If I open a Revocable Trust bank account and place money in it, do I have to pay taxes on that? If I purchase a home and place it in the Trust, would I pay taxes on that? If I receive a distribution from an Irrevocable Trust, would that be taxed, or does the Trust pay the tax? If I am taking care of my grandmother and she pays me, can I take a gift of $14,000 instead of getting paid with a W-2 until it exceeds that amount, or do I have to report all the income? Can she write off the expense if it's a gift or compensation?
February 20th, 2024
I want to apply for a property tax refund as a renter, but I did not file a tax return last year because my income was too low according to my tax preparer. How do I list my adjusted gross income (AGI) on the form since I have no AGI figure to post?
June 9th, 2024
Is it legal to pay an employee in cash?
October 23rd, 2023
If a marginal tax rate increases, how will it affect the after-tax cost of a non-deductible expense?
July 9th, 2024
I am about to take up a second job and would like to know what percentage of income tax will be deducted from my wages?
August 9th, 2024
What services are not treated as property for corporate income tax?
March 10th, 2023