In general, an LLC with more than one owner is a multi member LLC and a partnership for federal tax purposes. In some cases, an LLC owned by a married couple can choose to treat the LLC as a disregarded entity instead of a partnership.
The IRS Form 3911 is generally filed to report a lost or damage tax refund check. It can also be submitted to apply for a lost stimulus check.
A taxpayer's adjusted gross income (AGI) and taxable income are two different calculations. This article and video tutorial discuss those different calculations and why they are important.
U.S. citizens are U.S. tax residents regardless of where they live and work. This applies to persons with dual citizenship with other countries. U.S. citizens need to be careful which withholding certificate they complete when requested by banks, custodians, and other payors.
When a company makes payments to an independent contractor, they are generally required to report the payments on a Form 1099-MISC or a Form 1099-NEC. This article and video tutorial covers those basic rules and some of the reporting implications.
When a company pays an independent contractor compensation, those payments are generally reportable on Form 1099-NEC. This article and video cover the Form 1099-NEC reporting requirements.
The passive activity loss rules (PAL) prevent taxpayers from using losses from passive activities to offset active income. This article and video discuss the PAL basics and provide some examples.
Social security payments and generally included in gross income and subject to federal income taxes. There are certain exclusions where a portion of the social security income is not subject to federal income taxes.
Section 529 plans are a valuable financial planning tool for taxpayers with children that plan to attend college. The Form 1099-Q reports distributions from the Section 529 plans.
It's important to make sure the IRS has your current address on file. This ensures you receive any refund checks or other correspondence from the IRS. What are some ways to verify your address?
