In year 1, Austin earns $700 from delivering papers for a ne…
In year 1, Austin earns $700 from delivering papers for a newspaper company. He is treated as self-employed. In year 2 the newspaper company hires him as an employee and pays him $700 as W-2 income with no federal or state income tax withheld. Is Austin required to file an income tax return in either year?
Read DetailsAlistair and Ling Parks are married and file jointly. Their…
Alistair and Ling Parks are married and file jointly. Their MAGI for this year is $72,000. They have two dependent children: Hana, who is completing her second year of college and is enrolled full-time in a degree program with no felony drug conviction, and Jiro, who is a licensed electrician taking a continuing education course to improve his job skills at a local community college. Alistair and Ling paid $4,500 in qualified tuition for Hana and $3,000 for Jiro’s course. What is the maximum combined education credit the Parks may claim for this year?
Read DetailsCaesar is starting a new business with his best friend, Iris…
Caesar is starting a new business with his best friend, Iris. They would like to have limited liability, but they would prefer flow-through taxation because they expect to have losses in the first few years. They are not concerned about incurring self-employment taxes. Which of the following entities would best suit Caesar and Iris’s needs?
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