Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. That means your winnings are taxed the same as your wages or salary, and you must report the entire amount you receive each year on your tax return. For example, let’s say you elected to receiv...
which means the company is taxed on its profits and the shareholders are individually taxed when those profits are distributed. This is called a “double tax.” While double taxation may sound unpleasant, a corporation does pose some benefits. For instance, a C corp isn’t required to distribu...
basic, plus, and premium. The free option assists with tax returns, and the service is free of charge when you file for state and federal tax returns. While the free plan of TaxAct comes with a $15 fee when you want to import your ...