Your basis in a business asset is essentially the cost of that asset. The term applies to all types of assets held by your business, including real estate, land, equipment, and investments...
Posted by Taxes Made EZ Inc on 01/01/2021
A defined benefit plan is an employer-sponsored pension plan in which benefits are calculated using a formula that considers various factors, such as salary history and length of employment....
Posted by Abundant Wealth Planning LLC on 01/01/2021
With the situation of the economy, a lot of taxpayers have issues paying rent on their mortgage and other debts. Many people had no choice but to abandon their property or go through...
Posted by Daniel P Vigilante CPA and Profit Consultants on 01/01/2021
Couples living in a community property state own their marital properties, income, and assets jointly. If you earn around $75,000, the income is yours as much as it is your spouse....
Posted by Carmen Garcia on 01/01/2021
Tax credits, such as elderly tax credit and the disabled, are credits applied to taxes owed. For example, if you owe $2,000 in taxes and have a loan of $700, you only have to pay $1,300....
Posted by Don Bell Law on 01/01/2021
A like-kind exchange makes it possible for people to get rid of their asset and acquire another—a similar one, without incurring a capital gains tax liability from selling off...
Posted by Aurelia E Weems CPA on 01/01/2021
Excise taxes can be defined as internal taxes levied on the sale of particular goods and services like fuel, whiskey, alcohol, and tobacco. It is an indirect tax because the customer...
Posted by BEST FINANCIAL GROUP LTD on 12/31/2020
The recovery rebate credit meant to cushion the COVID 19 pandemic effect is the highlight of the CARES Act. Also called Economic impact payments, it was designed to provide $1,200...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/31/2020
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Posted by Karen Munoz, EA on 12/31/2020
