LLC Tax Benefits: A Legal Guide
Registering your business as a limited liability company (LLC) is a relatively simple and inexpensive process. Along with protecting you from personal liability, registering your business as an LLC can help it
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Registering your business as a limited liability company (LLC) is a relatively simple and inexpensive process. Along with protecting you from personal liability, registering your business as an LLC can help it
They sound and look complicated, but they’re not that bad, I promise. A W-4 is a tax form used by employers to withhold the correct amount of taxes from your paychecks. If
For entrepreneurs who are incorporating their business, taxation will likely be a major issue. While many business owners may not have heard of IRS Form 2553, this form could be the key
The federal government is offering tax incentives to homeowners and businesses who purchase brand new sustainable energy-efficient appliances. Homeowners who purchase a qualifying home furnace can deduct up to $150 from their
It does not make sense for the federal and state authorities to tax each other government programs. Thus, you may be able to deduct your California State Disability Insurance (SDI) from federal
The Internal Revenue Service (IRS) Form 1040 U.S. Individual Income Tax Return allows you to itemize your income. If you own stocks (capital assets), you should probably use this long form for
No one likes doing taxes. Sometimes it seems like such a chore that a tax return never gets filed. The reasons for this are many. Maybe you know you’re going to owe,
Simply stated, single lump-sum death benefits received from a life insurance policy that was not owned by the deceased is not taxable. One spouse can own a policy that bequeaths death benefits
Employment related professional association dues or fees are allowable as tax deductions if they meet the guidelines established by the IRS (Internal Revenue Service). You must know how the dues will be
With a few exceptions, the interest earned on savings accounts is taxable, both to the Federal and State governments. If the savings account is a tax deferred IRA (Individual Retirement Account), the
Governments recognize that businesses create the employment, along with the essential goods and services for the community. At times, an individual or company can accomplish a goal more efficiently than a government
In the United States, the Internal Revenue Service (IRS) treats dependents as exemption credits that can be claimed on an annual tax return. This is a significant exception credit that can reduce
Social Security taxes (SST) were initially intended to provide a source of income for elderly citizens. Over time, this federally managed program has expanded to also provide a source of income to
In the United States, taxpayers are identified by unique numbers. For most individuals who are compensated on a wage or salary basis, the numbers assigned to them by the Social Security Administration
The loss of a loved one often leaves individuals with high emotions and a series of difficult choices. From handling any medical bills to managing funeral services, death is painful in more
The trustee (or executor) of an estate is responsible for filing Form 1041 for estate tax. It is important to note the difference with an individual beneficiary who must also file estate
There are many types of inheritance. You can inherit cash, land, vehicles, stocks, money that was saved in a retirement account, rental property, a business, equipment, a payout from a life insurance
A W-2 statement is confusing for even the most financially savvy individuals. During tax time, employees must pay attention to these financial statements even for those who are hiring tax preparers to
Capital gains are defined as any profit or income you received from selling property or an investment. Capital gains are often taxed at a separate rate from income received from working and
This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.