updates
Does bankruptcy affect investments?
Declaring bankruptcy is a complex decision. You can eliminate your debt, but you could lose many of your assets, including any stocks that you own. You’ll...
Aug 03, 2026 • 0 READS
news
How are LLCs taxed in New York State?
The New York personal income tax and the corporate franchise tax conform to the federal income tax classification of LLCs and LLPs. An LLC or LLP that is ...
Aug 03, 2026 • 1 READS
news
Can a co-owner transfer ownership of a property?
This means that unlike a joint tenancy, a tenancy in common is freely transferable. Such transfer may happen in several different ways, including: However...
Aug 03, 2026 • 1 READS
updates
When to report a K-1 statement on a 1040 Form?
January 20, 2011 The Schedule K-1, also known as Form 1041, is used to report a beneficiary’s share of current-year income, credits, deductions and other ...
Aug 03, 2026 • 1 READS
news
How does a 1099-C for student loan debt work?
The 1099-C will report how much student debt was forgiven. First, check this amount against your records. If it’s wrong, contact the creditor, whose conta...
Aug 03, 2026 • 1 READS
news
Can I draw money from my LLC?
As the owner of a single-member LLC, you don’t get paid a salary or wages. Instead, you pay yourself by taking money out of the LLC’s profits as needed. T...
Aug 03, 2026 • 1 READS
updates
Are there any tax deductions for closing costs?
1 Points paid on a home improvement cash-out refinance. If you took out a new home loan for home improvements, the refinance points may be deductible. 2 M...
Aug 03, 2026 • 1 READS
updates
What does refer to question mean?
“Referring” a question to someone means asking that person the question. For example: Please refer any questions you may have to J. Martin Forrester, Publ...
Aug 03, 2026 • 0 READS
updates
Why did I get a 1099-int from the state?
Why you got this You received this form because both of the following happened: You claimed state income tax payments as an itemized deduction on Schedule...
Aug 03, 2026 • 1 READS
news
What are the tax credits for electric cars?
The U.S. Senate Finance Committee advanced legislation on Wednesday that would boost electric vehicle tax credits to as much as $12,500 for EVs that are a...
Aug 03, 2026 • 1 READS
