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Category: OLTPRO WEB SOFTWARE USAGE
454 Articles
Orange arrow Am I considered Vermont resident ?

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  Domicile is the place where you have your permanent home. Establishing domicile depends on factors such as the location of residences owned or rented, the amount of time spent at the residences, the location of items considered of sentimental or financial value, how and where one's living is earned...
Orange arrow Special Depreciation Allowance

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  You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. The allowance applies only for the first year you place the property in service. For qualified property placed in service in 2013, you can take an a...
Orange arrow How do I enroll with a bank to offer bank products to my customers?

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  Bank enrollment and options are available once your software has been purchased. Some banks allow you to enroll directly with them for approval while other banks require your enrollment directly through your software. Even if you have enrolled directly with the bank, you must also enroll through th...
Orange arrow Iowa Claim of Right

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  Claim of Right Deduction If income was repaid in the tax year and was reported and taxed on a prior Iowa return, that income may be deducted on the current tax return. You may take either the deduction or take a credit, but not both. Example of Claim of Right Deduction A taxpayer reported $7,00...
Orange arrow Who can take the Residential Energy Credit?

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  Use Form 5695 to figure and take your residential energy credits. The residential energy credits are: The nonbusiness energy property credit, and The residential energy efficient property credit. Also use Form 5695 to take any residential energy credit. The credit is worth Any insulation mater...
Orange arrow Activities of Real Estate Professionals

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  Activities of Real Estate Professionals If you were a real estate professional in the tax year, any rental real estate activity in which you materially participated is not a passive activity. You were a real estate professional only if you met both of the following conditions: More than half o...
Orange arrow Iowa Tuition and Textbook Credit

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  Taxpayers who have one or more dependents attending Kindergarten through 12th grade in an accredited Iowa school may take a credit for each dependent for amounts paid for tuition and textbooks. Dependents must have attended a school in Iowa that is accredited under section 256.11, not operated for ...
Orange arrow What Are the Western Colorado State Veterans Cemetery Funds Used for?

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  Funds assist in the maintenance of the Veterans Memorial cemetery of Western Colorado. The veterans cemetery is intended as a dignified final resting place for Colorado's veterans and eligible dependents. It is a place of quiet contemplation for the veteran's community. Please help maintain this so...
Orange arrow and Alaska Permanent Fund Dividends

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  Qualified State Tuition Program Earnings, and Alaska Permanent Fund Dividends , Qualified State Tuition Earnings File Form 1099-Q, Payments From Qualified Education Programs (under Sections 529 and 530) if you a) are an officer or employee, or the designee of an officer or employee, having contr...
Orange arrow Investment Interest Expense

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  Investment Interest is interest paid on money you borrowed that is allocable to property held for investment. It does not include any interest allocable to passive activities or to securities that generate tax-exempt income. For instructions see Form 4952. Complete the information requested in th...
Orange arrow Other Income

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  Do not report on line 21 any income from self-employment or fees received as a notary public. Instead, you must use Schedule C, C-EZ, or F, even if you do not have any business expenses. Also do not report on line 21 any nonemployee compensation shown on Form 1099-MISC. Instead, see the chart on Pa...
Orange arrow New Mexico Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan

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  Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan.Contributions Refunded When Closing a New Mexico-approved Section 529 College Savings Plan Account; Certain Contributions Rolled Out of a New Mexico-approved Section 529 College Savings Plan Account Enter the amo...
Orange arrow New Mexico Adjustments

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  Complete the Schedule PIT-ADJ and attach it to Form PIT-1 if you are required, or eligible, to make New Mexico adjustments to income. File Schedule PIT-ADJ if you have any of the following additions to federal adjusted gross income: - interest and dividends from federal tax-exempt bonds; - A net o...
Orange arrow New Mexico Voluntary Contributions

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  Attach Schedule PIT-D, New Mexico Voluntary Contributions Schedule, to Form PIT-1 if you wish to donate all or part of a refund to one or more of the special funds shown below. You can make a contribution only when your return shows an overpayment (refund). Your PIT-D contribution(s) may not be mor...
Orange arrow Mississippi Adjustments

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  The Following (applicable) adjustments need to be taken on your tax return. The line numbers are subject to change according to the Mississippi form updates. Line 47 - Payments to an IRA (Line 46 on NR Return) You may deduct payments to an IRA to the extent that such payments are deductible for f...

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