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454 Articles
Orange arrow Am I considered Vermont resident ?

  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

  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?

  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

  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?

  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 How do I report 1099-K income with OLT?

  You need to file Schedule C if you earned income from your sole proprietorship (owned your own business, not a partnership or corporation), received a W-2 showing wages and expenses as a statutory employee, received income and deductions from qualified joint ventures, or if you received a 1099-MISC...
Orange arrow What is Pro Rata share of interest expenses on Form 1116?

  These include: Home mortgage interest. If your gross foreign source income (including income excluded on Form 2555 or Form 2555-EZ) does not exceed $5,000, you can allocate all of your interest expense to U.S. source mortgage interest (including points and income. Otherwise, deductible home qua...
Orange arrow How do international boycott operations affect Form 1116 Foreign Tax Credit?

  Reduction of taxes or credit due to international boycott operations. In general, if you agree to participate in, or cooperate with, an international boycott, you must file Form 5713, International Boycott Report, and attach all supporting schedules. In addition, you must reduce either the total t...
Orange arrow What is Schedule C, Line 2?

  Returns and Allowances used for? ,What is Schedule C, Line 2, Returns and Allowances used for? , For businesses that sell products, if you are filing a Schedule C, returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off of the actual sales pri...
Orange arrow Should I use itemized deductions on my Oregon return?

  You can claim net itemized deductions or Oregon's standard deduction, whichever is larger, but not both. If you are married filing separately and one spouse itemizes, both spouses must itemize deductions. If your spouse itemizes, your standard deduction is 0. You can claim your total itemized d...
Orange arrow Massachusetts State Efiling Requirement for Tax Practitioners

  (1040) Beginning January 2006, preparers who prepared 100 or more MA forms 1 and 1-NR-PY during the previous calendar year are required to file electronically. Preparers must continue to file electronically in subsequent years unless they prepare no more than 25 individual income tax returns. Elect...
Orange arrow Where to report certain W-2 items in the tax return

  W-2 and Box in Which It Should Appear Where To Report Wages, tips, other compensation (box 1) Form 1040, Line 7 Allocated tips (box 8) See Wages, Salaries, Tips, etc. Dependent care benefits (box 10) Form 2441, Part III Adoption benefits (box 12, code T) Form 8839, line 20...
Orange arrow Are there any other Colorado subtractions from federal taxable income?

  Other subtractions from federal taxable income include: If you received PERA or Denver School District No. 1 retirement benefits (DPSRS) and you contributed to the PERA retirement fund during 1984, 1985, 1986, or to the Denver School District No. 1 retirement fund during 1986, you may be entitle...
Orange arrow How do I file an amended return for Iowa?

  Amended returns will take at least six months to process. To amend a current return or a return for a prior year, use an IA1040X. Attach the Federal 1040X and any amended supplementary Federal or Iowa forms. If your original return requested a refund, wait until you receive your refund before fi...
Orange arrow Indiana Civil Service Annuity Deduction

  The income on line 1 of Form IT-40 may include federal civil service annuity payments. If it does, you may be able to take a deduction if you were at least 62 years of age by Dec. 31. To figure your deduction, begin with the amount of annuity payments received or $2,000, whichever is less. Subtrac...

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