7 tips for first-time tax return filers Thursday, February 06, 2025 Photo by Nataliya Vaitkevich It’s been an exciting time in your life. You got your diploma. You got a job. You even got your own apartment. OK, sort of your own, since you’re sharing it with a couple of ...
Tax Advantages of Filing as LLC, S-Corp and Moredoi:urn:uuid:04ca2fba3314d310VgnVCM100000d7c1a8c0RCRDThe format of your small business certainly impacts your financial performance.&This is especially relevant as tax season approaches us.E.J. Dealy...
When an LLC is a subsidiary of a different LLC, the members of the parent LLC pay the tax on the subsidiary's earnings. For example, suppose you're one of four members of an LLC. If you and the other members decide to create a subsidiary LLC, the parent LLC is treated as its sole...
For entities: Partnerships and S corporations reporting on a calendar year basis, which most do, must file their 2024 income tax returns by March 17, 2025. Calendar-year C corporations must file their 2024 income tax return by April 15, 2025. Limited liability companies (LLCs) with multi...
When a couple’s AGI is too high to qualify for casualty losses in a federally declared disaster area, filing separately may make it possible for one spouse to claim the deduction and lower the couple’s overall tax bill. If one...
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Married couples filing jointly generally have access to more tax benefits. When using the married filing jointly filing status, both spouses are equally responsible for the return and thetaxes. If either one understates the taxes due, both are equally liable for the penalties, unless the other ...
What are the benefits to filing for an EIN as an S-Corp? What is a disqualified S-Corporation? Does an S-Corporation offer better tax savings than an LLC? Who can be an S-Corporation shareholder? Can I change my current LLC or S-Corporation to a C-Corporation?
Due dates for corporations If your business is an S corporation, you must file the tax return or extension by the 15th day of the 3rd month after your tax year ends. For example, if your S corporation is a calendar-year taxpayer with a December 31 year end, you need to file a 2024...
In this detailed guide, we'll cover TurboTax's features, benefits, and what you need to know before filing your taxes. By TurboTax Oct 14, 2024 11:32 AM EDTDeath in the family Here's what you need to know about the deceased's final tax return, reporting income and deductions, inherita...