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What if I am on the mortgage but not the deed?
If your name is on the mortgage, but not the deed, this means that you are not an owner of the home. Rather, you are simply a co-signer on the mortgage. B...
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How many dependent should I claim?
You can automatically reduce your taxable income and be in the running for other perks on your tax return. The best part is there is no limit to the numbe...
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Where do I send Form 7004 with payment?
7004 Extension approved or Your Money Back AND your principal business, office, or agency is located in THEN file Form 7004 at: Internal Revenue Service, ...
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What is a SEP distribution?
A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as the...
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Do I have to pay Virginia state taxes if I live in Maryland?
If you live in Maryland, file with Maryland. If you live in Washington, D.C., Pennsylvania, Virginia or West Virginia, you should file with your home stat...
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How much should you pay in taxes if you make 200k?
The 2018 Income Tax Rates Rate Single Married Filing Jointly 24% $82,501 – $157,500 $165,001 – $315,000 32% $157,501 – $200,000 $315,001 – $400,000 35% $2...
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Who has ownership in a partnership?
An owner of a partnership is any general or limited partner who has direct or indirect (as defined below) ownership of a percentage of the partnership’s c...
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Are life insurance policies qualified or nonqualified?
By using a combination of withdrawals and loans, the owner of a life insurance policy may obtain tax-free growth and tax-free distributions of the policy’...
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What can you itemize as an independent contractor?
9 amazing tax deductions for independent contractors Home office. Educational expenses. Depreciation of property and equipment. Car expenses. Business tra...
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Is sponsoring a race team tax-deductible?
Yes, you can get a deduction for sponsoring a non-profit organization if you get public exposure from the sponsorship. It would be an advertising expense ...
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Do all high efficiency furnaces need fresh air intake?
The architecture of high-efficiency furnaces means that they have their own fresh air intake. However, this doesn’t mean you don’t need an external fresh ...
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What income is subject to alternative minimum tax?
For the 2020 tax year, the threshold is $197,900 of AMT taxable income for taxpayers filing as single and as married couples filing jointly. It is $98,950...
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For what reasons can the IRS hold your refund?
You may get a letter or notice from the IRS saying there’s a problem with your tax return or your refund will be delayed. There are many reasons why the I...
