The South Carolina retailer is only registered in the state of South Carolina for sales and use tax purposes. In a nutshell, if you use drop shipping in Pennsylvania and you have nexus there, you’d be the one to collect sales tax, not the whole... Read more
The total expense over the life of the asset will be the same under both approaches. By accelerating the depreciation and incurring a larger expense in earlier years and a smaller expense in later years, net income is deferred to later years, and tax... Read more
Or your tax preparer will calculate your adjusted gross income as part of the process of preparing your tax return. If you're like many people, you dread doing your taxes each year – and with good cause. The process is complicated and riddled with ph... Read more
However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more of the value of the stock of the corporation. A partnership acquiring property from a terminating partner... Read more
The notice must include information telling you about your right to appeal the threatened collection action within 30 days. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person sh... Read more
The IRS will then pass this notice along to you. If you are married and filed jointly, both you and your spouse must sign the notice. You will want to double-check your financial activity for the year cited before you conclude whether the figure on t... Read more
Personal Finance Insider named H&R Block the best value tax software of 2021. Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. In my opinion, the Deluxe tiers are the worst value fo... Read more
This provision is meant to trigger PE treatment for one-owner professional service providers or self-employed consultants providing services in Canada for a significant time. The Canadian treaty creates a PE, and thus a filing requirement, in certain... Read more
Of course, it’s easy to look at a gross amount of income on a cheque and think it all belongs to you, but if you go about it that way, come tax season, you’ll be in for quite a shock. The CRA actually has a pretty good tip sheet for how m... Read more
Types of indirect taxes (VAT/GST and other indirect taxes). The three different tax models used in Canada are GST, HST, and PST. The names in each time zone change along with Daylight Saving Time. Eastern Standard Time becomes Eastern Daylight Time ,... Read more
