updates
How much can you write off for education expenses?
How it works: You can deduct up to $4,000 from your gross income for money you spent on eligible education expenses in tax year 2020. These expenses inclu...
Jul 22, 2026 • 1 READS
general
How much interest can you make before you have to claim it?
If you earn more than $10 in interest from any person or entity, you should receive a Form 1099-INT that specifies the exact amount you received in bank i...
Jul 22, 2026 • 1 READS
general
Does Social Security payments count as income?
Generally, if your Social Security benefits are your only source of income, then they are usually not considered taxable income and thus not taxed. If you...
Jul 22, 2026 • 1 READS
general
When to file an amended state tax return?
But if you think you will need to file an amended state tax return due to the unemployment tax break, you might be better off waiting until you receive co...
Jul 22, 2026 • 1 READS
general
What expenses can you claim as a contractor?
If you’re in business, including self employed or working as a contractor, you may be able to claim expenses like your home office, your car, depreciation...
Jul 22, 2026 • 1 READS
updates
When to use Married Filing Jointly tax form?
You can use the married filing jointly filing status if both of the following statements are true: You were married on the last day of the tax year. In ot...
Jul 22, 2026 • 1 READS
general
How does Upwork work for taxes?
If you’re a freelancer whom the Internal Revenue Service (IRS) defines as a “U.S. Person” and earn money working with your client through Upwork, you need...
Jul 22, 2026 • 1 READS
news
Can two trusts own one bank account?
It does not make sense for two trusts to have a joint account any more than it would for two corporations to have a joint account. What the attorney is tr...
Jul 22, 2026 • 1 READS
general
Can a SMLLC pay rent to a sch e LLC?
One SMLLC files a schedule C and the other a schedule E. The Sch C LLC pays a fair arms-length rent to the Sch E LLC. Since both have EINs, separate bank ...
Jul 22, 2026 • 1 READS
news
Where on your W-2 does it show how much you made?
Box 1 Box 1 of the W-2 shows your taxable wages for federal income tax purposes. To arrive at your total salary using Box 1, add your federal taxable wage...
Jul 22, 2026 • 1 READS
