What is IRS Form 1040 for tax year 2016?
U.S. Individual Income Tax Return 2016 OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space. For the year Jan. 1–Dec. 31, 2016, or other ta...
Who is the beneficiary of a variable annuity when the owner dies?
For most variable annuities, beneficiaries receive at least the original amount the owner contributed. For fixed annuities, the beneficiary receives the p...
How do I know if the IRS has my correct mailing address?
Go to: Get Transcript | Internal Revenue Service and request a transcript of your tax account or just file a Form 8822 to give them your correct address. ...
Is UTMA a qualified account?
Understanding the Uniform Transfers to Minors Act (UTMA) While the UTMA offers a way to build a tax-free savings account for minor children, the assets wi...
What to do if you accidentally close a window?
You may already know that hitting the Ctrl+Shift+T keyboard shortcut on Windows or Linux (or Cmd+Shift+T on Mac OS X) will reopen the last tab you closed....
How do I get around health insurance?
Traditional health insurance policies are the go-to plan for medical coverage, but consumers have other options. Alternatives include primary care members...
Are TN visa holders considered residents?
H-1, TN, and O-1 visa holders are considered resident aliens once they meet the “substantial presence” test. How are TN visa holders taxed? Yes, TN visa h...
How do I show professional fees in ITR?
Yes, you can file the return under Section 44ADA of the Income Tax Act and file through Form ITR-4. The fees being received by you from the company is in ...
What are the consequences of tax non compliance?
The penalty for tax evasion can be anything up to 200% of the tax due and can even result in jail time. For example, evasion of income tax can result in 6...
How do you account for bonus accruals?
Accruing Bonuses in the Financial Records Post a debit to your employee bonuses account for the total amount of the accrual, followed by a credit to the b...
