A single member LLC is a"disregarded entity" for IRS purposes. As a result, the payment method is irrelevant to the way the expense is entered on the tax return...
The short answer is no. Your income tax rates are not affected by the fact that you get paid as a 1099 contractor. Income tax is imposed on Taxable Income. So r...
Once the Spring semester is complete and you then get Fall work assigned, the best practice would be to project your total income for the year. You can see the ...
A cash basis taxpayer recognizes a capital loss when the loss is realized.
For example, the bankruptcy is final and you get $10,000 for your account under the t...
Often taxpayers do not understand their
1. standard and itemized deductions and
2. their marginal tax bracket.
For example, a taxpayer pays mortgage interest a...
