What does it mean if your HSA was overfunded?
You may have made excess contributions to your HSA or you may have mistakenly indicated to TurboTax that you did so. Please read the following for some co...
Category: Updates
Is HELOC interest tax deductible 2017?
Under the new law, home equity loans and lines of credit are no longer tax-deductible. If you used a HELOC for home improvement before December 15, 2017, ...
Can I change from actual to standard mileage?
Once you use actual expenses for the vehicle (even if it’s the first year you used it for business), you can’t switch to standard mileage rate. You must c...
Are church donations tax deductible in Canada?
Canada has a generous tax credit system for donors to charities. The Charitable Donations Tax Credit can be up to 33 percent of the amount you donated at ...
What to do when you inherit a traditional IRA?
Inherited IRA rules: 6 key things to know Treat the IRA as if it were your own, naming yourself as the owner. Treat the IRA as if it were your own by roll...
How can I track down my refund?
Use the Where’s My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems...
What is the standard deduction for 2020 for over 65 and blind?
For 2020, the additional standard deduction for married taxpayers 65 or over or blind will be $1,300 (same as for 2019). For a single taxpayer or head of ...
Do non-deductible expenses reduce S Corp basis?
Nondeductible expenses decrease basis because they are either not business related or are considered personal expenses. These items are not shown on your ...
What are the worst states to form an LLC?
The worst US state for a new LLC formation is the state of New Jersey. This is mainly because the corporate tax is 9% (7.5% is charged if net income is be...
How much can you pay someone without reporting to IRS?
Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Are owners distributions taxable? Instead, you and the other ow...
