updates
Does rental property qualify for Section 179 deduction?
Section 179 can only be used if your rental activities qualify as a business for tax purposes. You can’t use it if your rental activity is an investment, ...
Category: Updates
updates
Are oil and gas stocks a good investment?
Investing in the oil and gas industry carries a number of significant risks. However, long-term investments in oil and gas companies can also be highly pr...
updates
Is a 23 year old car a classic?
For example, the Classic Car Club of America defines a classic as a “fine” or “distinctive” automobile built between 1915 and 1948. For insurance and regi...
updates
Can a non owner be on a condo board California?
In other words, the default rule under the statute is that non-owner can serve on a condominium board of directors. So, if we stop the analysis here, your...
updates
Are there k1s for C Corp?
C corporations don’t issue K-1s to shareholders. Instead, they’ll issue a Form 1099-DIV when dividends are paid. What makes a corporation closely held? Ge...
updates
Is there an income tax imposed on a partnership?
A partnership itself does not pay income taxes directly to the Internal Revenue Service. The partnership files an information return on IRS Form 1065. Thi...
updates
Is a breach of contract settlement taxable?
The federal Internal Revenue Service (IRS) and the California state government cannot tax settlements in most cases. You may face taxation on the followin...
updates
Is it correct to say thank you in advance?
Thanks in advance is perfectly acceptable. For a more formal/polite connotation, you can also write Thank you in advance. The short answer is “Yes”. Is It...
updates
How many hours is material participation?
You can be considered to materially participate in the business if you work on a regular, continuous, and substantial basis during the year, at least 100 ...
updates
Are resident aliens eligible for earned income credit?
Yes. To qualify for the Earned Income Tax Credit, you must live in the U.S. for more than half the year. You must also be a U.S. citizen or resident alien...
updates
What happens if I withdraw from my retirement account?
Generally, early withdrawal from an Individual Retirement Account (IRA) prior to age 59½ is subject to being included in gross income plus a 10 percent ad...
updates
Is income taxable in the year it is earned or when it is paid Canada?
Residents of Canada are subject to Canadian income tax on their employment compensation they either received in the calendar year or are legally entitled ...
updates
Will my disability benefits be cut if I get married?
If you are married, in a civil partnership or cohabiting and you both qualify for Disability Allowance, you will each get a weekly personal rate of Disabi...
