Are small business owners taxed twice?
Double taxation usually refers to the income taxes imposed on corporate earnings and dividends. Corporations are considered legal entities separate from t...
Category: General
When did Arizona start state taxes?
The provisions of this law were effective January 1, 1978. Laws 1978, Chapter 213 established a new income tax code for the State of Arizona which was to ...
Can you deduct travel for charity?
The IRS says that a volunteer can claim a charitable contribution deduction for travel expenses only if there is “no significant element of personal pleas...
How much can a student make over the summer?
Given that there are about 13 weeks during the summer and 30 weeks during the academic year, a college student can work a total of about 13 x 40 + 30 x 12...
How can I get IRS to verify my phone number?
The fastest way to verify your identity is with a mobile phone number associated with your name. The phone must be U.S.-based and text-enabled. We will se...
How is a single-member LLC taxed?
A single member LLC is considered a “disregarded entity” for U.S. tax purposes, and accordingly its operations are reported on the member’s individual tax...
Does Mexico have double taxation?
The United States – Mexico Tax Treaty covers double taxation with regards to income tax and capital gains tax, however, as mentioned earlier, due to a Sav...
What happens to US savings bonds when owner dies?
The bond is part of the estate of the person who died last. The surviving person becomes the owner as if the survivor had been the only owner from the tim...
Where do I declare foreign interest income?
Generally, you report your foreign income where you normally report your U.S. income on your tax return. Earned income (wages) is reported on line 7 of Fo...
What does a gift letter mean for mortgage process?
As it applies to your mortgage, a gift letter is a note from the donor that says you don’t have to pay the money back. If you’re using gift money for part...
