In a C-Corp, must profits be distributed to shareholders at the end of the fiscal year? If not, and the profits are not distributed, do shareholders then have no personal income tax liability from the corporation for that year? In an LLC, are members taxed on profits regardless of whether or not cash distributions are actually made? Must funds be distributed at the end of the year in an LLC? What are some common benefits that corporations attach to preferred stock?

September 20th, 2024

When filing Oregon taxes, will my tax be based on my federal AGI after the federal standard deduction for married seniors ($25,300) or on my income before that deduction? Additionally, does Oregon allow itemized deductions if I use standard deductions for federal taxes?

May 7th, 2024

How can I view my SSA-1099 benefit report for 2018 and what information does it contain?

June 19th, 2024

I moved out of NYS in 2017. I have commissions earned from insurance clients that I care for in NYS but I do it all from NC. Therefore, do I need to file a Non-Resident NYS income tax return?

October 21st, 2024

If I donate my property to Habitat for Humanity, what amount can I deduct from my taxes? The cost basis or the market value?

November 9th, 2024