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How do I report a Qbi on a K-1?

To enter the Qualified business income (QBI) information from Schedule K-1 in TaxAct: From within your TaxAct return (Online or Desktop) click Federal. Cl...

Jul 12, 2026 • 1 READS

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When is a person disabled due to a medical condition?

A person is disabled under the Act if they can’t work due to a severe medical condition that has lasted, or is expected to last, at least one year or resu...

Jul 12, 2026 • 1 READS

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What is the New York State standard deduction for 2017?

The income tax withholdings for the State of New York will change as follows: The Married standard deduction will increase from $7,900 to $7,950. The Sing...

Jul 12, 2026 • 1 READS

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How do I change information on my ein?

To change what the IRS has on file, one should submit a letter (on company letterhead if possible) to the appropriate IRS office with the following inform...

Jul 12, 2026 • 0 READS

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How to correct 1099s forms already submitted to the IRS?

How to Correct 1099s Forms Already Submitted to the IRS. If you accidentally submitted a form that reported wrong dollar amounts, and the IRS has accepted...

Jul 12, 2026 • 1 READS

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Can you still get paycheck protection program?

Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers addition...

Jul 12, 2026 • 1 READS

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Can an LLC file a late S Corp Election?

If a business has a reasonable cause for not filing Form 2553 on time, the IRS may approve the S Corp election retroactive to the start of the LLC’s or C ...

Jul 12, 2026 • 1 READS

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Can a Form 8962 be combined with Form 1095-A?

If individuals in your family were enrolled in Marketplace health plans in different states during the tax year, because the SLCSP is different in each st...

Jul 12, 2026 • 1 READS

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Can estimated taxes be paid late?

If you miss a quarterly tax payment, the penalties and interest charges that can accrue depend on how much you make and how late you are. The IRS typicall...

Jul 12, 2026 • 1 READS

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When should you consider an LLC?

If you have business partners or employees, an LLC protects you from personal liability for your co-owners’ or employees’ actions. An LLC gives you a stru...

Jul 12, 2026 • 1 READS