You generally have to file a Pennsylvania state income tax return if you were a resident, nonresident or part-year resident and you received Pennsylvania gross taxable income in excess of $33 for the year, even if no tax is due. So you may be required to file a Pennsylvania tax return even if you do ...
To form a corporation in South Carolina, you need to file your articles of incorporation with the South Carolina Secretary of State. You can do this on the South Carolina Business One Stop. The fee for filing the articles of incorporation is $110. On this same one stop site you can register your business with ...
If you lost money on the sale of investments or other capital assets in a prior year, you may be able to apply that loss against gains you have this year. You would be able to do this if you had a net capital loss in a prior year and could not claim the entire ...
As a general rule, all the income you receive in the form of money, property, or services is subject to the federal income tax unless it is specifically exempted by law. On Form 1040 that you use to file your annual federal income tax return, there is a separate line at the end of the ...
How the members of a limited liability company (LLC) are compensated for their services and how they are taxed depends on whether it is a single-member or multi-member LLC, how the LLC elects to be treated for tax purposes, and on what the members of the LLC agree. As pointed out by the IRS, LLCs ...
Guide to the 2009 Tax Brackets Benjamin Franklin may have said it best “‘In this world nothing can be said to be certain, except death and taxes.” This may be true but smart planning for taxes will save you a major headache. Due to inflation 2009 tax brackets will be widened. Almost every taxpayer will ...
A net operating loss (NOL) for tax purposes, occurs when your deductions for a year are greater than your taxable income for the year. If you have negative taxable income when you prepare your tax return, you may have a net operating loss. This is generally caused by deductions from a trade or business, or ...
Generally, alimony payments can be deducted for federal income tax purposes by the spouse who pays the alimony. And the spouse who receives alimony payments must report them as taxable income. This also applies to lump sum payments and can result in significant tax consequences for the spouses. For example, a lump sum payment may ...
You may receive certain fringe benefits at work to compensate for commuting or parking costs, including direct reimbursements and transit passes. According to the IRS, qualified transportation fringe benefits can be excluded from your taxable income up to certain limits. These benefits include transportation in a commuter vehicle, such as a van, between your home ...
Normally, when debt is forgiven, the cancelled debt is considered taxable income for federal income tax purposes for the person whose debt is forgiven. This could occur in the case of a foreclosure or the short sale of a home. The Mortgage Debt Relief Act of 2007, which was extended until the end of 2012, ...
