A capital gain occurs when you sell a capital asset, such as real estate, stocks or bonds, for more than you paid for it. The amount of taxes you pay depends on how long you hold your capital asset.
A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of … Read More
An LLC’s simple and adaptable business structure is perfect for many small businesses. While both corporations and LLCs offer their owners limited personal liability, owners of an LLC can also take advantage of LLC tax benefits, management flexibility, and minimal … Read More
Below-the-line deductions are amounts you can claim to reduce your overall taxes. Generally, there are two types of below-the-line deductions: itemized deductions and the standard deduction. However many people do not typically refer to the standard deduction as a below-the-line … Read More
When you win a prize, fill out a sheet outlining the details of the event. Record the identity of the sponsor, the date, a detailed description of what was won, copies of documentation, photos of the items won, and the … Read More
Just Got Married? You will need to recalculate your payroll withholdings and file new W-4s reflecting your new status. If both of you work, your combined income could put you in a higher tax bracket. This can result in reduced … Read More
Up to 85% of Social Security benefits can be taxed. Whether your benefits will be taxed depends upon your total income from both taxable and tax-exempt sources. Once your total income reaches $25,000 ($32,000 for married couples), a portion of … Read More