Scenario: an existing LLC, taxed as a sole proprietorship or a partnership, has an employer ID number. If the LLC later decides to be taxed as a corporation, does it need a new EIN? This one is straightforward to answer. The answer is, no.
Can a taxpayer claim a deduction in Iowa for contributions made to another state's 529 plan? The short answer is no.
Image courtesy of Pixabay.com A couple of weeks ago I wrote a post about whether or not a married couple can choose to file a separate return where one spouse claims the other spouse as a dependent. The answer is yes, if the spouse being claimed as a dependent: Has no gross income, and [...]
Image courtesy of user "myrfa" on Pixabay.com Today I want to write about Form W-9 and when it's used. My discussion will focus on the most-common usage of Form W-9, which is to collect information from contractors so a Form 1099 can be prepared. I will not be getting into other uses of the [...]
This question comes up now and then: My spouse is disabled and has no income; can we file as married filing separately and I claim him/her as a dependent on my tax return?