing?
Small manufacturing business can be started at home or at a small rental premise. The cost of machinery or equipment’s required for starting small manufac...
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Can you print 1099 Copy A?
You can use plain white paper to print W-2 Copy A and W-3 forms. For Form 1099s, Copy A uses red ink and must be ordered from the IRS or purchased from a ...
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Can you have another job while active duty military?
A military member is not permitted to be paid for another federal job while working as a member of the United States military. Can a soldier have two MOS?...
