What is included in long-term insurance?
Long-term care insurance can cover home care, assisted living, adult daycare, respite care, hospice care, nursing home, Alzheimer’s facilities, and home m...
Category: Updates
How do I respond to IRS CP504B?
The first step in responding to Notice CP504B is to contact the IRS and appease collections to prevent levies. The next step in the process will be obtain...
What does open pending mean?
Generally speaking, Open should be selected once your firm has been formally retained. A Pending status may be assigned to a matter when the firm has yet ...
Does LLC fall under corporation?
A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated...
When did Qualified improvement property start?
Rules related to QIP were first enacted January 1, 2016 and provided 50% bonus depreciation with a 39-year recovery period. Then, under the Tax Cuts &...
How does a trust generate income?
Trust income examples Almost everything earned by the principal of the trust is income. Stock dividends, interest earned on bank accounts or bonds, rents ...
How much can you sell on eBay before reporting to IRS?
If you make more than $20,000 in gross sales and have 200 or more transactions on eBay, you should receive a 1099-K form reporting this income to the IRS....
How do I sign up for Amazon Pro sellers?
How to create a seller account on Amazon Go to Scroll down the page, below the heading “Become an Amazon seller” Choose between and individual or professi...
Can you take depreciation on rental property?
To take a deduction for depreciation on a rental property, the property must meet specific criteria. According to the IRS: The property’s useful life is l...
How is home office business expense calculated?
The regular method With the regular method, you calculate your home office deduction by adding up the total actual expenses of maintaining your home offic...
