general
Can I deduct an unpaid Judgement?
Bad-Debt Deductions The IRS allows a deduction for bad debts, including uncollected judgments. If you sold goods or services to your debtor, you must have...
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Are loan origination fees deductible on rental property?
Only loan interest and real estate taxes are deductible closing costs for a rental property. Other settlement fees and closing costs for buying the proper...
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Is a corporation a resident of Canada?
Under the Income Tax Act, a corporation incorporated in Canada (federally or provincially/territorially) will be deemed to be resident in Canada. A corpor...
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Are tutors independent contractors?
If your tutoring jobs are provided by a third party, you could be a contractor. If that’s the case, you’re a contractor, working on a per contract basis, ...
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Should you take a home loan even if you have money to buy a house?
Experts believe that even if you have the sums to purchase the property in one go, it is better to take a home loan. Instead of spending a lump sum amount...
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How long do IRS payment plans last?
six years When you file your tax return, fill out IRS Form 9465, Installment Agreement Request (PDF). The IRS will then set up a payment plan for you, whi...
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Is tax included in fair market value?
Fair Market Value Includes Sales Tax; Washington Supreme Court Reverses Holden. The dissenting justices noted “fair market value” is generally used as the...
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What is the suffix for a business if it is run by a sole proprietor?
It carries the suffix Coop. A sole trader business structure is formed when one person begins to do business. That person receives all of the profits of t...
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Can you withdraw and contribute to an RRSP in the same year?
You can continue to contribute to your RRSP or PRPP or both and deduct your contributions from your income on your Income Tax and Benefit Return after you...
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Is Florida good for real estate investing?
According to the Bureau of Labor and Statistics, Florida has one of the fastest job growth rates in the US. Therefore, investing in homes in Florida is a ...
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