updates
Can an S Corp make a loan to a shareholder?
Often times a payment or payments to S corporation shareholders will be booked or accounted for as a loan to shareholder. If the shareholder does not have...
Category: Updates
updates
Can I use home equity to buy a business?
You can use the equity in your home to purchase a business. This is can be done by taking out a second mortgage. A second mortgage is also known as a home...
updates
Do I fill out W9 or W8?
Foreign financial institutions ask you to complete Form W9 to comply with FATCA reporting requirements imposed on them. Form W9 is intended for US persons...
updates
Can you file multiple tax extensions?
You can request an additional extension of time to file taxes beyond the six-month period, but you cannot ask for multiple tax extensions. If the IRS does...
updates
Are grandparents in law considered immediate family?
CFR §170.305: Immediate family is limited to the spouse, parents, stepparents, foster parents, father-in-law, mother-in-law, children, stepchildren, foste...
updates
Do annuities have tax-free distributions?
Annuities are tax deferred. But that doesn’t mean they’re a way to avoid taxes completely. What this means is taxes are not due until you receive income p...
updates
How do I get my Morgan Stanley 1099?
OR Available online at After logging in, go to the Document Library and then “ Statements & Records.” Call Morgan Stanley Smith Barney’s Customer Serv...
updates
What is the cost basis of a house in an irrevocable trust?
The step-up in basis is equal to the fair market value of the property on the date of death. In our example, if the parents had put their home in this irr...
updates
Can H4 file taxes separately?
If your spouse is an H4 Visa holder living with you as a dependent and you file as married filing jointly, then you will be entitled to a greater amount o...
updates
Can you have a side job while working full-time?
Working a second job will boost your income, especially if you keep your taxes in order, plan your time effectively, and choose your second job wisely. If...
updates
Can a shareholder sell their share?
A shareholder can sell or give away shares to anyone unless the company’s articles impose an effective restriction, or the shareholder has agreed not to t...
updates
What tax deductions can doctors claim?
Top Tax Deductions for Doctors Retirement Savings. The money you save for retirement with an IRA or a 401(k) is money you can deduct from your income and ...
updates
Are assets combined when married?
Under California’s community property laws, assets and debts spouses acquire during marriage belong equally to both of them, and they must divide them equ...
