How do you report prize income?
Typically, tax on winnings, like sweepstakes or prize money, should be reported to you in Box 3 (other income) of IRS Form 1099-MISC. This includes winnin...
Category: Updates
How much can you get approved for with CareCredit?
A CareCredit card has a maximum credit limit of $25,000. For charges of $200 or more, CareCredit offers “no-interest” promotional periods of six, 12, 18 a...
When Must form 1128 be filed?
Form 1128 must be filed by the due date (not including extensions) of the tax return for the first effective year. The earliest the application may be fil...
What is fair lending compliance?
Overview. The federal fair lending laws—the Equal Credit Opportunity Act and the Fair Housing Act—prohibit discrimination in credit transactions, includin...
How do you get tax interest waived?
Write a letter to the IRS requesting a penalty waiver. State the reason you weren’t able to pay, and provide copies—never the originals—of the documents y...
What are examples of healthcare laws?
8 Important Regulations in United States Health Care Healthcare Quality Improvement Act of 1986 (HCQIA) Medicare. Medicaid. Children’s Health Insurance Pr...
Are clothing donations tax deductible?
Your monetary donations and donations of clothing and household goods that are in “good” condition or better are entitled to a tax deduction, according to...
Can you work for yourself as a real estate agent?
A real estate agent can’t work independently; they must work for an employing broker. Brokers are responsible for their real estate agents’ actions. Requi...
What is the California 7 year rule?
Section 2855(a) limits the length of time personal service employment contracts may be enforced to a period of seven years, which is why the entire statut...
Is it better to have a sole proprietorship or partnership?
A sole proprietor is limited to money he can invest in the business, loans from family and friends and third-party credit. Partnerships enable you to shar...
