How much Cancelled debt do you have to report?
The Form 1099-C denotes debts that have been forgiven by creditors. It is also known as a “cancellation of debt.” According to the IRS, lenders must file ...
Category: Updates
Does Maryland allow Section 179 depreciation?
Finally, a reminder to manufacturing businesses – you are allowed bonus depreciation in Maryland as well as enhanced Section 179 deductions. This provisio...
Is South Carolina a landlord friendly state?
The Landlord-Tenant Environment in South Carolina The landlord-tenant laws are landlord-friendly in South Carolina. There are an estimated 4.1 million res...
Do sole traders have financial accounts?
Sole traders do not have to file accounts with a public body (like Companies House for limited companies). However, they should prepare a balance sheet an...
Is it better to sell with or without a tenant?
Landlords can sell their properties with a renter in place, even if a fixed term tenancy agreement exists. However, if you can wait for the tenant to leav...
Are 4h donations tax deductible?
Just to clarify, if you donate money to 4-H ALBERTA, you qualify for a tax deductible receipt, but if you donate money to a LOCAL CLUB, you do not qualify...
Are green card holders eligible for ACA?
Under the Affordable Care Act, most immigrants qualify for health coverage, including the following groups: Lawful permanent residents or (“green card hol...
What is the 100% bonus depreciation?
Bonus depreciation is calculated by multiplying the bonus depreciation rate (currently 100%) by the cost basis of the acquired asset. For a business that ...
Do accountants do free consultation?
Almost all accountants offer ‘no obligation free initial consultations’. I see no problem with this as long as you’re aware that this need not extend to g...
What if I filed 1040ez instead of 1040NR?
What if I accidentally filed form 1040 instead of form 1040NR / 1040NR EZ? Nonresidents who file their tax returns with form 1040 (which is for U.S. citiz...
