| What to Do If You Have Not Received a Form W-2 |
| |
| You are familiar enough with the tax laws to know that you should receive a "Wage and Tax Statement" (also known as a Form W-2), from every one of the employers that you worked for during the year. You need it to prepare your federal, state, and local income tax returns because it contains a summary of your taxable and non-taxable wages along with all the taxes, both income and social security, that have been withheld. More... |
| |
| Terminating S Corporation Status |
| |
| An S corporation may voluntarily terminate its status by filing a statement with the Internal Revenue Service Center where the original election was filed. In order to properly revoke an election, the consent of shareholders that at the time of revocation own more than one-half of the issued and outstanding shares is required. More... |
| |
| Circulation Costs |
| |
| If you are the publisher of a newspaper, magazine, or other periodical, you can deduct the costs of establishing, maintaining, or increasing circulation as a current business expense. However, this general rule of deductibility is limited. A current deduction is not available for expenditures for the purchase of land or depreciable property or for the acquisition of circulation through the purchase of any part of the business of another publisher. In addition, a deduction is not permitted for the cost of purchasing another publisher's list of subscribers. These expenditures must be capitalized. More... |
| |
| Job Search Expenses |
| |
| If you are looking for a job, you may be entitled to a deduction for the costs of your search. However, you will only be able to take advantage of this tax benefit if you chose to itemize instead of taking a standard deduction. The deduction allowed would be the amount by which your job search expenses plus other miscellaneous deductions exceeds two percent of your adjusted gross income.More... |
| |
| What is an S Corporation |
| |
| An S corporation is a hybrid entity. It is a type of a corporation, but it is taxed like a partnership. Usually, an S corporation does not pay federal income tax. Similar to a partnership, income or loss is passed through to the shareholders in proportion to their ownership interests, and the shareholders report the income or loss on their federal income tax returns. In addition, the S corporation is a conduit to the shareholders for gains and losses, charitable contributions, dividends, and tax-exempt interest.More... |
| |
