What information do you need from your W-2 to file taxes?
The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other t...
Category: Updates
Where do I enter interest income?
Interest income must be documented on B on Form 1040 of the tax return. Does interest income go on Schedule 1? These include W-2 wages, tax-exempt interes...
Why solar is a ripoff?
Companies have misled consumers about the true costs of installing solar panels, provided shoddy craftsmanship, and left homeowners with higher utility co...
How to report an IRS impersonation phone call?
Use their “ IRS Impersonation Scam Reporting ” web page. You can also call 800-366-4484. Report phone scams to the Federal Trade Commission. Use the “ FTC...
What do you need to know about starting a 501c3 organization?
When establishing a new nonprofit, the first step for most organizations is to apply for the official 501 (c) (3) status. What is a 501 (c) (3)? Section 5...
Are school tuition payments tax deductible?
Yes, you can reduce your taxable income by up to $4,000. Some college tuition and fees are deductible on your 2020 tax return. The deduction is worth eith...
What is allowable interest deduction?
The interest payments made on certain loan repayments can be claimed as a tax deduction on the borrower’s federal income tax return. These interest paymen...
What does funded mean in mortgage?
Funding is the disbursing or wiring of money from your lender to your title or escrow company to pay for the home you’re purchasing. “If no loan is involv...
Do LLCS pay taxes in Delaware?
Delaware treats a single-member “disregarded entity” as a sole proprietorship for tax purposes. This means that the LLC itself does not pay taxes and does...
What is Box D in W-2?
Box D: This is a control number that identifies your unique Form W-2 document in your employer’s records. This number is assigned by the company’s payroll...
